I'd like to talk with someone about these results:
NEWPORT BEACH, Calif., Sept. 2 /PRNewswire/ -- BIOMERICA, INC.
(Nasdaq: BMRA) has reported a record net income of $446,845 or $0.12 per
share, for the fiscal year ended May 31, 1997. This compares to the previous
year's profit of $432,727 or $0.12 per share. Consolidated cash flows from
operating activities reached a record of $677,725 as compared to $490,805 for
the same period last year. This represents an increase of over 40%. Net cash
flows were $1,083,323 compared to a ($71,736) reduction in net cash for the
previous year. Consolidated net revenues were $9,243,510 as compared to
$9,480,658 for the same period last year. Revenue growth was relatively flat
due to the manufacturing restructuring at the Lancer subsidiary.
Net income, before accounting for Biomerica's interest in the consolidated
subsidiaries and income taxes, rose to $488,179 compared to $345,583 for the
prior year. This represents an increase of over 41%. While diagnostic test
sales reached record levels of income and revenues, the company attributed its
consolidated earnings performance to lower earnings contributions from
subsidiaries and increases in research and development spending. The net
income contribution of consolidated subsidiaries was $145,489 as compared to
$307,631 for the prior year. At the same time research and development
expenses increase by 47 percent at BIOMERICA's diagnostic business and by over
100% at the Allergy Immuno Technology subsidiary.
During the year the Company raised $1,000,000 of additional capital by
issuing 333,333 shares of common stock. This additional capital should
decrease the time to market on a number of important products and projects
pertaining to diabetes, allergy and rapid screening tests.
Zackary Irani, BIOMERICA CEO, commented: "Biomerica has enjoyed four
consecutive years of steady growth and increases in profits. Our performance
reflects our commitment to strategically expand our research and development,
while increasing the speed to market and launching of new products, including
EZ-H.P.(TM) and EZ-PSA(TM) (a ten minute ulcer test and Prostate Cancer test,
respectively). We also continued the undertaking of expanding our
associations with leading bio-medical companies."
For the year ended May 31
1997 1996
Net Revenues $9,243,510 $9,480,658
Net income 446,845 432,727
Income per share 0.12 0.12
Weighted Average Shares
Outstanding* 3,867,207 3,589,494
*On a fully diluted basis
BIOMERICA develops, manufactures, and markets advanced medical diagnostic
products for clinical labs, physician offices and home self-testing.
This press release contains forward-looking information that is based on
current expectations and therefore it necessarily involves risk and
uncertainties. Although the Company believes that the basis for the forward-
looking statements are reasonable, there can be no assurance that the results
anticipated in the forward-looking statements will be realized. Many factors
could influence the results contemplated and therefore there is no assurance
that the Company's products will become commercially successful.
SOURCE Biomerica, Inc.
CO: Biomerica, Inc.
ST: California
IN: MTC
SU: ERN
09/02/97 09:28 EDT prnewswire.com
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