Results of fiscal year 2009 announced by Biomerica

Sep 1 2009

Biomerica, Inc. (OTCBB: BMRA), a global provider of advanced diagnostic products for the early detection of medical conditions, today reported net sales for the fiscal year 2009 were $4,934,771 versus net sales of $4,926,505 in fiscal 2008.

Biomerica announced net income (including stock options expenses) of $354,180, or $0.05 per share, for the fiscal year ended May 31, 2009, compared to net income of $1,710,044, or $0.28 per share, in fiscal 2008. The decrease in net income is primarily due to one time gain of $1,149,545 in fiscal 2008 predominantly from the sale of Hollister-Stier warrants and an interest in Lancer Orthodontics.

"While our revenues and income have not reflected it, we have made strides in increasing our distribution and achieved milestones in new product development," stated Zackary Irani, Biomerica CEO. "The U.S. economy has affected the financial performance of many companies. Our sales in the U.S. were 24.3% of fiscal 2009 revenues vs. 27.5% of revenues in fiscal 2008. We have new products in various stages of development and regulatory approval that we believe could positively impact our U.S. sales. In addition, we purchased the assets, technology and rights for three new Celiac disease tests which are expected to launch this fiscal year. The purchase of products/technology will augment our new product pipeline and we will seek such transactions in fiscal 2010. On the expense side, the establishment of a new German subsidiary and initial preparation for Sarbanes-Oxley requirements impacted our bottom line. We are looking forward to this fiscal year as we work to increase sales and expand our product line and distribution."

SOURCE: Biomerica