ABATIX CORP. Reports Operating Results for First Quarter of 2009
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MESQUITE, Texas, May 11 /PRNewswire-FirstCall/ -- ABATIX CORP. (Pink Sheets:
ABIX) today announced net sales of $13,819,000 for the first three months of
2009 decreased 20% from net sales of $17,228,000 in the first three months of
2008 and a net loss of $60,693 or ($.03) per share in 2009 decreased from net
earnings of $80,331 or $.05 per share in 2008. The decrease in sales and
profitability for the first quarter is primarily attributed to the decline in
the economy.
More information about the Company, including financial information, can be
found on the Abatix web site at www.abatix.com. Information about our
wholly-owned subsidiary, IESI, can be found on their web site at
www.int-enviroguard.com.
ABATIX CORP. is a full line supplier to the construction, industrial and
environmental industries. The Company currently has eight distribution
centers in Dallas and Houston, Texas, in San Francisco and Los Angeles,
California, in Phoenix, Arizona, in Seattle, Washington, in Las Vegas, Nevada
and in Jacksonville, Florida. These distribution centers serve customers
throughout the Southeast, Southwest, Midwest, Pacific Coast, Alaska and
Hawaii.
ABATIX CORP.
SELECTED FINANCIAL INFORMATION
(Unaudited)
Three Months Ended
March 31,
2009 2008
Net sales $13,818,718 $17,227,866
Cost of sales (9,666,825) (12,382,511)
Gross profit 4,151,893 4,845,355
Selling, general and
administrative expenses (4,215,165) (4,608,993)
Operating (loss) profit (63,272) 236,362
Other expense, net (18,707) (77,066)
(Loss) earnings before
income taxes (81,979) 159,296
Income tax benefit (expense) 21,286 (78,965)
Net (loss) earnings $(60,693) $ 80,331
Basic and diluted (loss)
earnings per share $(.03) $.05
Basic and diluted weighted
average shares outstanding 1,811,148 1,711,148
As of:
March 31, December 31,
2009 2008
Current assets $19,289,279 $22,436,120
Total assets $20,451,618 $23,693,441
Current liabilities $5,461,467 $8,942,597
Total liabilities $5,461,467 $8,942,597
Total stockholders' equity $14,990,151 $14,750,844
SOURCE ABATIX CORP.
Frank Cinatl of ABATIX CORP., 1-888-ABATIX-X (222-8499), fcinatl@abatix.com
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