IRVINE, CA -- (Marketwired) -- 01/15/14 -- Biomerica, Inc. (OTCBB: BMRA) today reported net sales of $934,841 for the three months ended November 30, 2013, compared to $1,883,771 for the same period in the previous year. Net sales were $1,948,580 for the first six months of fiscal 2014 compared to $3,585,719 for the first six months in fiscal 2013.
Biomerica announced net loss for the three months ended November 30, 2013 of $243,357, or $0.03 per share, versus a net income of $236,919, or $0.03 per share, in the previous fiscal year during the same quarter. The net loss for the six months ended November 30, 2013 was $411,072, or $0.08 per share, compared to net income of $528,550, or $0.08 per share, in the same period the previous fiscal year.
"As previously stated, we expected near term sales in China to be negatively impacted this year due to a restructuring in our distribution channel," stated Zackary Irani, Biomerica CEO. "However, we now see good progress in this market and anticipate sales in China will increase through the balance of the fiscal year. We are also very pleased to begin supplying two of our point of care products to a multinational pharmaceutical company for distribution in one initial European market. This multinational company is also considering distribution of additional Biomerica products and possibly expanding into other countries throughout Europe. This new multinational distributor has over $40 billion in sales and employs over 70,000 people worldwide."
About Biomerica (OTCBB: BMRA)
Biomerica, Inc. (www.biomerica.com) is a global biomedical company that develops, manufactures and markets advanced diagnostic products used at the point-of-care (in home and in physicians' offices) and in hospital/clinical laboratories for the early detection of medical conditions and diseases. The Company's products are designed to enhance the health and well being of people, while reducing total healthcare costs. Biomerica primarily focuses on products for Diabetes, Gastrointestinal Disease and esoteric testing.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by Biomerica) contains statements that are forward-looking; such as statements relating to intended launch dates, sales potential, significant benefits, market size, prospects, new products, favorable outlook, new distributors, expansion, increases in productivity and margins, expected orders, leading market positions, anticipated future sales or production volume of the Company, the launch or success of product and new product offerings. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future, and accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of Biomerica. The potential risks and uncertainties include, among others, fluctuations in the Company's operating results due to its business model and expansion plans, downturns in international and or national economies, the Company's ability to raise additional capital, the competitive environment in which the Company will be competing, and the Company's dependence on strategic relationships. The Company is under no obligation to update any forward-looking statements after the date of this release.