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 http://www.abatix.com/. Information about our wholly-owned subsidiary, IESI, can be found on their web site at http://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
DATASOURCE: ABATIX CORP.
CONTACT: Frank Cinatl of ABATIX CORP., 1-888-ABATIX-X (222-8499), Web Site: http://www.abatix.com/
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