MESQUITE, Texas, Nov. 13 /PRNewswire-FirstCall/ -- ABATIX CORP. (Pink Sheets: ABIX) today announced net sales of $26,144,000 for the third quarter of 2008 increased 49% from net sales of $17,583,000 in 2007 and net earnings of $1,242,000 or $.73 per share for 2008 increased from net earnings of $296,000 or $.17 per share in 2007. Net sales of $62,236,000 for the first nine months of 2008 increased 20% from net sales of $52,031,000 in 2007 and net earnings of $1,498,000 or $.88 per share for the first nine months of 2008 increased from net earnings of $955,000 or $.56 per share in 2007. The increase in 2008 sales and profitability is primarily attributed to weather related events.
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 Nine Months Ended
September 30, September 30,
2008 2007 2008 2007 Net sales $26,144,266 $17,583,257 $62,235,508 $52,031,335
Cost of sales (18,458,960) (12,555,548) (44,584,656) (36,901,313)
Gross profit 7,685,306 5,027,709 17,650,852 15,130,022
Selling, general and
administrative
expenses (5,618,091) (4,363,095) (14,958,958) (13,156,242)
Operating profit 2,067,215 664,614 2,691,894 1,973,780
Other expense, net (80,266) (107,739) (226,521) (291,200)
Earnings before
income taxes 1,986,949 556,875 2,465,373 1,682,580
Income tax expense (744,553) (260,909) (966,959) (727,341)
Net earnings $1,242,396 $295,966 $1,498,414 $955,239 Basic and diluted
earnings per share $.73 $.17 $.88 $.56 Basic and diluted
weighted average
shares outstanding 1,711,148 1,711,148 1,711,148 1,711,148
As of:
September 30, December 31,
2008 2007
Current assets $30,187,502 $21,716,638
Total assets $31,692,968 $23,306,508
Current liabilities $16,963,122 $10,075,076
Total liabilities $16,963,122 $10,075,076
Total stockholder s' equity $14,729,846 $13,231,432
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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