MESQUITE, Texas, Nov. 14 /PRNewswire-FirstCall/ -- ABATIX CORP. (Pink Sheets: ABIX) today announced net sales of $17,583,000 for the third quarter of 2007 increased 5% from net sales of $16,743,000 in 2006 and net earnings of $296,000 or $.17 per share for the third quarter of 2007 increased from net earnings of $172,000 or $.10 per share in 2006. Net sales of $52,031,000 for the first nine months of 2007 increased 3% from net sales of $50,305,000 in 2006 and net earnings of $955,000 or $.56 per share for the first nine months of 2007 increased from net earnings of $759,000 or $.44 per share in 2006. The increase in sales and profitability for 2007 is primarily attributable to volume increases in the industrial and construction markets as the U.S. economy continues to remain stable.
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 website 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, 2007 2006 2007 2006 Net sales $17,583,257 $16,743,297 $52,031,335 $50,305,433 Cost of sales (12,555,548) (11,971,944) (36,901,313) (36,022,707) Gross profit 5,027,709 4,771,353 15,130,022 14,282,726 Selling, general and administrative expenses (4,363,095) (4,230,643) (13,156,242) (12,508,640) Operating profit 664,614 540,710 1,973,780 1,774,086 Other expense, net (107,739) (150,379) (291,202) (412,210) Earnings before income taxes 556,875 390,331 1,682,578 1,361,876 Income tax expense (260,909) (218,234) (727,341) (602,387) Net earnings $ 295,966 $ 172,097 $ 955,237 $ 759,489 Basic and diluted earnings per share $ .17 $ .10 $ .56 $ .44 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, 2007 2006 Current assets $21,966,938 $20,450,727 Total assets $23,663,017 $22,342,287 Current liabilities $10,735,500 $10,363,700 Total liabilities $10,742,605 $10,377,112 Total stockholders' equity $12,920,412 $11,965,175
