MESQUITE, Texas, April 9, 2008 /PRNewswire-FirstCall/ -- ABATIX CORP. today announced net sales of $68,956,000 for 2007 increased 4% from net sales of $66,448,000 in 2006 and net earnings of $1,266,000 or $.74 per share for 2007 increased from net earnings of $998,000 or $.58 per share in 2006. The increase in sales and profitability for 2007 is primarily attributable to volume increases in the industrial and construction markets.
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 Three Months Ended December 31, Twelve Months Ended (Unaudited) December 31, 2007 2006 2007 2006 Net sales $16,924,855 $16,142,414 $68,956,190 $66,447,847 Cost of sales (12,095,867) (11,576,896) (48,997,180) (47,599,603) Gross profit 4,828,988 4,565,518 19,959,010 18,848,244 Selling, general and administrative expenses (4,331,526) (4,082,117) (17,487,768) (16,590,757) Operating profit 497,462 483,401 2,471,242 2,257,487 Other expense, net (109,885) (106,380) (401,085) (518,590) Earnings before income taxes 387,577 377,021 2,070,157 1,738,897 Income tax expense (76,559) (138,603) (803,900) (740,990) Net earnings $311,018 $238,418 $1,266,257 $997,907 Basic and diluted net earnings per share $.18 $.14 $.74 $.58 Basic and diluted weighted average shares outstanding 1,711,148 1,711,148 1,711,148 1,711,148 As of: December 31, December 31, 2007 2006 Current assets $21,714,817 $20,450,727 Total assets $23,304,687 $22,342,287 Current liabilities $10,073,255 $10,363,700 Total liabilities $10,073,255 $10,377,112 Total stockholders' equity $13,231,432 $11,965,175
