MESQUITE, Texas, May 20 /PRNewswire-FirstCall/ -- ABATIX CORP. (Pink Sheets: ABIX) today announced net sales of $17,228,000 for the first three months of 2008 compared to net sales of $17,258,000 in 2007 and net earnings of $80,000 or $.05 per share for 2008 decreased from net earnings of $359,000 or $.21 per share in 2007. The decrease in profitability for the first quarter of 2008 is primarily due to rising product costs and competitive pressures in a weak 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, 2008 2007 Net sales $17,227,866 $17,257,511 Cost of sales (12,382,511) (12,084,432) Gross profit 4,845,355 5,173,079 Selling, general and administrative expenses (4,608,993) (4,452,320) Operating profit 236,362 720,759 Other expense, net (77,066) (94,174) Earnings before income taxes 159,296 626,585 Income tax expense (78,965) (267,947) Net earnings $80,331 $358,638 Basic and diluted earnings per share $.05 $.21 Basic and diluted weighted average shares outstanding 1,711,148 1,711,148 As of: March 31, December 31, 2008 2007 Current assets $20,046,153 $21,714,817 Total assets $23,620,393 $23,304,687 Current liabilities $10,308,630 $10,073,255 Total liabilities $10,308,630 $10,073,255 Total stockholders' equity $13,311,763 $13,231,432
