MESQUITE, Texas, March 31 /PRNewswire-FirstCall/ -- ABATIX CORP. (Pink Sheets: ABIX) today announced net sales of $78,642,000 for 2008 increased 14% from net sales of $68,956,000 in 2007 and net earnings of $1,519,000 or $.88 per share in 2008 increased from net earnings of $1,266,000 or $.74 per share in 2007. The increase in sales and profitability for the 2008 fiscal year is primarily attributed to natural disaster 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 Three Months Ended Twelve Months Ended December 31, December 31, (Unaudited) 2008 2007 2008 2007 Net sales $16,406,337 $16,924,856 $78,641,845 $68,956,190 Cost of sales (11,588,124) (12,095,868) (56,172,780) (48,997,180) Gross profit 4,818,213 4,828,988 22,469,065 19,959,010 Selling, general and administrative expenses (4,713,879) (4,331,526) (19,672,837) (17,487,768) Operating profit 104,334 497,462 2,796,228 2,471,242 Other expense, net (55,797) (109,883) (282,318) (401,085) Earnings before income taxes 48,537 387,579 2,513,910 2,070,157 Income tax expense (27,539) (76,559) (994,498) (803,900) Net earnings $20,998 $311,020 $1,519,412 $1,266,257 Basic and diluted earnings per share $.01 $.18 $.88 $.74 Basic and diluted weighted average shares outstanding 1,744,481 1,711,148 1,719,481 1,711,148 As of: December 31, December 31, 2008 2007 Current assets $22,436,120 $21,804,288 Total assets $23,693,441 $23,306,508 Current liabilities $8,942,597 $10,075,076 Total liabilities $8,942,597 $10,075,076 Total stockholders' equity $14,750,844 $13,231,432
ABATIX CORP.
CONTACT: Frank Cinatl of ABATIX CORP., 1-888-ABATIX-X (222-8499),
fcinatl@abatix.com
Web Site: http://www.int-enviroguard.com/
http://www.abatix.com/
