MESQUITE, Texas, May 11 /PRNewswire-FirstCall/ -- ABATIX CORP. (Pink Sheets: ABIX) today announced net sales of $13,819,000 for the first three months of 2009 decreased 20% from net sales of $17,228,000 in the first three months of 2008 and a net loss of $60,693 or ($.03) per share in 2009 decreased from net earnings of $80,331 or $.05 per share in 2008. The decrease in sales and profitability for the first quarter is primarily attributed to the decline in the 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, 2009 2008 Net sales $13,818,718 $17,227,866 Cost of sales (9,666,825) (12,382,511) Gross profit 4,151,893 4,845,355 Selling, general and administrative expenses (4,215,165) (4,608,993) Operating (loss) profit (63,272) 236,362 Other expense, net (18,707) (77,066) (Loss) earnings before income taxes (81,979) 159,296 Income tax benefit (expense) 21,286 (78,965) Net (loss) earnings $(60,693) $ 80,331 Basic and diluted (loss) earnings per share $(.03) $.05 Basic and diluted weighted average shares outstanding 1,811,148 1,711,148 As of: March 31, December 31, 2009 2008 Current assets $19,289,279 $22,436,120 Total assets $20,451,618 $23,693,441 Current liabilities $5,461,467 $8,942,597 Total liabilities $5,461,467 $8,942,597 Total stockholders' equity $14,990,151 $14,750,844
ABATIX CORP.
CONTACT: Frank Cinatl of ABATIX CORP., 1-888-ABATIX-X (222-8499),
fcinatl@abatix.com
Web Site: http://www.abatix.com/
