MESQUITE, Texas, Nov. 9 /PRNewswire-FirstCall/ -- ABATIX CORP. (Pink Sheets: ABIX) today announced net sales of $14,018,000 for the third quarter of 2009 decreased 46% from net sales of $26,144,000 in the third quarter of 2008 and net earnings of $313,000 or $.17 per share in 2009 decreased from net earnings of $1,242,000 or $.73 per share in 2008. Net sales of $42,232,000 for the first nine months of 2009 decreased 32% from net sales of $62,236,000 in the first nine months of 2008 and net earnings of $502,000 or $.28 per share in 2009 decreased from net earnings of $1,498,000 or $.88 per share in 2008. The 2009 decrease in sales and profitability is attributable to the positive impact from adverse weather related events in the third quarter of 2008 and the decline in the overall economy in 2009.
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 distributor of construction supplies, fire and water restoration equipment, safety equipment for the industrial manufacturing industry and environmental equipment and supplies for the remediation industry. The Company currently has nine distribution centers in Dallas and Houston, Texas, in San Diego, 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, ------------------ ----------------- 2009 2008 2009 2008 ---- ---- ---- ---- Net sales $14,018,120 $26,144,266 $42,231,533 $62,235,508 Cost of sales (9,711,229) (18,458,960) (29,432,135) (44,584,656) ---------- ---------- ---------- ---------- Gross profit 4,306,891 7,685,306 12,799,398 17,650,852 Selling, general and administrative expenses (3,824,755) (5,618,091) (11,973,314) (14,958,958) ---------- ---------- ---------- ---------- Operating profit 482,136 2,067,215 826,084 2,691,894 Other expense, net (6,393) (80,266) (27,951) (226,521) ---------- ---------- ---------- ---------- Earnings before income taxes 475,743 1,986,949 798,133 2,465,373 Income tax expense (162,971) (744,553) (296,593) (966,959) ---------- ---------- ---------- ---------- Net earnings $312,772 $1,242,396 $501,540 $1,498,414 ========== ========== ========== ========== Basic and diluted earnings per share $ .17 $ .73 $ .28 $ .88 ========== ========== ========== ========== Basic and diluted weighted average shares outstanding 1,811,148 1,711,148 1,811,148 1,711,148 ========== ========== ========== ========== As of: -------------------------- September 30, December 31, 2009 2008 ---- ---- Current assets $18,924,317 $22,436,120 Total assets $19,966,134 $23,693,441 Current liabilities $4,413,750 $8,942,597 Total liabilities $4,413,750 $8,942,597 Total stockholders' equity $15,552,384 $14,750,844
ABATIX CORP.
CONTACT: Frank Cinatl, 1-888-ABATIX-X, 1-888-222-8499,
fcinatl@abatix.com, or Kaela Cruz, kcruz@abatix.com, both of ABATIX CORP.
Web Site: http://www.abatix.com/
http://www.int-enviroguard.com/
