MESQUITE, Texas, April 6 /PRNewswire-FirstCall/ -- ABATIX CORP. (Pink Sheets: ABIX) today announced net sales of $55,018,000 for 2009 decreased 30% from net sales of $78,642,000 in 2008 and net earnings of $697,000 or $.38 per share in 2009 decreased from net earnings of $1,519,000 or $.88 per share in 2008. The 2009 decrease in sales and profitability is attributable to the recession in the overall economy and no significant weather 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 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 Three Months Ended Twelve Months Ended December 31, December 31, ------------ ------------ (Unaudited) 2009 2008 2009 2008 ---- ---- ---- ---- Net sales $12,786,498 $16,406,337 $55,018,031 $78,641,845 Cost of sales (8,864,018) (11,588,124) (38,296,153) (56,172,780) ---------- ----------- ----------- ----------- Gross profit 3,922,480 4,818,213 16,721,878 22,469,065 Selling, general and administrative expenses (3,613,826) (4,713,879) (15,587,140) (19,672,837) ---------- ---------- ----------- ----------- Operating profit 308,654 104,334 1,134,738 2,796,228 Other expense, net 6,646 (55,797) (21,305) (282,318) ----- ------- ------- -------- Earnings before income taxes 315,300 48,537 1,113,433 2,513,910 Income tax expense (120,090) (27,539) (416,683) (994,498) -------- ------- -------- -------- Net earnings $195,210 $20,998 $696,750 $1,519,412 ======== ======= ======== ========== Basic and diluted earnings per share $.11 $.01 $.38 $.88 ==== ==== ==== ==== Basic and diluted weighted average shares outstanding 1,811,148 1,744,481 1,811,148 1,719,481 ========= ========= ========= ========= As of: -------------------------- December 31, December 31, 2009 2008 ---- ---- Current assets $17,982,209 $22,436,120 Total assets $19,088,929 $23,693,441 Current liabilities $3,341,335 $8,942,597 Total liabilities $3,341,335 $8,942,597 Total stockholders' equity $15,747,594 $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/
http://www.int-enviroguard.com/
