MESQUITE, Texas, May 6 /PRNewswire-FirstCall/ -- ABATIX CORP. (Pink Sheets: ABIX) today announced net sales of $14,279,000 for the first three months of 2010 increased 3.3% from net sales of $13,819,000 in the first three months of 2009 and net earnings of $111,000 or $.06 per share in 2010 increased from a net loss of $61,000 or ($.03) per share in 2009. The 2010 increase in profitability is attributable to decreased expenses.
More information about the Company, including financial information, can be found on the Abatix web site at http://www.abatix.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 March 31, --------- 2010 2009 ---- ---- Net sales $14,279,197 $13,818,718 Cost of sales (10,065,778) (9,666,825) ----------- ---------- Gross profit 4,213,419 4,151,893 Selling, general and administrative (4,031,716) (4,215,165) expenses Operating profit (loss) 181,703 (63,272) Other expense, net 9,875 (18,707) ----- ------- Earnings (loss) before income taxes 191,578 (81,979) Income tax (expense) benefit (80,257) 21,286 ------- ------ Net earnings (loss) $111,321 $(60,693) ======== Basic and diluted earnings (loss) per share $.06 $(.03) ==== ===== Basic and diluted weighted average shares outstanding 1,808,963 1,811,148 As of: ------ March 31, December 31, 2010 2009 ---- ---- Current assets $18,879,124 $17,982,209 Total assets $19,943,153 $19,088,929 Current liabilities $4,107,194 $3,341,335 Total liabilities $4,107,194 $3,341,335 Total stockholders' equity $15,835,959 $15,747,594
ABATIX CORP.
CONTACT: Frank Cinatl of ABATIX CORP., 1-888-ABATIX-X (222-8499),
fcinatl@abatix.com
Web Site: http://www.abatix.com/
