MESQUITE, Texas, Aug. 10 /PRNewswire-FirstCall/ -- ABATIX CORP. (Pink Sheets: ABIX) today announced net sales of $16,236,000 for the second quarter of 2010 increased 12.8% from net sales of $14,395,000 for the second quarter of 2009 and net earnings of $387,000 or $.21 per share in 2010 increased from net earnings of $249,000 or $.14 per share in 2009. Net sales of $30,516,000 for the first six months of 2010 increased 8.2% from net sales of $28,213,000 in the first six months of 2009 and net earnings of $499,000 or $.28 per share in 2010 increased from net earnings of $189,000 or $.10 per share in 2009.
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 June 30, -------- 2010 2009 ---- ---- Net sales $16,236,389 $14,394,695 Cost of sales (11,400,762) (10,054,080) ----------- ----------- Gross profit 4,835,627 4,340,615 Selling, general and administrative expenses (4,185,573) (3,933,394) ---------- ---------- Operating profit 650,054 407,221 Other expense, net (6,088) (2,851) ------ ------ Earnings before income taxes 643,966 404,370 Income tax (expense) (256,498) (154,908) -------- -------- Net earnings $387,468 $249,462 ======== Basic and diluted earnings per share $.21 $.14 ==== ==== Basic and diluted weighted average shares outstanding 1,806,416 1,811,148 ========= Six Months Ended June 30, -------- 2010 2009 ---- ---- Net sales $30,515,586 $28,213,413 Cost of sales (21,466,539) (19,720,906) ----------- ----------- Gross profit 9,049,047 8,492,507 Selling, general and administrative expenses (8,217,289) (8,148,559) ---------- ---------- Operating profit 831,758 343,948 Other expense, net 3,786 (21,558) ----- ------- Earnings before income taxes 835,544 322,390 Income tax (expense) (336,755) (133,622) -------- -------- Net earnings $498,789 $188,768 ======== Basic and diluted earnings per share $.28 $.10 ==== ==== Basic and diluted weighted average shares outstanding 1,807,689 1,811,148 ========= As of: ------ June 30 June 30 2010 2009 ---- ---- Current assets $21,953,783 $18,580,244 Total assets $23,010,927 $19,684,304 Current liabilities $6,792,425 $4,444,692 Total liabilities $6,792,425 $4,444,692 Total stockholders' equity $16,218,502 $15,239,612
ABATIX CORP.
CONTACT: Frank Cinatl of ABATIX CORP., 1-888-222-8499,
fcinatl@abatix.com
Web Site: http://www.abatix.com/
