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ABATIX CORP. Reports Operating Results for Second Quarter of 2009
Posted by: gurufocus (IP Logged)
Date: August 10, 2009 06:27PM

Press Release: ABATIX CORP. Reports Operating Results for Second Quarter of 2009

MESQUITE, Texas, Aug. 10 /PRNewswire-FirstCall/ -- ABATIX CORP. (Pink Sheets: ABIX) today announced net sales of $14,395,000 for the second quarter of 2009 decreased 24% from net sales of $18,863,000 in the second quarter of 2008 and net earnings of $249,000 or $.14 per share in 2009 increased from net earnings of $176,000 or $.10 per share in 2008. Net sales of $28,213,000 for the first six months of 2009 decreased 22% from net sales of $36,091,000 in the first six months of 2008 and net earnings of $189,000 or $.10 per share in 2009 decreased from net earnings of $256,000 or $.15 per share in 2008. The 2009 decrease in sales and profitability is due to the decline in the economy. The profitability in the second quarter of 2009 was positively impacted by adjustments made to our general and administrative costs in response to the decline in sales.

More information about the Company, including financial information, can be found on the Abatix web site at www.abatix.com. Information about our wholly-owned subsidiary, IESI, can be found on their web site at 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          Six Months Ended
                                   June 30,                   June 30,
                               2009        2008           2009        2008

    Net sales              $14,394,695  $18,863,376  $28,213,413  $36,091,242
    Cost of sales          (10,054,080) (13,743,185) (19,720,906) (26,125,696)
        Gross profit         4,340,615    5,120,191    8,492,507    9,965,546
    Selling, general and
     administrative
     expenses               (3,933,394)  (4,731,874)  (8,148,559)  (9,340,867)
        Operating profit       407,221      388,317      343,948      624,679
    Other expense, net          (2,851)     (69,189)     (21,558)    (146,255)
        Earnings before
         income taxes          404,370      319,128      322,390      478,424
    Income tax expense        (154,908)    (143,441)    (133,622)    (222,406)
          Net earnings        $249,462    $ 175,687    $ 188,768    $ 256,018

    Basic and diluted
     earnings per share           $.14         $.10         $.10         $.15

    Basic and diluted
     weighted average
     shares outstanding      1,811,148    1,711,148    1,811,148    1,711,148

                                                             As of:
                                                      June 30,    December 31,
                                                        2009          2008
          Current assets                             $18,580,244  $22,436,120
          Total assets                               $19,684,304  $23,693,441
          Current liabilities                         $4,444,692   $8,942,597
          Total liabilities                           $4,444,692   $8,942,597
          Total stockholders\' equity                 $15,239,612  $14,750,844

Source: PRNewsWire



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