ABATIX CORP. Reports Operating Results for First Quarter of 2010
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 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. |
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SELECTED FINANCIAL INFORMATION |
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(Unaudited) |
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Three Months Ended |
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March 31, |
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2010 |
2009 |
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Net sales |
$ 14,279,197 |
$ 13,818,718 |
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Cost of sales |
(10,065,778) |
(9,666,825) |
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Gross profit |
4,213,419 |
4,151,893 |
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Selling, general and administrative expenses |
(4,031,716) |
(4,215,165) |
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Operating profit (loss) |
181,703 |
(63,272) |
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Other expense, net |
9,875 |
(18,707) |
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Earnings (loss) before income taxes |
191,578 |
(81,979) |
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Income tax (expense) benefit |
(80,257) |
21,286 |
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Net earnings (loss) |
$ 111,321 |
$ (60,693) |
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Basic and diluted earnings (loss) per share |
$ .06 |
$ (.03) |
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Basic and diluted weighted average shares outstanding |
1,808,963 |
1,811,148 |
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As of: |
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March 31, |
December 31, |
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2010 |
2009 |
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Current assets |
$ 18,879,124 |
$ 17,982,209 |
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Total assets |
$ 19,943,153 |
$ 19,088,929 |
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Current liabilities |
$ 4,107,194 |
$ 3,341,335 |
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Total liabilities |
$ 4,107,194 |
$ 3,341,335 |
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Total stockholders' equity |
$ 15,835,959 |
$ 15,747,594 |
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SOURCE ABATIX CORP.
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