ABATIX CORP. Reports Operating Results for Second Quarter of 2010
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. |
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SELECTED FINANCIAL INFORMATION |
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(Unaudited) |
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Three Months Ended |
Six Months Ended |
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June 30, |
June 30, |
|||||||||
2010 |
2009 |
2010 |
2009 |
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Net sales |
$ 16,236,389 |
$ 14,394,695 |
$ 30,515,586 |
$ 28,213,413 |
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Cost of sales |
(11,400,762) |
(10,054,080) |
(21,466,539) |
(19,720,906) |
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Gross profit |
4,835,627 |
4,340,615 |
9,049,047 |
8,492,507 |
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Selling, general and administrative |
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expenses |
(4,185,573) |
(3,933,394) |
(8,217,289) |
(8,148,559) |
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Operating profit |
650,054 |
407,221 |
831,758 |
343,948 |
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Other expense, net |
(6,088) |
(2,851) |
3,786 |
(21,558) |
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Earnings before income taxes |
643,966 |
404,370 |
835,544 |
322,390 |
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Income tax (expense) |
(256,498) |
(154,908) |
(336,755) |
(133,622) |
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Net earnings |
$ 387,468 |
$ 249,462 |
$ 498,789 |
$ 188,768 |
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Basic and diluted earnings per share |
$ .21 |
$ .14 |
$ .28 |
$ .10 |
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Basic and diluted weighted average |
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shares outstanding |
1,806,416 |
1,811,148 |
1,807,689 |
1,811,148 |
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As of: |
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June 30, |
June 30, |
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2010 |
2009 |
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Current assets |
$ 21,953,783 |
$ 18,580,244 |
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Total assets |
$ 23,010,927 |
$ 19,684,304 |
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Current liabilities |
$ 6,792,425 |
$ 4,444,692 |
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Total liabilities |
$ 6,792,425 |
$ 4,444,692 |
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Total stockholders' equity |
$ 16,218,502 |
$ 15,239,612 |
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SOURCE ABATIX CORP.
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