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ABATIX
CORP. Reports Operating Results for First Quarter of 2007
MESQUITE,
Texas, May 10 /PRNewswire-FirstCall/ -- ABATIX CORP. (Nasdaq:
ABIX) today announced net sales of $17,258,000 for the first three months
of
2007 increased 4% from net sales of $16,606,000 in 2006 and net earnings
of $359,000 or $.21 per share for 2007 increased from net earnings of
$220,000
or $.13 per share in 2006. The increase in sales for 2007 is primarily
attributable to volume increases in the industrial and construction markets
as the U.S. economy remains stable. The increase in profitability is
primarily
attributed to the change in product mix and higher sales volume. General
and administrative costs were higher in 2007 primarily due to costs associated
with our Jacksonville facility which opened in August 2006 and increased
costs related to our efforts to comply with the internal control provisions
of the Sarbanes-Oxley Act of 2002.
Mr.
Terry
Shaver, CEO, stated, "We are pleased with the efforts of our people
and the confidence our customer base has shown in the Abatix team. We
are
hopeful the U.S. economy continues to remain stable overall, in spite of
the
decline in the residential housing market and continued rise in fuel
prices.
We are focused on servicing our existing customer base, while also adding
new customers."
Mr.
Shaver, continued, "We continue to evaluate new product lines and additional
sourcing opportunities that enhance our long-term growth prospects. We
also
continue to focus on improving our cost structure and the efficiency
of
our
operations. However, any improvements to the cost structure will be negated
by the costs to comply with the internal control provisions of Sarbanes-Oxley.
In addition to the cash paid to consultants to help with the process,
we have many talented team members spending significant time related
to
this
work that could be spent on growing sales and improving profitability."
This
news
release contains, among other things, certain statements of a forward-looking
nature relating to future events or the future business performance
of Abatix Corp. Such statements involve a number of risks and uncertainties
including, without limitation, the occurrence, timing and property
devastation from disasters; global, national and local economic and political
conditions; changes in laws and regulations relating to the Company's
products and the import of such products; market acceptance of new products;
existence or development of competitive products the Company represents
that outperform current product lines or are priced more competitively;
inability to hire and train quality people or retain current employees;
changes in interest rates; the financial status of and relationships
with key customers and vendors; efforts to control and/or reduce costs;
fluctuations in oil prices; or the Company's success in the process of
management's
assessment and auditor attestation of internal controls, as required
by the Sarbanes-Oxley Act of 2002. We do not undertake any obligation
to publicly update forward-looking statements to reflect events or circumstances
after the date on which the statement is made or to reflect the occurrence
of unanticipated events, except as required by law or regulation.
ABATIX
CORP. is a full line supplier to the construction tool, industrial safety,
environmental and homeland security 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. More information about the Company can be found on the Abatix
web site at www.abatix.com and on the IESI website at www.buy-iesi.com
.
The following information was filed by Abatix Corp on Friday, May 11, 2007 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Abatix Corp's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Abatix Corp.
845779 Quarterly Reports
- 10-Q Quarterly Report August 2007
-
10-Q Quarterly Report May 2007
- 10-Q Quarterly Report November 2006
- 10-Q Quarterly Report August 2006
- 10-Q Quarterly Report May 2006
