Blow-out earnings - nice! ABATIX CORP. Reports Operating Results for Second Quarter of 2010
Date : 08/10/2010 @ 5:05PM
Source : PR Newswire
Stock : ABATIX CORP (OTC) (ABIX)
Quote : 6.21 0.0 (0.00%) @ 5:25PM
ABATIX CORP. Reports Operating Results for Second Quarter of 2010
ABATIX CORP (OTC) (USOTC:ABIX)
Intraday Stock Chart
Today : Tuesday 10 August 2010
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
Six Months Ended
June 30,
June 30,
2010
2009
2010
2009
Net sales
$ 16,236,389
$ 14,394,695
$ 30,515,586
$ 28,213,413
Cost of sales
(11,400,762)
(10,054,080)
(21,466,539)
(19,720,906)
Gross profit
4,835,627
4,340,615
9,049,047
8,492,507
Selling, general and administrative
expenses
(4,185,573)
(3,933,394)
(8,217,289)
(8,148,559)
Operating profit
650,054
407,221
831,758
343,948
Other expense, net
(6,088)
(2,851)
3,786
(21,558)
Earnings before income taxes
643,966
404,370
835,544
322,390
Income tax (expense)
(256,498)
(154,908)
(336,755)
(133,622)
Net earnings
$ 387,468
$ 249,462
$ 498,789
$ 188,768
Basic and diluted earnings per share
$ .21
$ .14
$ .28
$ .10
Basic and diluted weighted average
shares outstanding
1,806,416
1,811,148
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
SOURCE ABATIX CORP.
