-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FE8bFebiZ2JSXkJyvh4fKIenCI8siuV9HWFThraQ4ahcbK9LKcVcI68GC4/mvE2+ J7ufyH3WHUobO+suBYfR4g== 0001019687-06-000855.txt : 20060414 0001019687-06-000855.hdr.sgml : 20060414 20060414165749 ACCESSION NUMBER: 0001019687-06-000855 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060414 ITEM INFORMATION: Other Events FILED AS OF DATE: 20060414 DATE AS OF CHANGE: 20060414 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BIOMERICA INC CENTRAL INDEX KEY: 0000073290 STANDARD INDUSTRIAL CLASSIFICATION: DENTAL EQUIPMENT & SUPPLIES [3843] IRS NUMBER: 952645573 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-08765 FILM NUMBER: 06760924 BUSINESS ADDRESS: STREET 1: 1533 MONROVIA AVENUE CITY: NEWPORT BEACH STATE: CA ZIP: 92663 BUSINESS PHONE: 9496452111 MAIL ADDRESS: STREET 1: 1533 MONROVIA AVENUE CITY: NEWPORT BEACH STATE: CA ZIP: 92663 FORMER COMPANY: FORMER CONFORMED NAME: NMS PHARMACEUTICALS INC DATE OF NAME CHANGE: 19871130 FORMER COMPANY: FORMER CONFORMED NAME: NUCLEAR MEDICAL SYSTEMS INC DATE OF NAME CHANGE: 19830216 FORMER COMPANY: FORMER CONFORMED NAME: NUCLEAR INSTRUMENTS INC DATE OF NAME CHANGE: 19720508 8-K 1 biomerica_8k-041306.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 April 14, 2006 Date of Report (date of earliest event reported) BIOMERICA, INC. --------------- (Exact Name of Registrant as Specified in its Charter) Delaware 0-8765 95-2645573 - -------- ------ ---------- (State or Other (Commission (IRS Employee Jurisdiction of File Number) Identification Number) 1533 Monrovia Avenue Newport Beach, California 92663 ------------------------------- (Address of Principal Executive Offices Including Zip Code) 949-645-2111 ------------ (Registrant's Telephone Number, Including Area Code) __________ (Former Name or Former Address if Changed Since Last Report) Table of Contents: - ------------------ 8.01 Other Events. Item 8.01 Other Events. Today Biomerica announced its results for the nine months and quarter ended February 28, 2006. Attached as Exhibit 99.1 is a copy of the press release. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BIOMERICA, INC. Dated: April 14, 2006 By: /s/ Janet Moore ----------------------------- Name: Janet Moore Title: Chief Financial Officer EX-99.1 2 biomerica_8kex99-1.txt PRESS RELEASE Exhibit 99.1 NEWS FOR IMMEDIATE RELEASE --------------------- Contact: Zackary Irani 949-645-2111 BIOMERICA ANNOUNCES THIRD QUARTER FINANCIAL RESULTS O Diagnostic Revenues up over 19% for the 9 months ended O February 28, 2006 -- NEWPORT BEACH, Calif., April 14, 2005 - Biomerica, Inc. (OTC BB: BMRA) today announced its financial results for the quarter ended February 28, 2006. As disclosed in the Company's 8-K filed on December 5, 2005, Lancer Orthodontics' financial statements will no longer be consolidated with Biomerica's financial statements, effective December 1, 2005. Today's announcement is for the first quarter that Biomerica has reported its financial statements on a stand-alone basis, unconsolidated from the financial statements of Lancer. Biomerica reported today stand-alone-results of diagnostic net sales of $998,070 for the third quarter ended February 28, 2006, compared to stand-alone results of diagnostic net sales of $872,996 for the comparable quarter ended February 28, 2005. Stand-alone results of diagnostic net sales for the first nine months ended February 28, 2006 totaled $2.79 million compared to $2.33 million in the previous year, an increase of over 19%. Biomerica announced stand-alone-results of diagnostic net income for the nine months ended February 28, 2006, of $162,285 versus a net loss of $3,590 in the previous fiscal year during the same period. The stand-alone results for the three months ended February 28, 2006 of diagnostic net income was $29,615, compared to stand-alone-results of diagnostic net income of $80,576 in the same quarter the previous fiscal year. "We expect to continue improving both the top line and bottom line in our diagnostic business," stated Zackary Irani, Biomerica CEO. "We have several new products that we plan to introduce in the upcoming months that should enhance our product line significantly." ABOUT BIOMERICA (OTC BB: BMRA) Biomerica, Inc. (http://www.biomerica.com) is a global medical technology company, based in Newport Beach, CA. The Company's diagnostics division manufactures and markets advanced diagnostic products used at home, in hospitals, and in physicians' offices for the early detection of significant medical conditions and serious diseases. # # # Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by Biomerica) contains statements that are forward-looking; such as statements relating to intended improvements to the Company's financial performance, launch dates, expansion, expected orders, leading market positions, anticipated future sales revenues of the company, success of product and new product offerings. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future, and accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of Biomerica. The potential risks and uncertainties include, among others, fluctuations in the Company's operating results due to its new business model and expansion plans, the Company's ability to raise additional capital, the competitive environment in which the Company will be competing, and the Company's dependence on strategic relationships. The Company is under no obligation to update any forward-looking statements after the date of this release. The following financial statements reflect the operating results of Biomerica as reported in the Company's Form 10-QSB filed on April 14, 2006. The full financial statements and management's discussion and analysis are available in the above mentioned Form 10-QSB. The following Consolidated Statement of Operations has been prepared on a prospective basis. The deconsolidation of Lancer Orthodontics from Biomerica occurred December 1, 2005. Therefore, the nine months ended February 28, 2006, include the operations for Biomerica diagnostics for nine months but ONLY six months of operations for Lancer Orthodontics. The nine months ended February 28, 2005, include nine months of operations of BOTH Biomerica diagnostics and Lancer Orthodontics. The three months ended February 28, 2006 include ONLY the results of operations for Biomerica diagnostics and the three months ended February 28, 2005 include three months of operations of BOTH Biomerica diagnostics and Lancer Orthodontics. BIOMERICA, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) Nine Months Ended Three Months Ended February 28, February 28, 2006 2005 2006 2005 ----------- ----------- ----------- ----------- Net sales ...................................................... $ 5,717,260 $ 6,691,509 $ 998,070 $ 2,344,536 Cost of sales ............................................. (3,820,715) (4,461,838) (649,468) (1,563,917) ----------- ----------- ----------- ----------- Gross profit .............................................. 1,896,545 $ 2,229,671 $ 348,602 $ 780,619 ----------- ----------- ----------- ----------- Operating Expenses: Selling, general and administrative ....................... 1,866,470 2,195,439 272,890 659,421 Research and development .................................. 193,360 203,816 38,779 61,309 ----------- ----------- ----------- ----------- 2,059,830 2,399,255 311,669 720,730 ----------- ----------- ----------- ----------- Operating (loss) income from continuing operations ............. (163,285) (169,584) 36,933 59,889 ----------- ----------- ----------- ----------- Other Expense (income): Interest expense .......................................... 36,751 28,692 7,248 11,113 Other income, net ......................................... (45,575) (19,501) (730) 3,472 ----------- ----------- ----------- ----------- (8,824) 9,191 6,518 14,585 ----------- ----------- ----------- ----------- (Loss) gain from continuing operations, before minority interest in net loss of consolidated subsidiaries and income taxes ................................................ (154,461) (178,775) 30,415 45,304 Minority interest in net losses of consolidated subsidiary ..... 251,670 127,270 -- 27,170 ----------- ----------- ----------- ----------- Income (loss) from continuing operations, before income taxes .. 97,209 (51,505) 30,415 72,474 Income tax expense ............................................. 2,400 1,938 800 338 ----------- ----------- ----------- ----------- Net income (loss) from continuing operations ................... 94,809 (53,443) 29,615 72,136 Discontinued operations: Income from discontinued operations, net ..................... -- 6,600 -- -- ----------- ----------- ----------- ----------- Net income (loss) .............................................. 94,809 (46,843) 29,615 72,136 Other comprehensive (loss), net of tax Unrealized (loss) on available-for-sale securities .................................................. (240,100) (12,904) (236,286) (5,462) ----------- ----------- ----------- ----------- Comprehensive income (loss) .................................... $ (145,291) $ (59,747) $ (206,671) $ 66,674 =========== =========== =========== =========== Basic net income (loss) per common share: Net income (loss) from continuing operations .............. $ .01 $ (.01) $ .00 $ .01 Net income (loss) from discontinued operations ............ .00 .00 .00 .00 ----------- ----------- ----------- ----------- Basic net income (loss) per common share ....................... $ .01 $ (.01) $ .00 $ .01 =========== =========== =========== =========== Diluted net income (loss) per common share Net income (loss) from continuing operations .............. $ .01 $ (.01) $ .00 $ .01 Net income (loss) from discontinued operations ............ .00 .00 .00 .00 ----------- ----------- ----------- ----------- Diluted net income (loss) per common share ..................... $ .01 $ (.01) $ .00 $ .01 =========== =========== =========== =========== Weighted average number of common and common equivalent shares: Basic ..................................................... 5,753,831 5,752,431 5,753,912 5,752,431 =========== =========== =========== =========== Diluted ................................................... 6,617,955 5,752,431 6,604,035 6,568,121 =========== =========== =========== =========== BIOMERICA, INC. STAND-ALONE STATEMENT OF OPERATIONS (UNAUDITED) Nine Months Ended Three Months Ended February 28, February 28, 2006 2005 2006 2005 ----------- ----------- ----------- ----------- Net sales ............................................... $ 2,792,222 $ 2,329,117 $ 998,070 $ 872,996 Cost of sales ...................................... (1,646,000) (1,398,084) (649,468) (525,115) ----------- ----------- ----------- ----------- Gross profit ....................................... 1,146,222 931,033 348,602 347,881 ----------- ----------- ----------- ----------- Operating Expenses: Selling, general and administrative ................ 837,411 797,983 272,890 220,377 Research and development ........................... 150,890 131,060 38,779 39,430 ----------- ----------- ----------- ----------- 988,301 929,043 311,669 259,807 ----------- ----------- ----------- ----------- Operating income from continuing operations ............. 157,921 1,990 36,933 88,074 ----------- ----------- ----------- ----------- Other Expense (income): Interest expense ................................... 22,295 23,780 7,248 7,900 Other income, net .................................. (28,259) (12,400) (730) (402) ----------- ----------- ----------- ----------- (5,964) 11,380 6,518 7,498 ----------- ----------- ----------- ----------- (Loss) income from continuing operations, before income taxes ......................................... 163,885 (9,390) 30,415 80,576 Income tax expense ...................................... 1,600 800 800 -- ----------- ----------- ----------- ----------- Net income (loss) from continuing operations ............ 162,285 (10,190) 29,615 80,576 Income from discontinued operations, net ................ -- 6,600 -- -- ----------- ----------- ----------- ----------- Net income (loss) ....................................... $ 162,285 $ (3,590) $ 29,615 $ 80,576 ========================================================================================================================
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