Abatix Corp. Reports 18% Revenue Increase and 72% Net Earnings Increase for Third Quarter.Business Editors DALLAS--(BUSINESS WIRE)--Nov. 1, 2001 ABATIX CORP. (Nasdaq:ABIX ABIX Air-Britain Information Exchange (UK-based aviation historical society members information website) ) today announced net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the three months ended September 30, 2001, of $14,569,000 increased 18% from net sales of $12,354,000 for the third quarter of 2000. Net earnings of $383,000, or $.22 per share, for the third quarter of 2001 increased 72% from 2000 net earnings of $223,000, or $.13 per share. Consolidated net sales for the nine months ended September 30, 2001, increased 12% to $41,485,000 from $36,936,000 in 2000. Net earnings for the nine months ended September 30, 2001, of $947,000, or $.55 per share, increased 64% from net earnings of $578,000, or $.34 per share, for the same period in 2000. Sales were significantly impacted by the increasing awareness of toxic molds in homes and buildings and by the continuing clean up from the effects of Tropical Storm Allison This article is about the Atlantic tropical storm of 2001. For other storms of the same name, see Tropical Storm Allison (disambiguation). Tropical Storm Allison was a tropical storm that devastated southeast Texas in June of the 2001 Atlantic hurricane season. on the Houston area in June. The increase in net earnings is primarily due to higher sales volume and a decline in interest expense resulting from lower rates and lower borrowings. Mr. Terry W. Shaver, President, stated "We are pleased with the continued increase in revenues and earnings this year and anticipate the rest of 2001 to remain strong. Our relationships with customers are stronger than ever and we are capturing market share. We have had a positive response from our customers concerning our e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. site, www.abatix.com. Customers have the ability to purchase several thousand products from our new website, with more products being added weekly. This site is helping solidify so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. relationships with current customers by providing them an additional resource for timely and useful information and another avenue to order our products." Mr. Shaver concluded, "While the revenue growth for the remainder of 2001 looks positive, we are continuing to watch the economic condition of all industries we serve. In addition, our year to date revenues benefited by approximately 4% as a result of the effects from Tropical Storm Allison, which we do not anticipate will recur in 2002. Therefore, we will continue our focus on increasing market share in the construction, industrial and mold mold, name for certain multicellular organisms of the various classes of the kingdom Fungi, characteristically having bodies composed of a cottony mycelium. The colors of molds are caused by the spores, which are borne on the mycelium. industries and we will focus on controlling costs and reducing our bank debt." Except for the historical information contained herein, the matters set forth in this release are forward looking and involve a number of risks and uncertainties. Among the factors that could cause actual results to differ materially are the following: the long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. impact of the September 11, 2001, tragic events on the commercial construction and domestic preparedness pre·par·ed·ness n. The state of being prepared, especially military readiness for combat. Noun 1. preparedness - the state of having been made ready or prepared for use or action (especially military action); "putting them markets, the impact of insurance coverage on mold remediation jobs, inability to hire and train quality people, changes in interest rates and strong competition. In addition, increases in oil prices or shortages in oil supply could significantly impact the Company's petroleum based products and its ability to supply those products at a reasonable price. Furthermore, an impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. of goodwill resulting from the 1999 acquisitions could cause actual results to differ materially. ABATIX CORP. is a full line supplier to the construction tool, industrial safety, hazardous materials, and environmental industries. The Company currently has seven distribution centers in Dallas and Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the , in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden and Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , California, in Phoenix, Arizona Phoenix /ˈfiːˌnɪks/ (English: Phoenix, Navajo: Hoozdo, lit. "the place is hot", Western Apache: Fiinigis) is the capital and the most populous city of the U.S. , in Seattle, Washington  This page is protected from moves until disputes have been resolved on the .The reason for its protection is listed on the protection policy page. and in Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. , Nevada. These distribution centers serve customers throughout the Southwest, Midwest, Pacific Coast, Alaska and Hawaii.
ABATIX CORP.
SELECTED FINANCIAL INFORMATION
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------------- --------------------------
2001 2000 2001 2000
------------ ----------- ------------ -----------
Net sales $ 14,569,000 $ 12,353,517 $ 41,484,691 $ 36,936,226
Cost of sales 10,465,815 9,020,697 29,974,597 26,866,588
------------ ----------- ------------ -----------
Gross profit 4,103,185 3,332,820 11,510,094 10,069,638
Selling, general
and
administrative
expenses 3,371,547 2,814,826 9,601,497 8,671,227
------------ ----------- ------------ -----------
Operating profit 731,638 517,994 1,908,597 1,398,411
Other expense, net 114,817 148,561 342,410 439,316
------------ ----------- ------------ -----------
Earnings before
income taxes 616,821 369,433 1,566,187 959,095
Income tax expense 233,885 146,129 618,899 381,581
------------ ----------- ------------ -----------
Net earnings $ 382,936 $ 223,304 $ 947,288 $ 577,514
============ =========== ============ ===========
Basic and diluted
earnings per
share $ .22 $ .13 $ .55 $ .34
============ =========== ============ ===========
Basic and diluted
weighted average
shares
outstanding 1,711,148 1,711,148 1,711,148 1,711,148
============ =========== ============ ===========
As of
--------------------------
September 30, December 31,
2001 2000
------------ -----------
Current assets $ 16,508,889 $ 12,075,248
Total assets $ 18,371,936 $ 14,042,437
Current liabilities $ 10,793,320 $ 7,411,109
Total stockholders' equity $ 7,578,616 $ 6,631,328
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