Abatix Corp. Reports Operating Results for First Quarter 2004.Business Editors DALLAS--(BUSINESS WIRE)--May 14, 2004 Abatix Corp. (Nasdaq:ABIX ABIX Air-Britain Information Exchange (UK-based aviation historical society members information website) ) today announced first quarter 2004 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 of $11,972,000 decreased 7% from 2003 net sales of $12,850,000 and first quarter 2004 net loss of $(120,000) or $(.07) per share decreased from 2003 net earnings of $116,000 or $.07 per share. The decrease in revenues is primarily attributable to the decline or loss in insurance coverage related to 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. remediation in homes and buildings. The decrease in earnings, resulting in the net loss for the first quarter 2004, is a result of lower margins due to increased sales to governmental entities and competitive pressures. Mr. Shaver stated, "We remain encouraged by the opportunity of being a full resource to the homeland security Noun 1. Homeland Security - the federal department that administers all matters relating to homeland security Department of Homeland Security executive department - a federal department in the executive branch of the government of the United States industry with products and training for first responders first responder First response personnel Emergency medicine A person employed in the public sector–EMT, fire fighter, police, volunteer EMS–whose duties include provision of immediate medical care in the event of an emergency; FRs have basic emergency and private companies. In addition, we are continuing to look at geographic expansion, new products and additional personnel to further expand our revenue base." 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, but not limited to, the following: war, terrorism or similar events; 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 insurance coverage on mold remediation; adverse weather conditions; inability to hire and train quality people or retain current personnel; changes in interest rates; strong or increased competition; changing customer or product mix; or negative effects from investor issues. 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. 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
March 31,
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2004 2003
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Net sales $11,972,318 $12,850,036
Cost of sales 8,762,216 9,066,684
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Gross profit 3,210,102 3,783,352
Selling, general and administrative expenses 3,307,436 3,528,564
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Operating (loss) profit (97,334) 254,788
Other expense, net (47,514) (46,026)
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(Loss) earnings before income taxes (144,848) 208,762
Income tax benefit (expense) 24,794 (92,785)
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Net (loss) earnings $(120,054) $115,977
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Basic and diluted (loss) earnings per share $(.07) $.07
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Basic and diluted weighted average shares
outstanding 1,711,148 1,711,148
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As of:
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March 31, December 31,
2004 2003
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Current assets $15,403,550 $14,616,969
Total assets $17,025,514 $16,341,775
Current liabilities $8,393,517 $7,589,724
Total stockholders' equity $8,631,997 $8,752,051
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