ABATIX CORP. Reports Operating Results for Second Quarter of 2010

MESQUITE, Texas, Aug. 10 /PRNewswire-FirstCall/ -- 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.