Loss from operations for the third quarter of 2012 was $42,000 compared with loss from operations of $997,000 in the third quarter of 2011. Loss from operations totaled $298,000 for the nine months ended September 30, 2012 compared to the loss from operations of $3,166,000 in the nine months ended September 30, 2011. Net loss for the third quarter of 2012 was $97,000, or $0.01 loss per share, compared with a net loss of $1,234,000, or $0.04 loss per share, in the third quarter of 2011. Net loss for the nine months ended September 30, 2012 was $534,000 or $0.02 loss per share, compared to net loss of $3,021,000, or $0.10 loss per share in the same period of 2011. In the third quarter of 2012, we incurred acquisition expenses of $85,000.
About ERBA Diagnostics, Inc.
ERBA Diagnostics, Inc. (
), headquartered in Miami, Florida, is a fully integrated in vitro diagnostics company that develops, manufactures and distributes in the United States and internationally, proprietary diagnostic reagents, test kits and instrumentation, primarily for autoimmune and infectious diseases, through its three subsidiaries: Diamedix Corporation (U.S.), Delta Biologicals S.r.l. (Europe) and ImmunoVision, Inc. (U.S.). As described in further detail above, on October 3, 2012, ERBA Diagnostics acquired the businesses which had been commonly known as the Escalon Clinical Diagnostics Business, consisting of Drew Scientific, Inc. (located in Waterbury, Connecticut, and Dallas, Texas), and its wholly owned subsidiaries JAS Diagnostics, Inc. (located in Miami Lakes, Florida), and Drew Scientific Limited Co. (located in Barrow-in-Furness, United Kingdom).
Safe Harbor Statement
Except for the historical matters contained herein, statements in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Investors are cautioned that forward-looking statements involve risks and uncertainties that may affect the business and prospects of ERBA Diagnostics, Inc., including, without limitation, the risks and uncertainties related to: ERBA Diagnostics’ ability to successfully improve its financial condition, results of operations and cash flows; ERBA Diagnostics’ ability to successfully maintain its cost containment efforts and reduced expenses; ERBA Diagnostics’ ability to successfully achieve sales growth; ERBA Diagnostics’ ability to successfully maintain stability in its cash flows and liquidity position; ERBA Diagnostics’ ability to successfully grow its business, sales and product range in the United States and other markets, whether organically or inorganically, during the anticipated time frame or at all; ERBA Diagnostics’ ongoing initiatives to reduce manufacturing costs, manage operating expenses, increase sales in the United States and other markets and otherwise improve its operating results and performance may not be successful or result in the positive financial impact expected, whether in the time frame anticipated, or at all; ERBA Diagnostics’ ability to integrate acquired businesses or products, including, without limitation, its ability to integrate the businesses that had been commonly known as the Escalon Clinical Diagnostics Business; acquisitions of businesses and products, and the integration of acquired businesses and products, may disrupt ERBA Diagnostics’ business, distract its management and may not proceed as planned, including, without limitation, its acquisition of and its ability to integrate the businesses that had been commonly known as the Escalon Clinical Diagnostics Business; economic, competitive, political, governmental and other factors affecting ERBA Diagnostics and its operations, markets and products. In addition to the risks and uncertainties set forth above, investors should consider the economic, competitive, governmental, technological and other risks and uncertainties discussed in ERBA Diagnostics’ filings with the Securities and Exchange Commission, including, without limitation, the risks and uncertainties discussed under the heading “Risk Factors” in such filings.