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Abaxis Reports Financial Performance for the First Quarter of Fiscal 2012
Date:7/28/2011

Administration clearance and other government approvals, risks associated with manufacturing and distributing its products on a commercial scale free of defects, risks related to the introduction of new instruments manufactured by third parties, risks associated with competing in the human diagnostic market, risks related to the protection of Abaxis' intellectual property or claims of infringement of intellectual property asserted by third parties, risks related to condition of the United States economy and other risks detailed under "Risk Factors" in Abaxis' Annual Report on Form 10-K for the fiscal year ended March 31, 2011 and Abaxis' other periodic reports filed from time to time with the United States Securities and Exchange Commission.  Forward-looking statements speak only as of the date the statements were made.  Abaxis does not undertake and specifically disclaims any obligation to update any forward-looking statements.Financial Tables on Following PagesABAXIS, INC.Condensed Consolidated Statements of Income(In thousands, except per share data)(Unaudited)Three Months EndedJune 30,20112010Revenues

$
36,003

$
34,953Cost of revenues

16,780

15,169Gross profit

19,223

19,784Operating expenses:Research and development

3,454

3,078Sales and marketing

9,152

8,633General and administrative

3,419

2,124Total operating expenses

16,025

13,835Income from operations

3,198

5,949Interest and other income (expense), net

294

(105)Income before income tax provision

3,492

5,844Income tax provision

1,278

2,264Net income

$
2,214

$
3,580Net income per share:  Basic net income per share

$
.10

$
.16  Diluted net income per share

$
.10

$
.16Shares used in the calculation of net income per share:  Weighted average common shares outstanding -
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