opens on May 16th as T&T Supply, an industrial safety supply
company located in Dallas, Texas. Founders Terry Shaver and
Gary Cox begin their exciting journey. They begin making a profit
their first year in business.
Supply begins expanding its product line to supply the fast
growing asbestos abatement industry. Gary Cox gets his first
"large" order for poly sheeting and duct tape. The
Company reaches annual revenues of $1 million for the first
changes name to Abatix Environmental Corp. on December 5th,
to better reflect our growth in the environmental business.
Company opens second branch location in Northern California.
the Company completed its initial public offering. Abatix common
stock is currently traded on the Small Cap Market tier of The
Nasdaq Stock Market under the symbol "ABIX". The Company
celebrates as annual revenues surpass $8 million.
opens a branch in Houston, Texas and begins selling to the Texas
refineries. The Company decides the hazardous materials remediation
industry is an excellent market and begins selling to Haz-Mat
contractors. With the promotion of Jeff Thompson to Branch Leader
- Houston, Terry and Gary see another one of their former drivers
promoted. Notably, Terry and Gary are nominated for Entrepreneurs
of the Year in the Dallas, Texas area.
its' Southern California office. Abatix exceeds $10 million
in revenue for the first time. Profitability continues to grow
and Abatix expands into new markets.
into the construction supply industry. Terry and Gary reunite
the former team of Action Tool and bring them under one roof
in Santa Fe Springs, California. The team responds and revenues
begin to grow exponentially. Company acquires International
Enviroguard, a manufacturer of sorbents for the hazardous materials
opens distribution operations in Phoenix, Arizona and Denver,
Colorado. Revenues jump to over $19 million.
opens our Kent (Seattle), Washington location and now offers
one-day service throughout the Western United States. Company
exceeds $25 million in annual revenue.
facility opens in Las Vegas, Nevada. Although the Las Vegas
operation will handle the entire product line, its primary focus
is the fast growing construction tool industry. Abatix experiences
its' most profitable year.
is aggressively diversifying into the construction and industrial
supply industries. Terry and Gary celebrate as company exceeds
$30 million in annual revenues.
At the annual
managers meeting, Terry Shaver celebrates his 40th birthday.
Revenue and profitability continue to grow.
most profitable year and annual revenues reach a new high of
over $37 million dollars. The total number of employees breaks
the 100 mark. Profitability breaks the $1 million mark and Abatix
commits to growth in the construction supply industry.
acquires Keliher Hardware Company in January, an 80 year-old
industrial supply company in Southern California. Abatix also
completes the acquisition of North State Supply Co. of Phoenix
in June. North State is an 8-year-old, $6 million construction
tool supply distributor based in Phoenix, Arizona. The Company
changes its name to Abatix Corp. to better reflect the markets
we currently serve and commits to the construction, industrial
safety and environmental supply industries.
reaches $48 million and revenue and continues its string of
7 consecutive profitable years. The majority of the year was
spent cleaning up from the integration of the two 1999 acquisitions
and beginning the process of moving the acquired product lines
into the other facilities. In addition, Abatix began the development
of its e-commerce site, which is expected to be operational
Abatix launched its e-commerce initiative which gives current
and potential customers the ability to purchase products over
the internet. Abatix hits $54.7 million in revenues. Another
record year in revenues and earnings. We are proud to be included
in Industrial Distribution's "Top 100 Distributors"
hires Mark Radachi to help facilitate our entry into the
Homeland Security Industry. Homeland Security products
and a catalog was printed with the necessary products to supply
to First Responders in case of a Bio-Terrorism attack. Abatix
falls a few dollars short of the $60 million mark in sales.
Abatix finds itself adjusting to a significant decline in the mold remediation industry. We focused on aligning our costs to the lower sales numbers. We installed a new ERP computer system that will help better serve our customer and create operational efficiencies.
Abatix experienced another challenging year; however, our expansion efforts in the restoration industry, positioned us to support our customer base during the Florida hurricanes. This business provided a boost to our top line as well as our bottom line for the last half of the year.
As the economy continued to improve, Abatix saw its business grow in all of its segments. We also received a significant boost in revenues from the Gulf Coast hurricanes. We hit $70 million in revenue for the first time in company history.
Excluding the effects of the Hurricanes Katrina and Rita in 2005, the Company grew its revenues by approximately 9%. In addition, to better position ourselves to support the environmental and construction businesses in the southeastern United States, we opened a sales office and distribution facility in Jacksonville, Florida in August.
We continued to grow revenues during the year as the improvement in the industrial and construction markets resulted in a 4% increase. Since the costs related to being a public reporting company continued to escalate and we saw no near-term need to access the capital markets, we voluntarily delisted from the Nasdaq market and voluntarily deregistered from the SEC.
Abatix proudly celebrated its 25th year in business in 2008. We posted record revenues of over $78 million and rolled out our Employee Stock Option Plan in accordance with our vision to support each and every employee. With the devastation left by the flooding in Iowa and Hurricane Ike on the Texas Gulf Coast, we were able to swiftly mobilize to assist in the recovery and rebuilding of those areas, even with our Houston location without power for over a week.
We experienced declining revenues from our record year in 2008 due to no disasters this year and the recession in the U.S. economy. In spite of the decline in revenue, we were able to reduce certain costs to maintain profitability without sacrificing our high level of customer service. In addition, because of our conservative fiscal leadership, we have consistently maintained below average leverage to operate our business. This conservative approach provided us the opportunity to look for options, which resulted in expansion of our business in California and Florida.
This year was marked by several small disasters across the country and one large disaster in the Gulf states region, resulting in a record year for Abatix. We continue to improve our response capabilities for disasters, as well as make improvements to our core business which has improved, but still shows signs of the economic recession.
Our team members have done a remarkable job of continuing to build customer relationships which has translated to growth in our core business. Our conservative approach to the business has served us extremely well in our 28-year history. A strong balance sheet and continued profitability allow us to explore opportunities to strengthen our position in the markets we serve and expand our business so we can continue to improve the level of service we provide our customers.
Mr. Peter Kamin joined our board of directors on January 1, 2012. The Company, with its strong balance sheet, effected a 1 for 40,000 reverse stock split to take the Company private. We opened our 10th and 11th branch locations in Atlanta, Georgia and San Antonio, Texas.