ERBA Diagnostics, Inc. reported consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported continuation in the fourth quarter of 2013 of the turnaround it is experiencing, with a significant year-over-year improvement from net loss in the 2012 fiscal year to positive net income in the 2013 fiscal year. The company achieved positive net income in three consecutive quarters.

For the full year, the company reported net revenues increased by $8,906,313 to $28,255,317 in the year ended December 31, 2013 from $19,349,004 in the year ended December 31, 2012. This 46% increase was primarily attributed to the inclusion of net revenues of $13,754,000 from Drew Scientific during the full year in 2013, compared to net revenues of $3,391,000 from Drew Scientific during the post-acquisition portion of the year in 2012, offset by other factors from legacy domestic operations resulting in a decrease of $1,457,000. Income from operations totaled $1,036,725 in the year ended December 31, 2013 as compared to an operating loss of $1,203,161 in the year ended December 31, 2012. The change from an operating loss in 2012 to an operating profit in 2013 resulted primarily from the inclusion of operating income of $1,762,000 from Drew Scientific during the full year in 2013, compared to operating loss of $221,000 from Drew Scientific during the post-acquisition portion of the year in 2012. The company generated net income of $675,828 or $0.01 diluted per share in the year ended December 31, 2013 as compared to net loss of $1,553,356 or $0.04 diluted per share in the year ended December 31, 2012. Basic and diluted net earnings per common share were $0.02 and $0.01, respectively, in the year ended December 31, 2013 as compared to basic and diluted net loss per common share of $0.04 in the year ended December 31, 2012. Income before provision for income taxes was $794,882 compared with loss before provision for income taxes of $1,431,311 for the same period last year.