American Bio Medica Corporation (OTCQB:ABMC) today announced
financial results for the three and six months ended June 30,
2013.
Net sales for the second quarter of 2013 were $2,380,000,
compared to $2,462,000 in the second quarter of 2012, representing
a decrease of $82,000, or 3.3%. For the six months ended June 30,
2013, net sales were $4,505,000 compared to $4,758,000 for the six
months ended June 30, 2012, representing a decrease of $253,000, or
5.3%.
The Company reported an operating loss of $(211,000) in the
second quarter of 2013, compared to an operating loss of $(30,000)
in the second quarter of 2012. Net loss for the second quarter of
2013 was $(294,000), or $(0.01) per share, compared to a net loss
of $(77,000), or $(0.00) per share in the second quarter of 2012.
Operating loss for the first six months of 2013 was $(573,000),
compared to an operating loss of $(199,000) in the first six months
of 2012. Net loss for the first half of 2013 was $(718,000), or
$(0.03) per share, compared to a net loss of $(283,000), or $(0.01)
per share in the first half of 2012.
ABMC Chief Executive Officer Stan Cipkowski stated, "Sales
growth in our core markets continues to be elusive, not only for
ABMC but for our entire industry. This continues to be for the same
reasons that have plagued us for the past several years, high
unemployment and the uncertain worldwide economic outlook. With the
introduction of two new products, pending FDA clearance, we expect
to see sales and earnings growth in new and expanded markets in the
near future."
Cipkowski continued, "Gross margins have returned to appropriate
historical levels, and though we have continued to cut operating
expenses, costs related to regulatory clearance for the new
products as well as costs associated with additional funding caused
increased G&A expenses. Diversification continues to be our
primary objective in 2013."
For more information on ABMC or its drug testing products,
please visit www.abmc.com.
About American Bio Medica Corporation
American Bio Medica Corporation develops, manufactures and
markets accurate, cost-effective immunoassay test kits, primarily
point of collection tests for drugs of abuse. The Company and its
worldwide distribution network target the workplace, government,
corrections, clinical and educational markets. ABMC’s Rapid Drug
Screen®, Rapid ONE®, RDS® InCup®, Rapid TOX® and Rapid TOX Cup® II
test for the presence or absence of drugs of abuse in urine, while
OralStat® and Rapid STAT™ test for the presence or absence of drugs
of abuse in oral fluids. ABMC’s Rapid Reader® is a compact,
portable device that, when connected to any computer, interprets
the results of an ABMC drug screen, and sends the results to a data
management system, enabling the test administrator to easily manage
their drug testing program.
This release may contain forward-looking statements. These
forward-looking statements involve risks and uncertainties that
could cause actual results to differ, and such differences could be
material. Such risks and uncertainties include, but are not limited
to, risks and uncertainties related to the following: continued
acceptance of our products, increased levels of competition in our
industry, acceptance of new products, product development,
compliance with regulatory requirements, intellectual property
rights, our dependence on key personnel, third party sales and
suppliers, trading in our common shares may be subject to “penny
stock” rules, our history of recurring net losses and our ability
to continue as a going concern. There can be no assurance that the
Company will be successful in addressing such risks and
uncertainties and the Company assumes no duty to update any
forward-looking statements based upon actual results. Investors are
strongly encouraged to review the section entitled “Risk Factors”
in the Company's annual report on Form 10-K for the year ended
December 31, 2012, quarterly reports on Form 10-Q, and other
periodic reports on file with the Securities and Exchange
Commission for a discussion of risks and uncertainties that could
affect operating results and the market price of the Company's
common shares.
AMERICAN BIO MEDICA CORPORATION Condensed
Statements of Operations (unaudited)
For the three For the three For the six For the six
months ended months ended months ended months ended June 30,
2013 June 30, 2012 June 30, 2013
June 30, 2012 Net sales $ 2,380,000 $ 2,462,000 $
4,505,000 $ 4,758,000 Cost of goods sold 1,411,000
1,420,000 2,750,000
2,753,000 Gross profit 969,000
1,042,000 1,755,000
2,005,000 Operating expenses: Research
and development 115,000 55,000 178,000 108,000 Selling and
marketing 491,000 529,000 966,000 1,050,000 General and
administrative 574,000 488,000
1,184,000 1,046,000 Total
operating expenses 1,180,000 1,072,000
2,328,000 2,204,000
Operating loss (211,000 )
(30,000 ) (573,000 ) (199,000 )
Other expense (82,000 ) (44,000 )
(143,000 ) (86,000 ) Net loss before
tax (293,000 ) (74,000 ) (716,000 ) (285,000 ) Income tax
(expense) / benefit (1,000 ) (3,000 )
(2,000 ) 2,000 Net loss $
(294,000 ) $ (77,000 ) $ (718,000 ) $ (283,000
) Basic & diluted (loss) / income per common share
$
(0.01
)
$
(0.00
)
$
(0.03
)
$
(0.01
)
Weighted average shares outstanding – basic and diluted
22,166,336
21,744,768
22,109,560
21,744,768
American Bio Medica Corporation Condensed Balance
Sheets June 30, December 31,
2013(unaudited)
2012 ASSETS Current Assets Cash and cash
equivalents $ 55,000 $ 89,000 Accounts receivable, net of allowance
for doubtful accounts of $59,000 at June 30, 2013 and $60,000 at
December 31, 2012
1,054,000
810,000
Inventory, net of allowance for slow moving and obsolete inventory
of $358,000 at June 30, 2013 and $261,000 at December 31, 2012
2,481,000
2,571,000
Prepaid expenses and other current assets 103,000
50,000 Total current assets 3,693,000
3,520,000 Property, plant and equipment, net 1,190,000 1,192,000
Debt issuance costs, net 346,000 29,000 Patents 23,000 24,000 Other
assets 14,000 14,000 Total
assets $ 5,266,000 $ 4,779,000
LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities Accounts
payable 648,000 $ 1,016,000 Accrued expenses and other current
liabilities 215,000 174,000 Wages payable 239,000 231,000 Line of
credit 1,583,000 321,000 Current portion of long-term debt
1,318,000 1,404,000 Total current
liabilities 4,003,000 3,146,000 Other liabilities 146,000 145,000
Related party note 124,000 124,000
Total liabilities 4,273,000 3,415,000 COMMITMENTS AND
CONTINGENCIES Stockholders’ Equity: Common stock 222,000 218,000
Additional paid-in capital 19,833,000 19,490,000 Accumulated
deficit (19,062,000 ) (18,344,000 ) Total
stockholders’ equity 993,000 1,364,000
Total liabilities and stockholders’ equity $ 5,266,000
$ 4,779,000
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