American Bio Medica Corporation (OTCQB:ABMC) today announced
financial results for the three months ended March 31, 2014.
Net sales for the first quarter of 2014 were $2,043,000, a
decrease of $82,000, or 3.8%, when compared to net sales of
$2,125,000 for the first quarter of 2013. Operating income for the
first quarter of 2014 was $62,000, compared to an operating loss of
$362,000 in the first quarter of 2013. Net income for the first
quarter of 2014 was $9,000, or $0.00 per share, compared to a net
loss of $424,000, or $0.02 per share reported in the first quarter
of 2013.
ABMC Interim Chief Executive Officer Melissa A. Waterhouse
stated, “I am pleased to report our first quarter of net income for
the first time in many years. From a sales perspective, organic
growth partially offset the loss of oral fluid workplace sales in
the first quarter 2014. Typically workplace oral fluid sales
accounted for approximately 15% of our sales, but sales only
declined 3.8% in the first quarter 2014. This is a result of our
refocus on forensic oral fluid sales and sales of our urine-based
products to other core markets.”
Waterhouse continued, “Expenses are under control and we are
continuing to take actions to bring a new urine-based drug test to
market; this new product will be ideal for the clinical and pain
management markets, as well as the criminal justice market.
Strategic opportunities are still being considered and evaluated;
this includes a possible restructure of debt which could further
strengthen our financial condition.”
For more information on ABMC or its drug testing products,
please visit www.abmc.com.
About American Bio Medica Corporation
American Bio Medica Corporation 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, 2013, 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.
(financial tables follow)
AMERICAN BIO MEDICA CORPORATION Condensed Statements of
Operations (unaudited) For the three For the
three months ended months ended March 31, 2014 March 31, 2013
Net sales $
2,043,000
$ 2,125,000 Cost of goods sold 1,166,000 1,339,000 Gross
profit 877,000 786,000 Operating expenses: Research and
development 46,000 63,000 Selling and marketing 292,000 475,000
General and administrative 477,000 610,000 Total operating
expenses 815,000 1,148,000 Operating income / (loss) 62,000
(362,000) Other expense (52,000) (61,000) Net
income / (loss) before tax 10,000 (423,000) Income tax
expense (1,000) (1,000) Net income / (loss) $ 9,000 $
(424,000) Basic & diluted income / (loss) per common
share $ 0.00 $ (0.02) Weighted average shares outstanding –
basic 23,168,155 22,166,336 Weighted average shares outstanding –
diluted 23,260,582 22,166,336
(Condensed Balance Sheets follow)
American Bio Medica Corporation Condensed Balance
Sheets March 31, December 31,
2014(unaudited)
2013 ASSETS Current Assets Cash and cash equivalents $ 521,000 $
646,000
Accounts receivable, net of allowance for
doubtful accounts of$52,000 at March 31, 2014 and $58,000 at
December 31, 2013
909,000
875,000
Inventory, net of allowance of $399,000 at
March 31, 2014 andDecember 31, 2013
1,966,000
2,071,000
Current portion of deferred financing 72,000 51,000 Prepaid
expenses and other current assets 124,000 96,000 Total current
assets 3,592,000 3,739,000 Property, plant and equipment, net
1,062,000 1,090,000 Deferred finance costs 31,000 80,000 Patents,
net 44,000 43,000 Other assets 14,000 14,000 Total assets $
4,743,000 $ 4,966,000 LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities Accounts payable 633,000 597,000 Accrued
expenses and other current liabilities 252,000 314,000 Wages
payable 255,000 233,000 Line of credit, net 814,000 987,000 Current
portion of long-term debt, net 1,136,000 1,226,000 Total current
liabilities 3,090,000 3,357,000 Other liabilities 148,000 147,000
Related party note 124,000 124,000 Total liabilities 3,362,000
3,628,000 COMMITMENTS AND CONTINGENCIES Stockholders’
Equity: Common stock 232,000 229,000 Additional paid-in capital
20,272,000 20,241,000 Accumulated deficit (19,123,000) (19,132,000)
Total stockholders’ equity 1,381,000 1,338,000 Total liabilities
and stockholders’ equity $ 4,743,000 $ 4,966,000
American Bio Medica CorporationMelissa A. WaterhouseInterim
Chief Executive Officer800-227-1243, Ext 107
American Bio Medica (CE) (USOTC:ABMC)
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