ABMC Reports First Quarter 2013 Results
ABMC Reports First Quarter 2013 Results
KINDERHOOK, N.Y.--(BUSINESS WIRE)-- American Bio Medica Corporation (ABMC.PK) today announced financial results for the three months ended March 31, 2013.
Net sales for the first quarter of 2013 were $2,125,000, a decrease of $171,000, or 7.4%, when compared to net sales of $2,296,000 for the first quarter of 2012. Operating loss for the first quarter of 2013 was $362,000, compared to an operating loss of $169,000 in the first quarter of 2012. Net loss for the first quarter of 2013 was $424,000, or $0.02 per share, compared to a net loss of $206,000, or $0.01 per share reported in the first quarter of 2012.
ABMC Chief Executive Officer Stan Cipkowski stated, "Achieving sales growth in the drug testing market remained challenging in the first quarter of 2013, as drug testing budgets in the private and public sectors continue to be affected by uncertain economic conditions and high unemployment rates."
Cipkowski continued, "General and administrative expense continues to be impacted by investments in the required regulatory costs associated with our efforts to get FDA 510(k) marketing clearance on oral fluid and other new products, as well as ongoing litigation. 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 | |||||||
months ended | months ended | |||||||
March 31, 2013 | March 31, 2012 | |||||||
Net sales | $ | 2,125,000 | $ | 2,296,000 | ||||
Cost of goods sold | 1,339,000 | 1,334,000 | ||||||
Gross profit | 786,000 | 962,000 | ||||||
Operating expenses: | ||||||||
Research and development | 63,000 | 52,000 | ||||||
Selling and marketing | 475,000 | 521,000 | ||||||
General and administrative | 610,000 | 558,000 | ||||||
Total operating expenses | 1,148,000 | 1,131,000 | ||||||
Operating loss | (362,000 | ) | (169,000 | ) | ||||
Other expense | (61,000 | ) | (42,000 | ) | ||||
Net loss before tax | (211,000 | ) | ||||||
(423,000 | ) | |||||||
Income tax expense / (benefit) | (1,000 | ) | 5,000 | |||||
Net loss | $ | (424,000 | ) | $ | (206,000 | ) | ||
Basic & diluted loss per common share | $ | (0.02 | ) | $ | (0.01 | ) | ||
Basic & diluted weighted average shares outstanding | 22,166,336 | 21,744,768 | ||||||
American Bio Medica Corporation | ||||||||
Condensed Balance Sheets | ||||||||
March 31, | December 31, | |||||||
2013 (unaudited) | 2012 | |||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | 1,000 | $ | 89,000 | ||||
Accounts receivable, net of allowance for doubtful accounts of $59,000 at March 31, 2013 and $60,000 at December 31, 2012 | 907,000 | 810,000 | ||||||
Inventory, net of allowance for slow moving and obsolete inventory of $304,000 at March 31, 2013 and $261,000 at December 31, 2012 | 2,478,000 | 2,571,000 | ||||||
Prepaid expenses and other current assets | 159,000 | 50,000 | ||||||
Total current assets | 3,545,000 | 3,520,000 | ||||||
Property, plant and equipment, net | 1,175,000 | 1,192,000 | ||||||
Debt issuance costs, net | 401,000 | 29,000 | ||||||
Patents | 23,000 | 24,000 | ||||||
Other assets | 14,000 | 14,000 | ||||||
Total assets | $ | 5,158,000 | $ | 4,779,000 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities | ||||||||
Accounts payable | 698,000 | $ | 1,016,000 | |||||
Accrued expenses and other current liabilities | 191,000 | 174,000 | ||||||
Wages payable | 214,000 | 231,000 | ||||||
Line of credit | 1,176,000 | 321,000 | ||||||
Current portion of long-term debt | 1,348,000 | 1,404,000 | ||||||
Total current liabilities | 3,627,000 | 3,146,000 | ||||||
Other liabilities | 145,000 | 145,000 | ||||||
Related party note | 124,000 | 124,000 | ||||||
Total liabilities | 3,896,000 | 3,415,000 | ||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
Stockholders' Equity: | ||||||||
Common stock | 222,000 | 218,000 | ||||||
Additional paid-in capital | 19,809,000 | 19,490,000 | ||||||
Accumulated deficit | (18,769,000 | ) | (18,344,000 | ) | ||||
Total stockholders' equity | 1,262,000 | 1,364,000 | ||||||
Total liabilities and stockholders' equity | $ | 5,158,000 | $ | $ | 4,779,000 | |||
American Bio Medica Corporation
Stan Cipkowski, 800-227-1243, Ext 106
Chief Executive Officer
KEYWORDS: United States North America New York
INDUSTRY KEYWORDS:
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