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ABMC Reports Third Quarter Results American Bio Medica Corporation (NASDAQ: ABMC) today announced the unaudited results for the three and nine months ending September 30, 2005.
Net sales for the third quarter of 2005 were $3,570,000 compared to $3,254,000 in the same quarter in 2004, representing an increase of $316,000 or 9.7%. For the nine months ended September 30, 2005, net sales were $10,315,000, an increase of $796,000, or 8.4%, when compared to net sales of $9,519,000 reported for the first nine months of 2004.
The Company reported an operating profit of $312,000 for the third quarter of 2005 and $560,000 for the nine months ending September 30, 2005, compared to operating profits of $312,000 for the third quarter and $405,000 for the nine months ended September 30, 2004.
Net income for the third quarter of 2005 was $298,000, or $0.01 per share. This third quarter net income compares to a net income of $278,000, or $0.01 per share, for the same period last year. This represents an increase of 7.2% in net income. For the first nine months of 2005, the Company reported net income of $520,000 or $0.02 per share, compared to $335,000 or $0.02 per share for the same period a year ago. This represents an increase of 55.2% in net income.
Commenting on the financial results, ABMC Chief Executive Officer Stan Cipkowski stated, "We continue to achieve our goal of reporting year over year improvement in both sales and operating results and we remain committed to continued investments in both sales & marketing and research and development. By continuing these commitments, we will provide more services and products to our core business and reach new markets."
For more information on ABMC or its drug testing products, please visit www.abmc.com.
Conference Call
The Company will host a conference call and webcast to discuss the Third Quarter results on Tuesday, November 8, 2005 at 9:30 a.m. (EST). Investors and interested parties are invited to participate. The call will be broadcast live over the Internet at www.abmc.com/investor/. The webcast will be listen-only mode. Listeners are requested to be online at least fifteen minutes early to register, as well as to download and install any complimentary audio software that might be required. To ask questions, you are invited to participate by phone. Within the United States, dial 1-800-478-6251 and internationally dial 1-913-981-5558. The call will be available for replay at www.abmc.com/investor/ for 30 days.
About American Bio Medica Corporation
American Bio Medica Corporation is a biotechnology company that develops, manufactures and markets accurate, cost-effective immunoassay diagnostic test kits, including some of the world's most effective 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(R), Rapid One(R), Rapid TEC(R), RDS(R) InCup(TM) and Rapid TOX(TM) products test for the presence or absence of drugs of abuse in urine, while OralStat(R) tests for the presence or absence of drugs of abuse in oral fluids. ABMC's Rapid Reader(TM) 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, the following: continued acceptance of the Company's products, increased levels of competition in our industry, the acceptance of new products, inherent risks associated with product development and intellectual property rights, the Company's dependence on key personnel, third party sales and suppliers. 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-KSB for the fiscal year ended December 31, 2004, and quarterly reports on Form 10-QSB 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 Income Statements (in thousands, except earnings per share) (unaudited)
For the For the For the For the three three nine nine months months months months ended ended ended ended September September September September 30, 2005 30, 2004 30, 2005 30, 2004 --------------------------------------------
Net Sales $ 3,570 $ 3,254 $ 10,315 $ 9,519 Cost of goods sold 1,569 1,396 4,907 4,293 -------------------------------------------- Gross profit 2,001 1,858 5,408 5,226 -------------------------------------------- Operating expenses: Research and development 188 239 520 511 Selling and marketing 859 761 2,540 2,115 General and administrative 642 546 1,788 1,955 Employee severance costs 0 0 0 240 -------------------------------------------- Total operating expenses 1,689 1,546 4,848 4,821 --------------------------------------------
Operating income 312 312 560 405 -------------------------------------------- Other income/ (expense) (14) (10) (34) (35) -------------------------------------------- Income before provision for income taxes 298 302 526 370 Income taxes 0 (24) (6) (35) -------------------------------------------- Net income $ 298 $ 278 $ 520 $ 335 ============================================
Basic and diluted income per common share $ 0.01 $ 0.01 $ 0.02 $ 0.02 ============================================
Weighted average shares outstanding - basic 21,309,225 21,282,268 21,293,010 21,154,781 Dilutive effect of stock options and warrants 35,413 165,472 64,514 723,084 -------------------------------------------- Weighted average shares outstanding - fully diluted 21,344,637 21,447,740 21,357,524 21,877,865 ============================================
American Bio Medica Corporation Balance Sheets (in thousands)
September December 30, 31, 2005 2004 (Unaudited) ----------- -------- Assets -------- Current Assets: Cash and cash equivalents $ 776 $ 995 Receivables 1,602 1,108 Inventory 4,443 4,338 Prepaid expenses and other current assets 140 121 ----------- -------- Total current assets 6,961 6,562 Property, plant and equipment - net & other assets 1,658 1,813 ----------- -------- Total assets $ 8,619 $ 8,375 =========== ========
Liabilities and Stockholders' Equity -------------------------------------- Current Liabilities: Accounts payable and accrued liabilities $ 1,163 $ 1,534 Wages payable 293 243 Line of credit 78 Current portion of mortgages and notes payable 43 71 Current portion of unearned grant 10 6 ----------- -------- Total current liabilities 1,587 1,854 Long term portion of mortgages and notes payable 602 629 Long term portion of unearned grant 70 54 ----------- -------- Total liabilities 2,259 2,537 ----------- --------
Stockholders' Equity: Common stock 213 213 Paid-in capital 18,765 18,763 Accumulated deficit (12,618) (13,138) ----------- -------- Total stockholders' equity 6,360 5,838 ----------- -------- Total liabilities and stockholders' equity $ 8,619 $ 8,375 =========== ========
ABMC Stan Cipkowski, 800-227-1243, Ext 106 or BPC Financial Marketing John Baldissera, 800-368-1217
Source: Business Wire (November 7, 2005 - 4:01 PM EST)
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