ABMC Announces Results of Second Quarter; Revenues Up 20.6% and Earnings Up 367% From Prior Quarter.Business Editors KINDERHOOK, N.Y.--(BUSINESS WIRE)--July 18, 2002 American Bio Medica medica (māˑ·dē·k Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ABMC ABMC American Battle Monuments Commission ABMC Alexian Brothers Medical Center (Illinois) ABMC Aviation Battle Management Concept ABMC Arrowbear Music Camp (California) ), today announced, based upon a review of its financials, the Company expects to report revenues of approximately $2.7 million, and net income of approximately $252,000, or $0.01 per share, for the three months ending June 30, 2002, making this ABMC's second consecutive quarter of record revenues and profits. Results also show that the Company's liquidity further strengthened in the second quarter as a result of cash generated from operating activities. The Company attributes these results to increased direct sales of its onsite drugs of abuse testing products, along with the implementation of measures to control the rate of increases of expenses to be more consistent with the sales growth rate. "This is another strong quarter for ABMC", stated ABMC Chairman and Chief Executive Officer Gerald A. Moore. "We are pleased with the continued positive sales trend and record performance experienced in the second quarter, which builds on our performance in the first quarter. This momentum further strengthens our optimism with respect to the results of the rest of the fiscal year." ABMC expects to announce the final second quarter results in early August. A conference call and webcast will also be held to discuss the second quarter results. About American Bio Medica Corporation American Bio Medica Corporation is a biotechnology company that develops, manufactures and markets inexpensive, accurate immunoassay Immunoassay An assay that quantifies antigen or antibody by immunochemical means. The antigen can be a relatively simple substance such as a drug, or a complex one such as a protein or a virus. diagnostic test kits, including some of the world's most effective on-site drugs-of-abuse tests. The Company and its worldwide distribution network target the workplace, government, corrections, clinical and educational markets. ABMC's Rapid Drug Screen(R), Rapid One(TM) and Rapid Tec(TM) test for the presence or absence of drugs of abuse in urine, while OralStat6(TM) tests for the presence or absence of drugs of abuse in saliva saliva Thick, colourless fluid constantly present in the mouth, composed of water, mucus, proteins, mineral salts, and amylase, an enzyme that breaks down starches. One to two litres are produced daily by the salivary glands. . ABMC was recently listed among the top ten biotechnology companies Top 100 Biotechnology Companies The following is a list of the top 100 biotechnology companies ranked by revenue. The first nine companies qualify for the list of the top 50 pharmaceutical companies. on the Deloitte & Touche 2001 Technology Fast 500, a ranking of the fastest growing companies in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . This release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . 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. Investors are strongly encouraged to review the section entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: "Risk Factors" in the Company's annual report on Form 10-KSB for the transition period ended December 31, 2001, 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. |
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