ABMC Reports Second Quarter Results; Sales Increase 13.2% from Prior Year Quarter.KINDERHOOK Kinderhook (kĭn`dərh  k'), village (1990 pop. 1,293), Columbia co., SE N.Y.; settled before the Revolution, inc. 1838. Richard Upjohn designed St. Paul's Church (1851) there. , N.Y. -- American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Bio Medica medica (māˑ·dē·k Corporation (NASDAQ NASDAQin 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 the unaudited results for the three and six months ending June June: see month. 30, 2005. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the second quarter of 2005 were $3,614,000 compared to $3,192,000 in the same quarter in 2004, representing an increase of $422,000, or 13.2%. For the six months ended June 30, 2005, net sales were $6,736,000 - an increase of $472,000 or 7.5% over $6,264,000 for the first six months of 2004. The Company attributes the growth in sales to increased penetration The successful unauthorized breach of a security perimeter. See penetration test. in its core markets by its direct sales force. The Company reported an operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. of $168,000 for the second quarter and $239,000 for the six months ending June 30, 2005, compared to operating profits of $55,000 for the second quarter and $93,000 for the six months ended June 30, 2004. The improvement in operating results was attributed to increased revenues as well as a reduction in general and administrative expense (G&A). 2005 G & A expense decreased as a result of expenses that were incurred in 2004 and that did not recur in 2005. This reduction in G&A expense was offset by increased selling and marketing expenses incurred as a result of the Company increasing its direct sales force. Net income for the second quarter of 2005 was $148,000, or $0.01 per share. This second quarter net income compares to a net income of $33,000, or $0.00 per share, for the same period last year. For the first six months of 2005, the Company reported net income of $222,000 or $0.01 per share, compared to $58,000 or $0.00 per share for the same period a year ago. Commenting on the financial results, ABMC Chief Executive Officer Stan STAN Stanchion STAN Stärke- und Ausrüstungsnachweis (German) Stan Standard Man (human patient simulator) STAN SEMCIP Technical Assistance Network STAN System Trace Audit Number STAN Star Trek Area Network Cipkowski stated, "Our goal in 2005 has been to improve our year over year sales and operating results and we are achieving this goal. This is the third consecutive quarter we have exceeded year over year sales and the second consecutive quarter we have exceeded year over year earnings. Increasing our direct sales force and the launch of new products has required investments in sales and marketing and research and development but we are already beginning to see the positive impact that we expected." Cipkowski added, "American Bio Medica remains committed to our goal of long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. growth. We have focused our energies on building a solid foundation from which to operate. We will continue to make investments in our business and our product development to achieve long-term growth." 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 Second Quarter results on Thursday Thursday: see week. , August 11, 2005 at 9:00 a.m. (EST EST electroshock therapy. EST abbr. electroshock therapy ). Investors and interested parties are invited to participate. The call will be broadcast live over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the 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 To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. and install any complimentary audio software that might be required. To ask questions, you are invited to participate by phone. Within the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , dial 1-800-210-9006 and internationally dial 1-719-457-2621. 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 biotechnology, the use of biological processes, as through the exploitation and manipulation of living organisms or biological systems, in the development or manufacture of a product or in the technological solution to a problem. company that develops manufactures and markets accurate, cost-effective cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. 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 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(R), Rapid TEC(R), RDS (1) (Remote Data Services) A set of programming interfaces from Microsoft that enables users to update data on the Internet or intranets from their ActiveX-enabled browser. (R) InCup(TM) and Rapid TOX TOX Total Organic Halides TOX Total Organic Halogens TOX Toxxulia Forest (Everquest) TOX Thermal Oxide TOX Tetradichlorooxylene (TM) products test for the presence or absence of drugs of abuse in urine urine, clear, amber-colored fluid formed by the kidneys that carries metabolic wastes out of the body (see urinary system). As the blood circulates it collects excretory products from the tissues and these substances are separated from the blood by the kidneys and , 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 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 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 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 fiscal year ended December December: see month. 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
Statements of Operations
(in thousands, except earnings per share)
(unaudited)
For the For the For the For the
three three six six
months months months months
ended ended ended ended
June 30, June 30, June 30, June 30,
2005 2004 2005 2004
-------------------------------------------
Net Sales $3,614 $3,192 $6,736 $6,264
Cost of goods sold 1,858 1,548 3,338 2,897
--------------------------------------------
Gross profit 1,756 1,644 3,398 3,367
--------------------------------------------
Operating expenses:
Research and development 174 144 332 273
Selling and marketing 924 725 1,681 1,353
General and
administrative 490 720 1,146 1,408
Employee severance costs 240
--------------------------------------------
Total operating
expenses 1,588 1,589 3,159 3,274
--------------------------------------------
Operating income 168 55 239 93
--------------------------------------------
Other (expense) (15) (14) (11) (25)
--------------------------------------------
Income before
provision for
income taxes 153 41 228 68
Income taxes (5) (8) (6) (10)
--------------------------------------------
Net income $148 $33 $222 $58
============================================
Basic and diluted income
per common share $0.01 $0.00 $0.01 $0.00
============================================
Weighted average shares
outstanding - basic 21,284,768 21,279,338 21,284,768 21,089,981
Dilutive effect of stock
options and warrants 7,397 377,381 71,550 1,002,222
--------------------------------------------
Weighted average shares
outstanding - fully
diluted 21,292,165 21,656,719 21,356,318 22,092,203
============================================
American Bio Medica Corporation
Balance Sheets
(in thousands)
June 30, Dec. 31,
2005 2004
(unaudited)
----------- --------
Assets
--------------------------------------------------
Current Assets:
Cash and cash equivalents $597 $995
Receivables, net of reserve for bad debt
$105,000 1,596 1,108
Inventory, net of reserve for slow moving &
obsolete inventory of $100,000 3,975 4,338
Prepaid expenses and other current assets 150 121
----------- --------
Total current assets 6,318 6,562
Property, plant and equipment - net & other assets 1,728 1,813
----------- --------
Total assets 8,046 $8,375
=========== ========
Liabilities and Stockholders' Equity
--------------------------------------------------
Current Liabilities:
Accounts payable and accrued liabilities $831 $1,534
Wages payable 235 243
Line of credit 176
Current portion of mortgages and notes payable 53 71
Current portion of unearned grant 10 6
----------- --------
Total current liabilities 1,305 1,854
Long term portion of mortgages and notes
payable 609 629
Long term portion of unearned grant 70 54
----------- --------
Total liabilities 1,984 2,537
----------- --------
Stockholders' Equity:
Common stock 213 213
Paid-in capital 18,765 18,763
Accumulated deficit (12,916) (13,138)
----------- --------
Total stockholders' equity 6,062 5,838
----------- --------
Total liabilities and stockholders' equity 8,046 $8,375
=========== ========
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