American Bio Medica Announces First Quarter 2006 Results.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 unaudited financial results for the three month period ending March 31, 2006. 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 first quarter of 2006 were $3,423,000, an increase of $301,000 or 9.6%, over the $3,122,000 for the same period last year. The Company reported operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of $32,000, and net income of $11,000 or $0.00 per share for the first quarter, compared to operating income of $71,000, and net income of $74,000 or $0.00 per share for the same period a year ago. The Company also reported that they filed for 510(k) clearance with the Food and Drug Administration for three new products during the first quarter. Also during the first quarter, the Company signed a non-exclusive sublicense sub·li·cense n. A license giving rights of production or marketing of products or services to a person or company that is not the primary holder of such rights. tr.v. agreement to license another party's patents and entered into a royalty agreement with one of their contract manufacturing customers. 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, "I'm I'm Contraction of I am. Our Living Language Speakers of some scattered varieties of American English sometimes use I'm instead of I've or I have in present perfect constructions, as in pleased with the overall first quarter sales growth and the fact that all of our business segments had contributed. Going forward we expect to continue to ramp up Ramp Up To increase a company's operations in anticipation of increased demand. Notes: A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product. See also: Demand, Economies of Scale sales growth quarter over quarter as we launch programs with new strategic partners. Our continuing investment in new product development and sales and marketing has established ABMC as the premier point of collection drug test kit manufacturer with more product configurations testing for more drugs. Our sales organization is now one of the largest in our industry and I am confident that we will see a return on this investment in 2006." Conference Call The Company will host a conference call and webcast to discuss the First Quarter results on Thursday Thursday: see week. , May 4, 2006 at 2:00 p.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 1-866-322-1159 and internationally dial 1-416-640-3404. The call will be available for replay at www.abmc.com/investor/ for 30 days. For more information on ABMC or its drug testing products, please visit www.abmc.com. About American Bio Medica Corporation American Bio Medica Corporation is a biotechnology 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(R), 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(R) 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 31, 2005, 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 three For the three
months ended months ended
March 31, March 31,
2006 2005
----------- -----------
Net Sales $3,423 $3,122
Cost of goods sold 1,781 1,479
----------- -----------
Gross profit 1,642 1,643
----------- -----------
Operating expenses:
Research and development 154 159
Sales and marketing 857 757
General and administrative 599 656
----------- -----------
Total operating expenses 1,610 1,572
----------- -----------
Operating income 32 71
----------- -----------
Other income / (expense) (16) 4
----------- -----------
Income before provision for income taxes 16 75
Income taxes 5 1
----------- -----------
Net income $11 $74
=========== ===========
Basic & fully diluted income per common share $0.00 $0.00
=========== ===========
Weighted average shares outstanding - basic 21,359,768 21,284,768
Dilutive effect of stock options and warrants 150,372 255,637
----------- -----------
Weighted average shares outstanding - fully
diluted 21,510,140 21,540,405
=========== ===========
American Bio Medica Corporation
Balance Sheets
(in thousands)
March 31, December 31,
2006 2005
(Unaudited)
----------- --------
Assets
------
Current Assets:
Cash and equivalents $526 $446
Accounts receivable, net of allowance of
$105,000 at both March 31, 2006 and December
31, 2005 1,417 1,370
Inventories-net of reserve for slow moving
and obsolete inventory of $250,000 at both
March 31, 2006 and December 31, 2005 3,929 4,444
Prepaid and other current assets 207 109
----------- --------
Total current assets 6,079 6,369
Property, plant and equipment - net 1,466 1,562
Other assets 7 7
----------- --------
Total assets $7,552 $7,938
=========== ========
Liabilities and Stockholders' Equity
------------------------------------
Current Liabilities:
Accounts payable and accrued liabilities $761 $1,510
Wages payable 184 177
Line of credit 359
Current portion of mortgages and notes payable 23 36
Current portion of unearned grant 10 10
----------- --------
Total current liabilities 1,337 1,733
Long term portion of mortgages and notes
payable 590 592
Long term portion of unearned grant 60 60
----------- --------
Total liabilities 1,988 2,385
----------- --------
Stockholders' Equity:
Common stock 214 214
Paid-in capital 18,853 18,853
Accumulated deficit (13,502) (13,514)
----------- --------
Total stockholders' equity 5,565 5,553
----------- --------
Total liabilities and stockholders' equity $7,552 $7,938
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