American Bio Medica Announces Results of Eight-month Transition Period Ending December 31, 2001.Business Editors/Health & Medical Writers KINDERHOOK, N.Y.--(BUSINESS WIRE)--April 15, 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 reported results for the transition period ending December 31, 2001. 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 of drug test kits were $4,055,000 for the transition period ending December 31, 2001, compared to $5,192,000 for the eight months ending December 31, 2000, a decrease of $1,137,000 or 21.2%. The decrease in sales was attributed to a decrease in the Company's sales to third-party distributors Third-Party Distributor The name given to institutions that sell or distribute mutual funds to investors for fund management companies without direct relation to the fund itself. . Sales to distributors were $1,409,000 for the transition period, compared to $2,709,000 for the eight months ending December 31, 2000, a decrease of $1,300,000. This decrease in distributor sales was partially offset by an increase in the Company's direct sales efforts. The Company expects continued growth in direct sales will result in direct sales surpassing distributor sales in the first half of fiscal 2002. Gross profit for the transition period was $2,331,000, or 57.5% of net sales, as compared to $3,464,000, or 66.7% of net sales, for the eight months ending December 31, 2000. This decrease was primarily due to increased large volume, lower margin sales to customers. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. declined to $4,256,000 during the transition period compared to $7,303,000 during the eight months ending December 31, 2000, due primarily to decreases in SG&A costs from $6,566,000 to $3,877,000, depreciation and amortization from $123,000 to $90,000 and R&D costs from $614,000 to $289,000. Net loss was $1,631,000, or ($0.08) for the transition period, compared to a net loss of $1,274,000, or ($0.07) in the eight months ended December 31, 2000. "Our results for the transition period were as expected," said ABMC chairman and chief executive officer Gerald Moore
v. 1. To make rational. 2. To devise self-satisfying but false or inconsistent reasons for one's behavior, especially as an unconscious defense mechanism through which irrational acts or feelings are made to appear what ABMC did several months ago, I have been focused on correcting the areas of concern since I assumed control in December. Those who follow ABMC know that we have already shown improvements in both revenues and profits in the first quarter of this year. And I fully expect that trend to continue." The following table presents certain financial information for the eight months ending December 31, 2001 and 2000:
For the Eight Months For the Eight Months
Ending December 31, 2001 Ending December 31, 2000
Net sales $ 4,055,000 $ 5,192,000
Gross profit $ 2,331,000 $ 3,464,000
Net loss $(1,631,000) $(1,274,000)
Basic and diluted net
loss per common share $(0.08) $(0.07)
Weighted average common
shares outstanding 19,345,000 18,044,000
The following tables present certain financial information for the
transition period ending December 31, 2001:
As of December 31, 2001 As of April 30, 2001
----------------------- --------------------
ASSETS
Cash & equivalents $ 288,000 $ 265,000
Total current assets $3,518,000 $3,030,000
Total assets $5,086,000 $3,640,000
LIABILITIES & STOCKHOLDERS'
EQUITY
Total current liabilities $2,026,000 $2,406,000
Total liabilities $2,732,000 $2,427,000
Total stockholders' equity $2,353,000 $1,213,000
For the Eight For the Year For the Year
Months Ending Ending Ended
December 31, April 30, April 30,
2001 2001 2000
----------- ----------- ---------
Net sales $ 4,055,000 $ 7,484,000 $ 7,653,000
Cost of goods
sold $ 1,724,000 $ 2,571,000 $ 3,602,000
Gross profit $ 2,331,000 $ 4,913,000 $ 4,051,000
Total operating
expenses $ 4,256,000 $ 7,303,000 $ 6,128,000
Net loss $(1,631,000) $(1,880,000) $(2,275,000)
Basic and diluted
net loss per common
share $(0.08) $(0.10) $(0.15)
Weighted average
common shares
outstanding 19,345,000 18,034,000 15,481,000
About American Bio Medica Corporation American Bio Medica Corporation develops, manufactures and markets inexpensive, accurate, on-site drugs-of-abuse diagnostic kits, sprays and support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services worldwide. The company's global distributors target the workplace, physicians, corrections, clinical, and educational markets. ABMC's Rapid Drug Screen(R) and OralStat6(TM) test for the presence of absence of drugs of abuse in urine and 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. , respectively, while its Drug Detector(TM) identifies minute traces of illegal drugs on surfaces. 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. . 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. in this release are made pursuant to the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that such forward-looking statements involve risk and uncertainties, including without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, intellectual property rights and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. |
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