American Bio Medica Announces Second 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 and six months ending June June: see month. 30, 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 second quarter of 2006 were $3,670,000 compared to $3,614,000 in the same quarter in 2005, representing an increase of $56,000, or 1.6%. For the six months ended June 30, 2006, net sales were $7,093,000 - an increase of $357,000, or 5.3%, over $6,736,000 for the six months ended June 30, 2005. The Company attributes the growth in sales to increases in sales of its drugs of abuse testing kits and its contract manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. . 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 $116,000 for the second quarter of 2006, and $148,000 for the first half of 2006. This compares to operating income of $168,000 for the second quarter of 2005 and $239,000 for the first half of 2005. The Company attributes this reduction in operating results in the first half of 2006 to increases in general and administrative expenses of $181,000. Net income was $97,000, or $0.01 per share for the second quarter of 2006 and $108,000, or $0.00 per share, for the first half of 2006. This compares to net income of $148,000, or $0.01 per share, for the three months ended June 30, 2005 and net income of $222,000, or $0.01 per share, for the first six months of 2005. 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, "We've we've Contraction of we have. we've have had a lot of new account activity in the latter part of the second quarter and as a result of this activity, we believe we'll we'll Contraction of we will. we'll we will or we shall we'll will ~shall begin to see a positive impact on sales in the second half of 2006. Our sales organization has signed on several new national accounts and our existing customers are expanding their commitment to ABMC products. Based on this activity, I believe we are on track to see record sales in 2006." For more information on American Bio Medica Corporation or its products, please visit www.abmc.com. Conference Call The Company will host a conference call and webcast to discuss the Second Quarter results on Wednesday Wednesday: see week. , August 2, 2006 at 11:00 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 1-866-321-8231 and internationally dial 1-416-642-5213. 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 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 For the
three three For the For the
months months six months six months
ended ended ended ended
June 30, June 30, June 30, June 30,
2006 2005 2006 2005
---------- --------- ---------- ----------
Net Sales $ 3,670 $ 3,614 $ 7,093 $ 6,736
Cost of goods sold 1,897 1,858 3,677 3,338
----------- ----------- ----------- -----------
Gross profit 1,773 1,756 3,416 3,398
----------- ----------- ----------- -----------
Operating expenses:
Research and
development 156 174 311 332
Selling and
marketing 847 924 1,630 1,681
General and
administrative 654 490 1,327 1,146
----------- ----------- ----------- -----------
Total operating
expenses 1,657 1,588 3,268 3,159
----------- ----------- ----------- -----------
Operating income 116 168 148 239
----------- ----------- ----------- -----------
Other (expense) (19) (15) (34) (11)
----------- ----------- ----------- -----------
Income before
provision for
income taxes 97 153 114 228
Income taxes (5) (6) (6)
----------- ----------- ----------- -----------
Net income $ 97 $ 148 $ 108 $ 222
=========== =========== =========== ===========
Basic and diluted
income per common
share $ 0.00 $ 0.01 $ 0.01 $ 0.01
=========== =========== =========== ===========
Weighted average
shares outstanding -
basic 21,317,735 21,284,768 21,338,635 21,284,768
Dilutive effect of
stock options and
warrants 145,233 7,397 138,935 71,550
----------- ----------- ----------- -----------
Weighted average
shares outstanding -
fully diluted 21,462,968 21,292,165 21,477,570 21,356,318
=========== =========== =========== ===========
American Bio Medica Corporation
Balance Sheets
(in thousands)
June 30, December 31,
2006 2005
(Unaudited)
----------- -----------
Assets
-------
Current Assets:
Cash and equivalents $ 591 $ 446
Accounts receivable, net of allowance of
$105,000 at both June 30, 2006 and December
31, 2005 1,811 1,370
Inventories-net of reserve for slow moving
and obsolete inventory of $250,000 at both
June 30, 2006 and December 31, 2005 3,706 4,444
Prepaid and other current assets 238 109
-------- --------
Total current assets 6,346 6,369
Property, plant and equipment - net 1,376 1,562
Other assets 107 7
-------- --------
Total assets $ 7,829 $ 7,938
======== ========
Liabilities and Stockholders' Equity
------------------------------------
Current Liabilities:
Accounts payable and accrued liabilities $ 889 $ 1,510
Wages payable 180 177
Line of credit 230
Current portion of mortgages and notes
payable 23 36
Current portion of unearned grant 10 10
-------- --------
Total current liabilities 1,332 1,733
Long term portion of mortgages and notes
payable 582 592
Long term portion of unearned grant 60 60
Other long term liabilities 104
-------------------
Total liabilities 2,078 2,385
-------- --------
Stockholders' Equity:
Common stock 215 214
Paid-in capital 18,942 18,853
Accumulated deficit (13,406) (13,514)
-------- --------
Total stockholders' equity 5,751 5,553
-------- --------
Total liabilities and stockholders' equity $ 7,829 $ 7,938
======== ========
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