American Bio Medica Announces Third Quarter 2009 Results.KINDERHOOK, N.Y. -- American Bio Medica medica (māˑ·dē·k Corporation (Pink Sheets: 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 nine month periods ending September 30, 2009. 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 third quarter of 2009 were $2,501,000, compared to $3,604,000 for the third quarter of 2008, representing a decrease of $1,103,000, or $30.6%. For the nine months ended September 30, 2009, net sales were $7,563,000, compared to $10,368,000 for the nine months ended September 30, 2008, representing a decrease of $2,805,000, or 27.1%. ABMC Chief Executive Officer Stan Cipkowski stated, "After encouraging sales in July and August, we had a disappointing September as a result of delays or reductions in Fall and seasonal hiring by our customers, as well as reductions in Federal and State spending for drug testing. Despite reports over the last several months that the national recession is turning a corner, we suspect that it will be some time before significant economic growth occurs and even longer for employment rates to return to so-called normal levels. Therefore, we will continue to make efforts to control expenses and to increase manufacturing efficiencies to reduce losses, as well as look for new market applications for our 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. technology." The Company reported an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $184,000 in the third quarter of 2009, compared to 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 $127,000 in the third quarter of 2008. Net loss for the third quarter of 2009 was $241,000, or $(0.01) per share, compared to net income of $86,000, or $0.00 per share, in the third quarter of 2008. Operating loss for the nine months ended September 30, 2009 was $558,000, compared to an operating loss of $69,000 in the nine months ended September 30, 2008. Net loss for the nine months ended September 30, 2009 was $712,000, or $(0.03) per share, compared to a net loss of $177,000, or $(0.01) per share, for the nine months ended September 30, 2008. Conference Call The Company will host a conference call and webcast to discuss the 2009 Third Quarter results on Friday, November 13, 2009 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, in listen-only mode, over the internet at www.abmc.com/investor/. Listeners are requested to be online at least 15 minutes early to register, as well as to download and install any complimentary audio software that might be required. To ask questions, you are invited to participate in the event by phone by dialing 866-212-4491, 10-15 minutes prior to the start time (to allow time for registration) and reference the passcode ABMC. International callers should dial 416-800-1066 and use the same passcode. The call will be available for replay at www.abmc.com/investor/ for 30 days. For more information on American Bio Medica Corporation or its 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 immunoassay 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], Rapid TOX TOX Total Organic Halides TOX Total Organic Halogens TOX Toxxulia Forest (Everquest) TOX Thermal Oxide TOX Tetradichlorooxylene [R] and Rapid TOX Cup[R] products test for the presence or absence of drugs of abuse in urine, while OralStat[R] and Rapid STAT[TM] tests for the presence or absence of drugs of abuse in oral fluids. ABMC's Rapid Reader[R] 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. 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, risks and uncertainties related to the following: continued acceptance of our products, increased levels of competition in our industry, acceptance of new products, product development, compliance with regulatory requirements, intellectual property rights, our dependence on key personnel, third party sales and suppliers, trading in our common shares may be subject to "penny stock" rules, our history of recurring net losses and our ability to continue as a going concern. 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 "Risk Factors" in the Company's annual report on Form 10-K for the fiscal year ended December 31, 2008, quarterly reports on Form 10-Q, and other periodic reports 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. (Financial tables follow) [TABLE OMITTED] [TABLE OMITTED] |
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