American Bio Medica Reports Fiscal Year End 2005 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 financial results for the fourth quarter and the fiscal year ended December December: see month. 31, 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 fiscal 2005 were $13.0 million compared to $12.2 million for the same period last year, representing an increase in sales of 6.6%. 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. in fiscal 2005 was $340,000 compared to an 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 $346,000 in fiscal 2004. The Company reported a net loss of $376,000, or $(0.02) compared to a net income of $266,000, or $0.01 per share, for fiscal 2004. Net sales for the fourth quarter of 2005 were $2.70 million, a slight decrease from net sales of $2.72 million for the fourth quarter of 2004. Operating loss for the fourth quarter of 2005 was $564,000, compared to an operating loss of $59,000 for the fourth quarter of 2004. Net loss for the fourth quarter was $559,000, or $(0.03) per share, compared to a net loss of $69,000, or $0.00 per share for the fourth quarter last year. A significant portion of the operating loss for the fourth quarter was attributed to inventory adjustments including the replacement of certain products due to technology upgrades and an increase in the inventory reserve for slow moving and obsolete inventory Obsolete Inventory Term that refers to inventory that is at the end of its product life cycle and has not seen any sales or usage for a set period of time usually determined by the industry. This type of inventory has to be written down and can cause large losses for a company. . 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, "This is a very exciting time for ABMC. We've we've Contraction of we have. we've have had some modest sales growth in the past year but more importantly have positioned the company to achieve significant growth over the next two years. I believe that beginning in the second quarter of this year we will see the results of our expanded relationships with certain existing customers as well as the initiation of new strategic relationships that will open new markets for ABMC." Conference Call The Company will host a conference call and webcast to discuss the FY2005 and Fourth Quarter results on Monday Monday: see week. , March 27, 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 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 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. , dial 1-866-321-6651 and internationally dial 1-416-642-5212. 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(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 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.
(financial tables follow)
American Bio Medica Corporation
Income Statements
(in thousands, except earnings per share)
Three Months Year
Ended December 31, Ended December 31,
--------------------------------------------
(unaudited) (unaudited) (unaudited)
----------- ----------- ----------- --------
2005 2004 2005 2004
----------- ----------- ----------- --------
Net Sales $ 2,700 $ 2,722 $13,015 $12,241
Cost of goods sold 1,727 1,354 6,970 5,647
----------- ----------- ----------- --------
Gross profit 973 1,368 6,045 6,594
----------- ----------- ----------- --------
Operating expenses:
Research and development 162 95 683 606
Selling and marketing 644 703 3,184 2,818
General and
administrative 731 629 2,518 2,584
Employee severance 0 0 0 240
--------------------------------------------
Total operating expenses 1,537 1,427 6,385 6,248
----------- ----------- ----------- --------
Operating income (loss) (564) (59) (340) 346
Other income / (expense) -
net 0 4 (35) (31)
----------- ----------- ----------- --------
Income (loss) before
provision for income
taxes (564) (55) (375) 315
Provision for income taxes 5 (14) (1) (49)
----------- ----------- ----------- --------
Net income (loss) $ (559) $ (69) $ (376) $ 266
=========== =========== =========== ========
Dilutive earnings per
share $ (0.03) $ 0.00 $ (0.02) $ 0.01
Weighted average shares
outstanding 21,360 21,282 21,310 21,187
Fully diluted shares
outstanding 21,828 21,397 21,432 21,743
(balance sheets follow)
American Bio Medica Corporation
Balance Sheets
(in thousands)
December 31, December 31,
2005 2004
------------ ------------
ASSETS
Current Assets:
Cash and equivalents $ 446 $ 995
Receivables 1,370 1,108
Inventories 4,444 4,338
Prepaid expenses 109 121
------------ ------------
Total current assets 6,369 6,562
Property and equipment - net 1,562 1,808
Other assets 7 5
------------ ------------
Total assets $ 7,938 $ 8,375
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable and accrued expenses $ 1,510 $ 1,534
Wages Payable 177 243
Note Payable 7 44
Current portion of long term debt and
unearned grant 39 33
------------ ------------
Total current liabilities 1,733 1,854
Long term debt 592 629
Long term portion of unearned grant 60 54
------------ ------------
Total liabilities $ 2,385 $ 2,537
------------ ------------
Stockholders' Equity:
Common stock 214 213
Paid-in capital 18,853 18,763
Accumulated deficit (13,514) (13,138)
------------ ------------
Total stockholders' equity 5,553 5,838
------------ ------------
Total liabilities and stockholders' equity $ 7,938 $ 8,375
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