American Bio Medica Reports Record Sales in Second Quarter.Business Editors 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.--(BUSINESS WIRE)--July 21, 2003
Net income increases 68% from prior year and 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 increases 20% over the immediately preceding quarter and 17% over prior year 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 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 announced the unaudited results for the three and six months ending June June: see month. 30, 2003. Net sales for the second quarter of 2003 were $3,171,000 - the Company's highest quarterly net sales reported to date, and the sixth consecutive quarter in which the Company has reported net sales growth over the prior years' comparable quarters. The second quarter net sales represent an increase of 17% over the $2,710,000 in net sales for the same period last year, and an increase of 20% over the $2,649,000 reported in the immediately preceding quarter. For the six months ended June 30, 2003, net sales were $5,820,000 - an increase of $857,000 or 17% over $4,963,000 for the first six months of 2002. The Company reported an operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. of $266,000 for the second quarter and $258,000 for the six months ending June 30, 2003, compared to operating profits of $246,000 for the second quarter and $285,000 for the six months ended June 30, 2002. Net income for the second quarter was $424,000, or $0.02 per share, which included a $185,000 gain resulting from the restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of products and services involving an ABMC vendor. This second quarter net income figure compared to a net income of $252,000, or $0.01 per share, for the same period last year. For the first six months of 2003, the Company reported net income of $417,000 or $0.02 per share, compared to $306,000 or $0.01 per share for the same period a year ago. Commenting on the financial results, ABMC Chairman and Chief Executive Officer Gerald A. Moore Moore, city (1990 pop. 40,761), Cleveland co., central Okla., a suburb of Oklahoma City; inc. 1887. Its manufactures include lightning- and surge-protection equipment, packaging for foods, and auto parts. stated, "Our consecutive improvement in net sales year over year and the record sales in the second quarter reflect the Company's continued penetration into our core markets especially in sales to national and state government accounts." Moore added, "We remain committed to bringing long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. growth and success to the Company and its shareholders. Part of achieving this success will depend on the products that ABMC provides to our customers, and on the further strengthening of our market position. Therefore, continued investments in research & development (R&D) and sales & marketing are necessary to enable us to continue to provide our customers with superior, cutting-edge diagnostic products at affordable prices, and to create the infrastructure required to support increased sales levels. While this may initially impact operating profits, management has implemented programs to control these costs and, as they level off, operating profits are expected to increase." Conference Call The Company will host a conference call and webcast to discuss the Second Quarter results on Wednesday, July 23, 2003 at 8:30 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 1-800-838-4403 and internationally dial 1-973-317-5319. 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 on-site drugs of abuse tests. 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) and Rapid Tec Cup(TM) 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 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. . ABMC has been named among the 2002 Deloitte & Touche Technology Fast 500, a listing of the fastest-growing technology 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. . 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. 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 fiscal year ended December 31, 2002, 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
Income Statements
(in thousands, except earnings per share)
(unaudited)
For the For the For the For the
three months three months six months six months
ended ended ended ended
June 30, 2003 June 30, 2002 June 30, 2003 June 30, 2002
Net Sales $ 3,171 $ 2,710 $ 5,820 $ 4,963
Cost of goods sold 1,418 1,226 2,588 2,211
Gross profit 1,753 1,484 3,232 2,752
Operating expenses:
Research and
development 133 37 339 169
Sales and
marketing 694 608 1,314 1,142
General and
administrative 660 593 1,321 1,156
Total operating
expenses 1,487 1,238 2,974 2,467
Operating income 266 246 258 285
Other income 158 6 159 21
Income before provision
for income taxes 424 252 417 306
Provision for
(benefit from)
income taxes 0 0 0 0
Net income $ 424 $ 252 $ 417 $ 306
Basic income per
common share $ 0.02 $ 0.01 $ 0.02 $ 0.02
Fully diluted
income per
common share $ 0.02 $ 0.01 $ 0.02 $ 0.01
Weighted average
shares outstanding -
basic 20,609,548 20,609,548 20,609,548 20,609,548
Dilutive effect
of stock options
and warrants 140,652 1,018,696 256,227 553,972
Weighted average
shares outstanding -
fully diluted 20,750,200 21,628,244 21,865,775 21,163,520
American Bio Medica Corporation
Balance Sheets
(in thousands)
June 30, December 31,
2003 2002
(Unaudited)
Assets
Current Assets:
Cash and equivalents $ 201 $ 231
Receivables 1,750 1,105
Inventories 2,420 2,795
Prepaid and other current assets 102 60
Total current assets 4,473 4,191
Property, plant and equipment - net 1,370 1,457
Total assets $ 5,844 $ 5,648
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable and accrued
liabilities $ 1,224 $ 1,421
Current portion of mortgage debt and
capital lease obligations 143 184
Total current liabilities 1,367 1,605
Long term portion of mortgage debt 666 673
Long term portion of unearned grant 75 50
Total liabilities 2,108 2,328
Stockholders' Equity:
Common stock 206 206
Paid-in capital 17,788 17,788
Accumulated deficit (14,019) (14,435)
Treasury stock (239) (239)
Total stockholders' equity 3,736 3,320
Total liabilities and stockholders'
equity $ 5,844 $ 5,648
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion