American Bio Medica Reports Record Third Quarter Earnings on 97% Revenue Growth.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)--Oct. 24, 2002
First $3 Million Revenue Quarter Results In Operating Profit of $440,000 vs. Prior Year Loss 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 financial results for the three and nine months ended September September: see month. 30, 2002. Revenues of $3,032,000 for the third quarter of 2002 were a record high, increasing 97% over the $1,537,000 reported in the third quarter of 2001. Third quarter 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. was $440,000, compared to 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 $317,000 for the same period a year ago, representing the Company's third consecutive profitable quarter. Net income for the third quarter was $438,000, or $0.02 per share, compared to a net loss of $29,000 or no measurable earnings per share in the third quarter of 2001. For the nine months ended September 30, 2002 revenues increased 61% to $7,904,000 from $4,809,000 for the same period a year ago. Operating income for the nine month period was $725,000 compared to an operating loss of $1,525,000 for the comparable prior year period. Net income for the nine month period was $744,000 or $.04 per share, compared to a net loss of $784,000, or $.04 per share in 2001. Third quarter revenue growth of 97% reflects rising market demand from both public and private sector customers. New sales contracts Sales Contract Contract between a seller and buyer for the sale of goods, services, or both. to state agencies and a number of service organizations significantly improved the Company's sales in the third quarter of 2002 compared to a year ago. The Company's continued emphasis on sales of its core products has gained broad market acceptance of its Rapid Drug Screen(R) and Oralstat6(R) products. "Our superb performance this quarter is the culmination of the changes we have made in our sales organization and strategy as well as operational improvements that have produced dramatic revenue and profitability growth for our third consecutive quarter," said Chairman and Chief Executive Officer Gerald Moore
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. applications. Record third quarter operating performance is a clear indication of the success of our strategic plan, the value of our products, the commitment of our people, and favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. market conditions for onsite drug testing," concluded 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. . The company is continuing its extensive program to market and distribute its primary products, the Rapid Drug Screen and Oralstat6. ABMC is also engaged in new product development and believes sales from its 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 and saliva-based drug tests coupled with new products will continue to grow as a result of this strategy. The Company also announced the resignation of former CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. L. Aromando Jr. from its board of directors, effective October 23, 2002. About American Bio Medica Corporation American Bio Medica Corporation develops, manufactures and markets inexpensive, accurate, onsite drugs-of-abuse diagnostic kits 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 and its worldwide distribution network target the workplace, government, corrections, clinical and educational markets. ABMC's Rapid Drug Screen, Rapid One(R) and Rapid Tec(TM) test for the presence or absence of drugs of abuse in urine, while its OralStat6 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 was recently 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 the transition period ended December 31, 2001, 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)
Three Months Nine Months
Ended September 30, Ended September 30,
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2002 2001 2002 2001
-------- -------- -------- ----------
Net Sales $ 3,032 $ 1,537 $ 7,904 $ 4,899
Cost of gods sold 1,132 677 3,252 1,860
-------- -------- -------- ----------
Gross profit 1,900 860 4,652 3,039
-------- -------- -------- ----------
Operating expenses:
Research and development 34 56 203 351
Selling and marketing 609 522 1,795 1,792
General and administrative 817 599 1,929 2,421
-------- -------- -------- ----------
Total operating expenses 1,460 1,177 3,927 4,564
-------- -------- -------- ----------
Operating income (loss) 440 (317) 725 (1,525)
Other income - net (2) 288 19 741
-------- -------- -------- ----------
Income (loss) before
provision for income taxes 438 (29) 744 (784)
Provision for
(benefit from) income taxes 0 0 0 0
-------- -------- -------- ----------
Net income (loss) $ 438 $ (29) $ 744 $ (784)
======== ======== ======== ==========
Dilutive earnings
(loss) per share $ 0.02 $ 0.00 $ 0.04 $ (0.04)
Average shares outstanding 20,609 19,060 20,609 18,362
Fully diluted
shares outstanding 21,105 19,060 21,105 18,362
American Bio Medica Corporation
Balance Sheets
(in thousands)
September 30, December 31,
2002 2001
----------- ------------
ASSETS (unaudited)
Current Assets:
Cash and equivalents $ 439 $ 288
Receivables 1,699 1,053
Inventories 2,078 2,087
Other current assets 63 90
----------- ------------
Total current assets 4,279 3,518
Property and equipment - net 1,452 1,455
Other assets 7 113
----------- ------------
Total assets $ 5,738 $ 5,086
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable and accrued expenses $ 1,629 $ 1,741
Customer deposits - 243
Current portion of mortgage debt
and capital leases 51 42
----------- ------------
Total current liabilities 1,680 2,026
Mortgage debt 729 707
----------- ------------
Total liabilities 2,409 2,733
----------- ------------
Stockholders' Equity:
Common stock 207 207
Paid-in capital 17,812 17,765
Subscription receivable - (5)
Due from director/shareholder (248) (437)
Accumulated deficit (14,410) (15,154)
Treasury stock (32) (23)
----------- ------------
Total stockholders' equity 3,329 2,353
---------- ------------
Total liabilities and
stockholders' equity $ 5,738 $ 5,086
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