American Bio Medica Reports Second Consecutive Year of Growth in Sales and Earnings; Annual Sales Increase 21% and Net Income Increases 43%.Business Editors/Health/Medical Writers 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)--Feb. 23, 2004
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 fourth quarter and the fiscal year ended December December: see month. 31, 2003. 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 fourth quarter of 2003 were $2.7 million, increasing 11.5% over the $2.4 million in net sales reported for the same period last year. 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. for the fourth quarter was $85,000, compared to an operating income of $24,000 for the same period a year ago. Net income for the fourth quarter was $88,000, or $0.00 per share, compared to a net loss of $25,000, or $(0.00) per share, reported in 2002. Net sales for fiscal 2003 increased to $12.5 million compared to $10.3 million for the same period last year, representing an increase in sales of 21.4%. Operating income was $879,000 in fiscal 2003, compared to an operating income of $749,000 in the twelve months ended December 31, 2002. The Company reported a net income of $1,031,000, or $.05 per share, for fiscal 2003. For the twelve months ended December 31, 2002, the Company reported a net income of $719,000, or $0.03, per share. "I am very pleased with our performance last year, and excited about our growth plans for the rest of our current fiscal year and beyond", stated Keith Keith may refer to: People with the given name Keith:
Contraction of we are. we're we are responding to the marketplace and our results speak for themselves. We continue to grow both quarterly and annual sales and profits year-over-year while still providing our customers with superior products and services at fair prices." Conference Call The Company will host a conference call and webcast to discuss the FY 2003 and Fourth Quarter results on Tuesday Tuesday: see week. , February February: see month. 24, 2004 at 10:00 a.m. 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 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 1-800-915-4836 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 biotechnology, the use of biological processes, as through the exploitation and manipulation of living organisms or biological systems, in the development or manufacture of a product or in the technological solution to a problem. 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) and Rapid Tec Cup(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 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 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, 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. (Financials 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)
----------- ----------- -------- --------
2003 2002 2003 2002
----------- ----------- -------- --------
Net Sales $ 2,685 $ 2,408 $ 12,484 $ 10,312
Cost of goods sold 1,195 1,224 5,477 4,476
----------- ----------- -------- --------
Gross profit 1,490 1,184 7,007 5,836
----------- ----------- -------- --------
Operating expenses:
Research and development 211 94 639 297
Selling and marketing 629 562 2,784 2,357
General and administrative 564 504 2,705 2,433
----------- ----------- -------- --------
Total operating
expenses 1,405 1,160 6,128 5,087
----------- ----------- -------- --------
Operating income 85 24 879 749
Other income / (expense) -
net 3 (49) 152 (30)
----------- ----------- -------- --------
Income (loss) before
provision for income
taxes 88 (25) 1,031 719
Provision for (benefit from)
income taxes 0 0 0 0
----------- ----------- -------- --------
Net income (loss) $ 88 $ (25)$ 1,031 $ 719
=========== =========== ======== ========
Basic and diluted earnings
per share $ 0.00 $ 0.00 $ 0.05 $ 0.03
=========== =========== ======== ========
Average shares outstanding 20,638 20,610 20,624 20,610
=========== =========== ======== ========
Fully diluted shares
outstanding 21,858 21,618 21,268 21,311
=========== =========== ======== ========
American Bio Medica Corporation
Balance Sheets
(in thousands)
December December
31, 31,
2003 2002
-------- --------
ASSETS
Current Assets:
Cash and cash equivalents $ 942 $ 231
Receivables 1,261 1,104
Inventories 3,049 2,794
Prepaid expenses 78 53
-------- --------
Total current assets 5,330 4,183
Property and equipment - net 1,441 1,457
Other assets 7 7
-------- --------
Total assets $ 6,778 $ 5,648
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable and accrued expenses $ 891 $ 1,208
Wages Payable 375 213
Note Payable 150
Current portion of mortgage
debt and capital leases 24 34
-------- --------
Total current liabilities 1,290 1,605
Mortgage debt 651 673
Long term portion of unearned grant 75 50
-------- --------
Total liabilities 726 2,328
-------- --------
Stockholders' Equity:
Common stock 207 207
Paid-in capital 17,959 17,786
Accumulated deficit (13,404) (14,434)
Treasury stock (239)
-------- --------
Total stockholders' equity 4,762 3,319
-------- --------
Total liabilities and stockholders' equity $ 6,778 $ 5,648
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