KINDERHOOK, N.Y.–(BUSINESS WIRE)– American Bio Medica Corporation (OTCPK: ABMC) today announced financial
results for the three months ended March 31, 2016.
Chief Executive Officer Melissa A. Waterhouse stated, “We are continuing
to keep expenses in line with sales. Q1 did have increased R&D expenses
related to efforts we are taking to obtain a marketing clearance from
FDA for one of our urine based products; costs in other expense
divisions remained stable or declined. Sales did decline in the first
quarter 2016, however, the decline was minimal. Our efforts to diversify
our revenues are continuing as we move forward with new business
relationships closed at the end of the first quarter. And finally, net
income was positively impacted in the first quarter 2016 by a final
payment due under a tech transfer arrangement with one of our
contract-manufacturing customers.”
Financial Highlights
-
Net sales in the first quarter of 2016 were $1,470,000, compared to
$1,502,000 in the first quarter of 2015, a decrease of 2.1%. -
Operating loss was $91,000 in the first quarter 2016, compared to an
operating loss of $53,000 in the first quarter of 2016. -
Net income was $1,000 in the first quarter 2016, compared to an
operating loss of $45,000 in the first quarter 2015.
For more information on ABMC or its drug testing products, please visit www.abmc.com.
About American Bio Medica Corporation
American Bio Medica Corporation manufactures and markets accurate,
cost-effective immunoassay test kits, primarily 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®, Rapid ONE®, RDS®
InCup®, Rapid TOX® and Rapid TOX Cup® II test for the presence or
absence of drugs of abuse in urine, while OralStat® tests for the
presence or absence of drugs of abuse in oral fluids. ABMC’s Rapid
Reader® 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, including but not limited to our ability to obtain
marketing clearance on our product for our intended markets,
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 year ended December 31,
2015, 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.
| AMERICAN BIO MEDICA CORPORATION | ||||||
| Condensed Statements of Operations | ||||||
| (unaudited) | ||||||
| For the three | For the three | |||||
| months ended | months ended | |||||
| March 31, 2016 | March 31, 2015 | |||||
| Net sales | $ | 1,470,000 | $ | 1,502,000 | ||
| Cost of goods sold | 840,000 | 802,000 | ||||
| Gross profit | 630,000 | 700,000 | ||||
| Operating expenses: | ||||||
| Research and development | 54,000 | 29,000 | ||||
| Selling and marketing | 270,000 | 299,000 | ||||
| General and administrative | 397,000 | 425,000 | ||||
| Total operating expenses | 721,000 | 753,000 | ||||
| Operating income / (loss) | (91,000) | (53,000) | ||||
| Other income/ (expense) | 93,000 | 8,000 | ||||
| Net income / (loss) before tax | 2,000 | (45,000) | ||||
| Income tax expense | (1,000) | 0 | ||||
| Net income / (loss) | $ | 1,000 | $ | (45,000) | ||
| Basic & diluted income / (loss) per common share | $ | 0.00 | $ | (0.00) | ||
| Weighted average shares outstanding – basic | 26,610,426 | 24,589,340 | ||||
| Weighted average shares outstanding – diluted | 26,751,259 | 24,589,340 | ||||
| American Bio Medica Corporation | ||||||
| Condensed Balance Sheets | ||||||
| March 31, | December 31, | |||||
|
2016
(unaudited) |
2015 | |||||
| ASSETS | ||||||
| Current Assets | ||||||
| Cash and cash equivalents | $ | 97,000 | $ |
158,000 |
||
|
Accounts receivable, net of allowance for doubtful accounts of |
789,000 |
672,000 |
||||
|
Inventory, net of allowance of $453,000 at March 31, 2016 and |
1,621,000 |
1,746,000 |
||||
| Prepaid expenses and other current assets | 90,000 | 40,000 | ||||
| Total current assets | 2,597,000 | 2,616,000 | ||||
| Property, plant and equipment, net | 887,000 | 910,000 | ||||
| Patents, net | 69,000 | 67,000 | ||||
| Other assets | 14,000 | 14,000 | ||||
| Deferred finance costs, net | 71,000 | 79,000 | ||||
| Total assets | $ | 3,638,000 | $ |
3,686,000 |
||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
| Current liabilities | ||||||
| Accounts payable |
$ |
470,000 |
$ |
373,000 |
||
| Accrued expenses and other current liabilities | 215,000 | 212,000 | ||||
| Wages payable | 287,000 | 292,000 | ||||
| Line of credit | 621,000 | 777,000 | ||||
| Current portion of long-term debt | 75,000 | 75,000 | ||||
| Total current liabilities | 1,668,000 | 1,729,000 | ||||
| Other liabilities | 38,000 | 38,000 | ||||
| Related party note | 124,000 | 124,000 | ||||
| Long-term debt, net of current portion | 683,000 | 834,000 | ||||
| Total liabilities | 2,513,000 | 2,725,000 | ||||
| COMMITMENTS AND CONTINGENCIES | ||||||
| Stockholders’ Equity: | ||||||
| Common stock | 272,000 | 260,000 | ||||
| Additional paid-in capital | 20,807,000 | 20,656,000 | ||||
| Accumulated deficit | (19,954,000) | (19,955,000) | ||||
| Total stockholders’ equity | 1,125,000 | 961,000 | ||||
| Total liabilities and stockholders’ equity | $ | 3,638,000 | $ |
3,686,000 |
||
View source version on businesswire.com: http://www.businesswire.com/news/home/20160516006119/en/
Contacts
American Bio Medica Corporation
Melissa A. Waterhouse
Chief
Executive Officer
800-227-1243, Ext 107
Source: American Bio Medica Corporation
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