KINDERHOOK, N.Y.–(BUSINESS WIRE)– American Bio Medica Corporation (OTCPK: ABMC) today announced financial
results for the three and six months ended June 30, 2016.
Chief Executive Officer Melissa A. Waterhouse stated, “New products and
our ability to sell those products in new markets will be the primary
future organic growth driver for ABMC and our efforts to that end
continue, from both a manufacturing and regulatory perspective. The
steps we have taken to diversify our revenues have resulted in minimal
success to date, however, we only commenced sales efforts in the
beginning of Q2 of this year. We remain hopeful that as the year
progresses we will see a positive impact on sales. There continues to be
opportunities in our pipeline that, if completed, will positively impact
the top line and financial position of ABMC.”
Financial Highlights
-
Net sales in the second quarter of 2016 were $1,505,000 compared to
$1,693,000 in the second quarter of 2015, a decrease of 11.1%. Net
sales in the six months ended June 30, 2016 were $2,975,000 compared
to net sales of $3,195,000 in the six months ended June 30, 2015, a
decrease of 6.9%. -
Operating income was $14,000 in the second quarter of 2016 compared to
an operating loss of $88,000 in the second quarter of 2015. Operating
loss was $77,000 in the six months ended June 30, 2016, compared to an
operating loss of $140,000 in the six months ended June 30, 2015. -
Net loss was $44,000 in the second quarter 2016, compared to a net
loss of $83,000 in the second quarter of 2015. Net loss was $43,000 in
the six months ended June 30, 2016, compared to a net loss of $128,000
in the six months ended June 30, 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.
(Condensed Financial Tables Follow)
| AMERICAN BIO MEDICA CORPORATION | ||||||||||||
| Condensed Statements of Operations | ||||||||||||
| (unaudited) | ||||||||||||
| For the three | For the three | For the six | For the six | |||||||||
| months ended | months ended | months ended | months ended | |||||||||
| June 30, 2016 | June 30, 2015 | June 30, 2016 | June 30, 2015 | |||||||||
| Net sales | $ | 1,505,000 | $ | 1,693,000 | $ | 2,975,000 | $ | 3,195,000 | ||||
| Cost of goods sold | 796,000 | 919,000 | 1,636,000 | 1,721,000 | ||||||||
| Gross profit | 709,000 | 774,000 | 1,339,000 | 1,474,000 | ||||||||
| Operating expenses: | ||||||||||||
| Research and development | 55,000 | 51,000 | 109,000 | 80,000 | ||||||||
| Selling and marketing | 282,000 | 308,000 | 551,000 | 608,000 | ||||||||
| General and administrative | 358,000 | 503,000 | 756,000 | 926,000 | ||||||||
| Total operating expenses | 695,000 | 862,000 | 1,416,000 | 1,614,000 | ||||||||
| Operating income / (loss) | 14,000 | (88,000) | (77,000) | (140,000) | ||||||||
| Other income / (expense) | (58,000) | 5,000 | 35,000 | 12,000 | ||||||||
| Net loss before tax | (44,000) | (83,000) | (42,000) | (128,000) | ||||||||
| Income tax expense | 0 | 0 | (1,000) | 0 | ||||||||
| Net loss | $ | (44,000) | $ | (83,000) | $ | (43,000) | $ | (128,000) | ||||
| Basic & diluted loss per common share | $ | (0.00) | $ | (0.00) | $ | (0.00) | $ | (0.01) | ||||
|
Weighted average shares outstanding – |
27,271,408 |
26,032,930 |
26,940,917 |
26,032,930 |
||||||||
(Condensed Balance Sheets follow)
| American Bio Medica Corporation | ||||||
| Condensed Balance Sheets | ||||||
| June 30, | December 31, | |||||
|
2016
(unaudited) |
2015 | |||||
| ASSETS | ||||||
| Current Assets | ||||||
| Cash and cash equivalents | $ | 178,000 | $ |
158,000 |
||
|
Accounts receivable, net of allowance for doubtful accounts of |
720,000 |
672,000 |
||||
|
Inventory, net of allowance of $474,000 at June 30, 2016 and |
1,610,000 |
1,746,000 |
||||
| Prepaid expenses and other current assets | 63,000 | 40,000 | ||||
| Total current assets | 2,571,000 | 2,616,000 | ||||
| Property, plant and equipment, net | 866,000 | 910,000 | ||||
| Patents, net | 71,000 | 67,000 | ||||
| Other assets | 21,000 | 14,000 | ||||
| Deferred finance costs, net | 63,000 | 79,000 | ||||
| Total assets | $ | 3,592,000 | $ |
3,686,000 |
||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
| Current liabilities | ||||||
| Accounts payable | 376,000 | $ 373,000 | ||||
| Accrued expenses and other current liabilities | 206,000 | 212,000 | ||||
| Wages payable | 276,000 | 292,000 | ||||
| Line of credit | 693,000 | 777,000 | ||||
| Current portion of long-term debt | 75,000 | 75,000 | ||||
| Total current liabilities | 1,626,000 | 1,729,000 | ||||
| Other liabilities | 38,000 | 38,000 | ||||
| Related party note | 124,000 | 124,000 | ||||
| Long-term debt, net of current portion | 706,000 | 834,000 | ||||
| Total liabilities | 2,494,000 | 2,725,000 | ||||
| COMMITMENTS AND CONTINGENCIES | ||||||
| Stockholders’ Equity: | ||||||
| Common stock | 273,000 | 260,000 | ||||
| Additional paid-in capital | 20,824,000 | 20,656,000 | ||||
| Accumulated deficit | (19,999,000) | (19,955,000) | ||||
| Total stockholders’ equity | 1,098,000 | 961,000 | ||||
| Total liabilities and stockholders’ equity | $ | 3,592,000 | $ |
3,686,000 |
||
View source version on businesswire.com: http://www.businesswire.com/news/home/20160815005583/en/
Contacts
Melissa A. Waterhouse
Chief Executive Officer
(800) 227-1243,
Ext 107
Source: American Bio Medica Corporation
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