ABMC Reports Fourth Quarter and Fiscal Year End 2009 Results
KINDERHOOK, N.Y. - March 24, 2010 - American Bio Medica Corporation (Pink Sheets: ABMC) today announced financial results for the fourth quarter and the year ended December 31, 2009.
Net sales for the fourth quarter of 2009 were $2,163,000 a decrease of $126,000, or 5.5% from $2,289,000 reported in the fourth quarter of 2008. Operating loss for the fourth quarter of 2009 was $114,000 compared to an operating loss of $557,000 for the fourth quarter of 2008. Net loss for the fourth quarter of 2009 was $189,000, or $0.01 per share, compared to a net loss of $672,000, or $0.03 per share, for the fourth quarter of 2008.
Net sales for the year ended December 31, 2009 were $9,726,000 compared to $12,657,000 for the year ended December 31, 2008, representing a decrease in sales of $2,931,000 or 23.2%. Operating loss for 2009 was $672,000, compared to an operating loss of $626,000 in 2008. The Company reported a net loss of $900,000, or $0.04 per share, for 2009, compared to a net loss of $850,000, or $0.04 per share, for 2008.
ABMC Chief Executive Officer, Stan Cipkowski, stated, "Unprecedented unemployment and reduced government budgets negatively impacted our business throughout 2009. We remain hopeful that employment will return to pre-recession levels, but we realize this will take some time along with the time it will take before government budgets are back to normal. To get through this difficult period, we have significantly reduced operating expenses and we will continue to take every step necessary to minimize any losses going forward."
The Company will host a conference call and webcast to discuss year-end and fourth quarter 2009 results on Thursday, March 25, 2010 at 11:00 am (ET). 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 and install any complimentary audio software that might be required. To ask questions, you are invited to participate by phone. Within North America, dial 866-212-4491 and internationally dial 416-800-1066. The call will be available for replay at www.abmc.com/investor/ for 30 days.
For more information on American Bio Medica Corporation or its drug testing products, please visit www.abmc.com.
About American Bio Medica Corporation
American Bio Medica Corporation is a biotechnology company that develops, manufactures and markets accurate, cost-effective immunoassay 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®, Rapid ONE®, RDS® InCup®, Rapid TOX® and Rapid TOX Cup® II products test for the presence or absence of drugs of abuse in urine, while OralStat® and Rapid STAT 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, intellectual property rights, our dependence on key personnel, third party sales and suppliers, our non-compliance with the continued listing requirements of the Nasdaq Stock Market, 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 fiscal year ended December 31, 2008, 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.
Contact: American Bio Medica Corporation Stan Cipkowski, 800-227-1243, Ext 106 Chief Executive Officer