ABMC Reports Third Quarter 2010 Results
KINDERHOOK, N.Y. - November 11, 2010 - American Bio Medica Corporation (Pink Sheets: ABMC) announced today its financial results for the three and nine months ended September 30, 2010
Net sales for the third quarter of 2010 were $2,530,000, compared to $2,501,000 for the third quarter of 2009, representing an increase of $29,000, or 1.2%. For the nine months ended September 30, 2010, net sales were $8,082,000, compared to $7,563,000 for the nine months ended September 30, 2009, representing an increase of $519,000, or $6.9%.
The Company reported an operating loss of $247,000 in the third quarter of 2010, compared to an operating loss of $184,000 in the same period a year ago. Net loss for the third quarter of 2010 was $300,000, or $(0.01) per share, compared to a net loss of $241,000, or $(0.01) per share in the third quarter of 2009. Operating loss for the nine months ended September 30, 2010 was $244,000, compared to an operating loss of $558,000 for the same period a year ago. Net loss for the nine months ended September 30, 2010 was $408,000, or $(0.02) per share, compared to a net loss of $712,000, or $(0.03) per share in the nine months ended September 30, 2009.
ABMC Chief Executive Officer, Stan Cipkowski stated, "We continued to see modest improvement in sales in the third quarter of 2010 despite the continued financial hardships that many of our customers are experiencing. General economic conditions and increased regulatory oversight in our markets provide new challenges for us every day, however, we continue to control expenses and manufacturing costs with the goal of improving operating results."
The Company will host a conference call and webcast to discuss the Third Quarter 2010 results on Friday, November 12, 2010 at 11:00 a.m. (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 ABMC 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 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 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, 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 fiscal year ended December 31, 2009, 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.
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Contact: American Bio Medica Corporation Stan Cipkowski, 800-227-1243, Ext 106 Chief Executive Officer