ABMC Reports First Quarter 2012 Results
KINDERHOOK, N.Y. - May 15, 2012 - American Bio Medica Corporation (ABMC.PK) today announced financial results for the three months ended March 31, 2012.
Net sales in the fourth quarter of 2011 were $2,374,000, an increase of 1.5% from net sales of $2,340,000 in the fourth quarter of 2010. Operating income for the fourth quarter of 2011 was $27,000, compared to an operating loss of $290,000 in the fourth quarter of 2010. Net loss in the fourth quarter of 2011 was $15,000, or $0.00 per share, compared to a net loss of $342,000, or $0.02 per share, in the fourth quarter of 2010.
Net sales for the first quarter of 2012 were $2,296,000, an increase of $249,000, or 12.2%, when compared to net sales of $2,047,000 for the first quarter of 2011. Operating loss for the first quarter of 2012 was $169,000, compared to an operating loss of $374,000 in the first quarter of 2011. Net loss for the first quarter of 2012 was $206,000, or $0.01 per share, compared to a net loss of $425,000, or $0.02 per share, reported in the first quarter of 2011.
ABMC Chief Executive Officer Stan Cipkowski stated, "We continue to see sales growth in some of our markets and I'm pleased that we've had year over year growth for the second consecutive quarter. We made substantial investments in sales and marketing in the first quarter of 2012 and that, in addition to certain non-recurring charges related to regulatory compliance, contributed to the loss reported in the first quarter of 2012. We expect to see the return on these sales and marketing investments in the second half of this year, and although regulatory costs will be incurred, we do not expect these specific regulatory compliance costs to re-occur in 2012."
For more information on ABMC or its drug testing products, please visit www.abmc.com.
About American Bio Medica Corporation
American Bio Medica Corporation 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 test 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 year ended December 31, 2011, 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