ABMC Reports Second Quarter 2011 Results
KINDERHOOK, N.Y. - August 15, 2011 - American Bio Medica Corporation (ABMC.PK) today announced financial results for the three and six months ended June 30, 2011.
Net sales for the second quarter of 2011 were $2,486,000, compared to $3,126,000 for the second quarter of 2010, representing a decrease of $640,000, or 20.5%. For the six months ended June 30, 2011, net sales were $4,533,000, compared to $5,552,000 for the six months ended June 30, 2010, representing a decrease of $1,019,000, or 18.4%.
The Company reported operating income of $175,000 in the second quarter of 2011, compared to operating income of $222,000 in the second quarter of 2010. Net income for the second quarter of 2011 was $123,000, or $0.01 per share, compared to net income of $167,000, or $0.01 per share in the second quarter of 2010. Operating loss for the first six months of 2011 was $198,000, compared to an operating income of $3,000 in the first six months of 2010. Net loss for the first half of 2011 was $301,000, or $(0.01) per share, compared to a net loss of $108,000, or $0.00 per share in the first half of 2010.
ABMC Chief Executive Officer Stan Cipkowski stated, "We have made significant expense reductions that have allowed us to be profitable in the second quarter despite the downturn in sales. We will continue to monitor expenses to ensure that they remain in line with sales levels. The uncertainty of our economy continues to negatively impact business in our core markets of workplace and government. This uncertainty also makes it difficult to predict what the future will bring, however, if we continue to see sales declines in our U.S. markets, we are hopeful that new sales opportunities in European markets will offset such declines."
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, 2010, 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