FOR IMMEDIATE RELEASE: Quarterly Revenue Up 16.3% and Net Income Up 111.6% Over Previous Year KINDERHOOK, N.Y. -- May 9, 2024 -- American Bio Medica Corp. (NASDAQ: ABMC), today announced the unaudited results for the three months ending March 31, 2002, reflecting year-on-year increases in both revenue and net income. Sales for the quarter were $2,208,000, an increase of 16.3% over sales of $1,899,000 in the same period last year. Net income was $54,000, or $0.00 per share, compared to a loss of $(465,000), or $(0.03) per share for the same quarter a year ago. Gross profit, as a percentage of sales, remained relatively unchanged when comparing the two periods, with 59.3% for the period ending March 31, 2002, and 59.7% in the same period last year. "We are pleased to report record sales and profitability in the first quarter of our new fiscal year," stated ABMC chairman and chief executive officer Gerald A. Moore. "Through the combined efforts of our direct sales force and our key third-party distributors, we have signed several significant contracts, and we have begun shipping orders to new customers. At the same time, we have undertaken steps to better align expenses with our sales growth." Moore added, "We are optimistic that the continued execution of this strategy will lead to additional record-setting sales and greater profitability through the rest of this fiscal year and beyond." The Company also noted that they do not intend to have a webcast conference call related to the quarterly results, as they discussed the first quarter extensively in a conference call held on April 19, 2002. That call can be accessed at http://www.videonewswire.com. The following tables present certain financial information for the
three months ending March 31, 2002:
For the Three Months Ending March 31, 2024 March 31, 2024 -------------- -------------- Net sales $ 2,208,000 $ 1,899,000 Cost of goods sold $ 899,000 $ 766,000 Gross profit $ 1,309,000 $ 1,133,000 Total operating expenses $ 1,298,000 $ 1,602,000 Net income/loss $ 54,000 $ (465,000) Basic and diluted net income/loss per common share $ 0.00 $ (0.03) Weighted average common shares outstanding 20,609,548 18,017,492 As of March 31, 2024 As of December 31, 2023 -------------------- ----------------------- ASSETS Cash & equivalents $ 138,000 $ 288,000 Total current assets $3,402,000 $3,518,000 Total assets $4,926,000 $5,086,000 LIABILITIES & STOCKHOLDERS' EQUITY Total current liabilities $1,830,000 $2,026,000 Total liabilities $2,526,000 $2,732,000 Total stockholders' equity $2,400,000 $2,353,000 About American Bio Medica Corporation American Bio Medica Corporation develops, manufactures and markets inexpensive, accurate, onsite drugs-of-abuse diagnostic kits and support services worldwide. The Company and its worldwide distribution network target the workplace, government, corrections, clinical and educational markets. ABMC's Rapid Drug Screen®, Rapid One and Rapid Tec test for the presence or absence of drugs of abuse in urine, while its OralStat6 tests for the presence or absence of drugs of abuse in saliva. ABMC was recently listed among the top ten biotechnology companies on the Deloitte & Touche 2001 Technology Fast 500, a ranking of the fastest growing companies in North America. 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, the following: continued acceptance of the Company's products,
increased levels of competition in our industry, the acceptance of new
products, inherent risks associated with product development and
intellectual property rights, the Company's dependence on key
personnel, third party sales and suppliers. There can be no assurance
that the Company will be successful in addressing such risks and
uncertainties. Investors are strongly encouraged to review the section
entitled "Risk Factors" in the Company's annual report on Form 10-KSB
for the transition period ended December 31, 2001, and quarterly
reports on Form 10-QSB 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 Corp. Gerald A. Moore, 800/227-1243 gerald@americanbiomedica.com www.americanbiomedica.com |