FOR IMMEDIATE RELEASE: Net Sales Increased 20% over Prior Year & 10% over Prior Quarter KINDERHOOK, N.Y. -- April 30, 2024 -- American Bio Medica Corporation (NASDAQ: ABMC) today announced financial results for the three months ending March 31, 2003. Net sales for the first quarter of 2003 were $2,649,000, an increase of 20% over the $2,208,000 in net sales for the same period last year and an increase of 10% over the $2,408,000 reported in the immediately preceding quarter. The Company reported an operating loss of $9,000 for the first quarter ending March 31, 2003, compared to an operating profit of $11,000 for the same period a year ago. Net loss for the first quarter was $7,000, or $0.00 per share, compared to a net income of $54,000, or $0.00 per share, for the same period last year. Chairman and Chief Executive Officer Gerald A. Moore stated, "One year ago, ABMC set out to achieve growth in our Company and to invest in our future; we remain committed to these goals. This commitment has resulted in sales growth of 20% in the first quarter of this year, compared to the same period last year, and 10% growth over the fourth quarter of 2002. We secured several new national/state accounts in the first quarter and expect the revenue stream from these accounts to be realized throughout 2003." Moore added, "We have affirmed our commitment to investing in our future by continuing to focus resources on Research and Development (R&D) and Marketing efforts in the first quarter of 2003. As a result of these efforts, ABMC is the only company who currently has a 510(k) cleared product specifically for the detection of Oxycodone, a widely abused prescription drug. Furthermore, in our current quarter we hope to receive 510(k) clearance from the FDA for our on-site test for the detection of Propoxyphene (Darvon®), another abused prescription drug. The detection of Propoxyphene is a requirement of many long-standing union contracts around the world. Our ability to provide this FDA cleared device affords us the opportunity to penetrate this market. We will continue to commit funding to meaningful R&D efforts to ensure the long term health of ABMC." Conference Call The Company will host a conference call and webcast to discuss the First Quarter results on Thursday, May 1, 2024 at 8:30 a.m. (EST). 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 the United States, dial 1-800-360-9865 and internationally dial 1-973-694-6836. The call will be available for replay at www.abmc.com/investor/ for 30 days. 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 on-site drugs of abuse tests. The company and its worldwide distribution network target the workplace, government, corrections, clinical and educational markets. ABMC's Rapid Drug Screen®, Rapid One®, Rapid Tec® and Rapid Tec Cup(TM) test for the presence or absence of drugs of abuse in urine, while OralStat6® tests for the presence or absence of drugs of abuse in saliva. ABMC was recently named among the 2002 Deloitte & Touche Technology Fast 500, a listing of the fastest-growing technology 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 fiscal year ended December 31, 2002, 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. Darvon is a registered trademark of Eli Lilly and Company. -0- American Bio Medica Corporation Income Statements (in thousands, except earnings per share) (unaudited) Three Months Ended March 31, ----------------- 2003 2002 ------- ------- Net Sales $ 2,649 $ 2,208 Cost of goods sold 1,170 928 ------- ------- Gross profit 1,479 1,280 Operating (gains)/expenses: Research and development 206 132 Selling and marketing 619 560 General and administrative 663 577 ------- ------- Total operating expenses 1,488 1,269 ------- ------- Operating income (loss) (9) 11 ------- ------- Other income - net 2 43 ------- ------- Income (loss) before provision for income taxes (7) 54 Provision for (benefit from) income taxes 0 0 ------- ------- Net income/(loss) $ (7) $ 54 ======= ======= Dilutive income/(loss) per common share $ 0.00 $ 0.00 Weighted average shares outstanding-basic 20,609 20,609 Fully diluted shares outstanding 21,282 20,609 American Bio Medica Corporation Balance Sheets (in thousands) March 31 December 31, 2003 2002 (Unaudited) ------------ -------- Assets ------------------------------------------------ Current Assets: Cash and equivalents $ 309 $ 231 Receivables 1,335 1,105 Inventories 2,614 2,795 Prepaid and other current assets 116 60 -------- -------- Total current assets 4,374 4,191 Property, plant and equipment - net 1,390 1,457 -------- -------- Total assets $ 5,764 $ 5,648 ======== ======== Liabilities and Stockholders' Equity ------------------------------------------------ Current Liabilities: Accounts payable and accrued liabilities $ 1,517 $ 1,421 Current portion of mortgage debt and capital lease obligations 217 184 -------- -------- Total current liabilities 1,734 1,605 Long term portion of mortgage debt 668 673 Long term portion of unearned grant 50 50 -------- -------- Total liabilities 2,452 2,328 -------- -------- Stockholders' Equity: Common stock 206 206 Paid-in capital 17,786 17,786 Accumulated deficit (14,441) (14,435) Treasury stock (239) (239) -------- -------- Total stockholders' equity 3,312 3,320 -------- -------- Total liabilities and stockholders' equity $ 5,764 $ 5,648 ======== ======== Contact: American Bio Medica Corporation Gerald A. Moore, 800/227-1243 Fax: 518/758-8171 gmoore@abmc.com www.abmc.com
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