FOR IMMEDIATE RELEASE: KINDERHOOK, NY -- August 13, 2024 -- American Bio Medica Corp. (NASDAQ: ABMC), today reported results for the year ended April 30, 2001. Net sales of drug test kits were $7,484,000 for fiscal 2001, compared to $7,653,000 for the previous year, a decrease of $169,000 or 2.2%. The decrease in sales was attributed to a decrease in the Company's sales to third-party distributors although that decrease was offset in part by an increase in the Company's direct sales efforts. Net income improved from a loss of $2,136,000 for fiscal 2000 to a loss of $1,880,000 for fiscal 2001. The improvement on net loss was due primarily to a decrease in cost of goods, which was offset partially by an increase in operating expenses. Gross profit continued to improve to $4,913,000, or 65.6%, in fiscal 2001 compared to gross profit of $4,051,000, or 52.9% in fiscal 2000. This is as a result of the Company manufacturing all of the test strips needed for its Rapid Drug Screen product line in its own facility. Relative to sales, selling, general and administrative costs increased to 87.7% in Fiscal 2001 compared to 68.2% in Fiscal 2000. The Company attributes the increase in SG&A to increased salaries for additional employees in administration and sales and marketing and the severance costs of terminated employees, along with an increase in legal fees associated with the patent infringement lawsuits filed by the Company. The lawsuits were settled in April 2001 and the Company expects its legal fees to be significantly lower in fiscal 2002 as a result of this settlement. Research and development expense decreased in Fiscal 2001 to $614,000 compared to $719,000 for the previous year. The decrease resulted from the Company's completing development and production of its test for tricyclic antidepressants (TCA). The test for TCA is included in the Company's 9 panel Rapid Drug Screen for use in the clinical point of care market. "We were disappointed by the decrease in net sales in this fiscal year," said American Bio Medica chairman and chief executive officer Robert L. Aromando, Jr. "However, we are buoyed by the improvements in gross profit." "There is reason to be optimistic that ABMC can capitalize on
future market opportunities, as our restructuring process reaches
completion. We have already begun to realize tangible positive
benefits from our new three-year plan, including several important new
business contracts in the current fiscal year."
Condensed Balance Sheet As of April 30, 2024 As of April 30, 2024 -------------------- -------------------- ASSETS Cash & equivalents $ 265,000 $1,207,000 Total current assets $3,030,000 $3,809,000 Total assets $3,640,000 $5,038,000 LIABILITIES & STOCKHOLDERS' EQUITY Total current liabilities $2,406,000 $1,793,000 Total liabilities $2,427,000 $1,827,000 Total stockholders' equity $3,640,000 $5,038,000 Condensed Statement of Operations For the Year Ended For the Year Ended April 30, 2024 April 30, 2024 -------------- -------------- Net sales $7,484,000 $7,653,000 Cost of goods sold $2,571,000 $3,602,000 Gross profit $4,913,000 $4,051,000 Total operating expenses $7,303,000 $6,128,000 Net income (loss) $(1,880,000) $(2,136,000) Basic and diluted net income (loss) per common share $(0.10) $(0.15) Weighted average shares outstanding - basic and diluted 18,034,000 15,481,000 American Bio Medica Corporation develops, manufactures and markets inexpensive, accurate on-site drugs-of-abuse diagnostic kits, sprays and support services worldwide. The company's global distributors target the workplace, physicians, corrections, clinical and educational markets. ABMC's Drug Detector identifies minute traces of illegal drugs on surfaces, while the company's Rapid Drug Screen tests individuals and is proven to correlate greater than 99% with the standard laboratory screening test. Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risk and uncertainties, including without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, the Company's dependence on third-party suppliers, intellectual property rights, and other risks detailed from time to time in the Company's periodic report filed with the Securities and Exchange Commission. Contact: American Bio Medica Corporation Melissa A. Decker, 800/227-1243 melissa@americanbiomedica.com www.americanbiomedica.com |