ABMC Reports First Quarter 2014 Results

  ABMC Reports First Quarter 2014 Results  Business Wire  KINDERHOOK, N.Y. -- May 15, 2014  American Bio Medica Corporation (OTCQB:ABMC) today announced financial results for the three months ended March 31, 2014.  Net sales for the first quarter of 2014 were $2,043,000, a decrease of $82,000, or 3.8%, when compared to net sales of $2,125,000 for the first quarter of 2013. Operating income for the first quarter of 2014 was $62,000, compared to an operating loss of $362,000 in the first quarter of 2013. Net income for the first quarter of 2014 was $9,000, or $0.00 per share, compared to a net loss of $424,000, or $0.02 per share reported in the first quarter of 2013.  ABMC Interim Chief Executive Officer Melissa A. Waterhouse stated, “I am pleased to report our first quarter of net income for the first time in many years. From a sales perspective, organic growth partially offset the loss of oral fluid workplace sales in the first quarter 2014. Typically workplace oral fluid sales accounted for approximately 15% of our sales, but sales only declined 3.8% in the first quarter 2014. This is a result of our refocus on forensic oral fluid sales and sales of our urine-based products to other core markets.”  Waterhouse continued, “Expenses are under control and we are continuing to take actions to bring a new urine-based drug test to market; this new product will be ideal for the clinical and pain management markets, as well as the criminal justice market. Strategic opportunities are still being considered and evaluated; this includes a possible restructure of debt which could further strengthen our financial condition.”  For more information on ABMC or its drug testing products, please visit www.abmc.com.  About American Bio Medica Corporation  American Bio Medica Corporation manufactures and markets accurate, cost-effective immunoassay test kits, primarily 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, 2013, 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.                            (financial tables follow)  AMERICAN BIO MEDICA CORPORATION Condensed Statements of Operations  (unaudited)                                               For the three    For the three                                                months ended     months ended                                                March 31, 2014   March 31, 2013                                                                  Net sales                                    $ 2,043,000      $ 2,125,000 Cost of goods sold                             1,166,000       1,339,000 Gross profit                                   877,000          786,000                                                                  Operating expenses: Research and development                       46,000           63,000 Selling and marketing                          292,000          475,000 General and administrative                     477,000         610,000 Total operating expenses                       815,000          1,148,000                                                                  Operating income / (loss)                      62,000           (362,000)                                                                  Other expense                                  (52,000)        (61,000)                                                                  Net income / (loss) before tax                 10,000           (423,000)                                                                  Income tax expense                             (1,000)         (1,000)                                                                  Net income / (loss)                          $ 9,000          $ (424,000)                                                                  Basic & diluted income / (loss) per common   $ 0.00           $ (0.02) share                                                                  Weighted average shares outstanding –          23,168,155       22,166,336 basic Weighted average shares outstanding –          23,260,582       22,166,336 diluted                                                                  (Condensed Balance Sheets follow)  American Bio Medica Corporation Condensed Balance Sheets                                                  March 31,       December 31,                                                  2014             2013                                                  (unaudited) ASSETS Current Assets Cash and cash equivalents                      $ 521,000        $ 646,000 Accounts receivable, net of allowance for doubtful accounts of                             909,000          875,000 $52,000 at March 31, 2014 and $58,000 at December 31, 2013 Inventory, net of allowance of $399,000 at March 31, 2014 and                               1,966,000        2,071,000 December 31, 2013 Current portion of deferred financing            72,000           51,000 Prepaid expenses and other current assets        124,000          96,000 Total current assets                             3,592,000        3,739,000 Property, plant and equipment, net               1,062,000        1,090,000 Deferred finance costs                           31,000           80,000 Patents, net                                     44,000           43,000 Other assets                                     14,000           14,000 Total assets                                   $ 4,743,000      $ 4,966,000                                                                    LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities Accounts payable                                 633,000          597,000 Accrued expenses and other current               252,000          314,000 liabilities Wages payable                                    255,000          233,000 Line of credit, net                              814,000          987,000 Current portion of long-term debt, net           1,136,000        1,226,000 Total current liabilities                        3,090,000        3,357,000 Other liabilities                                148,000          147,000 Related party note                               124,000          124,000 Total liabilities                                3,362,000        3,628,000                                                                    COMMITMENTS AND CONTINGENCIES Stockholders’ Equity: Common stock                                     232,000          229,000 Additional paid-in capital                       20,272,000       20,241,000 Accumulated deficit                              (19,123,000)     (19,132,000) Total stockholders’ equity                       1,381,000        1,338,000 Total liabilities and stockholders’ equity     $ 4,743,000      $ 4,966,000  Contact:  American Bio Medica Corporation Melissa A. Waterhouse Interim Chief Executive Officer 800-227-1243, Ext 107  
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