ABMC Reports Fourth Quarter and Year End 2012 Results

KINDERHOOK, N.Y.–(BUSINESS WIRE)– American Bio Medica Corporation (ABMC.PK) today announced financial results for the fourth quarter and the year ended December 31, 2012.

Net sales in the fourth quarter of 2012 were $2,302,000 compared to $2,374,000 in the fourth quarter of 2011, a decrease of 3%. Operating loss for the fourth quarter of 2012 was $501,000, compared to operating income of $27,000 in the fourth quarter of 2011. Net loss in the fourth quarter of 2012 was $564,000, or $0.03 per share, compared to a net loss of $15,000, or $0.00 per share, in the fourth quarter of 2011.

Net sales for the year ended December 31, 2012 were $9,343,000, compared to net sales of $9,272,000 for the year ended December 31, 2011; representing an increase of 1.0%. Operating loss for 2012 was $929,000, compared to an operating loss of $146,000 in 2011. Net loss for 2012 was $1,111,000, or $0.05 per share, compared to $345,000, or $0.02 per share, in 2011.

ABMC Chief Executive Officer, Stan Cipkowski stated, “Sales were relatively flat in 2012; although the very modest increase in sales is a welcome change from the declines in the previous three years. In 2012, we incurred increased legal fees and other costs associated with regulatory compliance, as well as increased inventory disposals. Expense reductions in other areas of the company did mitigate the impact these increased costs had on financial results by minimizing the loss.”

Cipkowski continued, “Our new financing package, for up to $3 million, with Imperium Commercial Finance, will provide us with the necessary capital to diversify our markets through investments in new products and position the Company for profitable sales growth in 2013. I have three primary objectives in our core drug test business this year; offering a full line of cost effective, foreign manufactured drug tests for price conscious markets, the marketing clearance and commercialization of a new product for both clinical and consumer markets, and the submission of our FDA 510(k) marketing application for our oral fluid drugs of abuse test.”

For more information on ABMC or its drug testing products, please visit www.abmc.com.

About American Bio Medica Corporation

American Bio Medica Corporation develops, 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, …read more
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