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American Bio Medica Corporation$0.08$.0110.71%

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 ABMC Reports Fourth Quarter and Year End 2016 Results
   Friday, March 31, 2017 9:30:00 AM ET

American Bio Medica Corporation (OTCPK:ABMC) today announced financial results for the fourth quarter and year ended December 31, 2016.

Chief Executive Officer Melissa A. Waterhouse stated, "Organic growth continued to be challenging for ABMC in 2016 due to the continued price competitive environment. Gross profit for the year decreased slightly due to an inefficiency in the third quarter for 2016 but, from an annual perspective, the impact wasn’t significant. When compared to the fourth quarter of 2015, operational expenses in the fourth quarter 2016 were higher due to a reclassification of debt issuance costs in the fourth quarter of 2015, and increased expenses related to our application for a 510k marketing clearance. From an annual perspective, operational expenses were down; reductions in G&A and selling and marketing expense were partially offset by increased costs related to the 510k marketing clearance application."

Waterhouse continued, "In late 2016, we started to take steps to reorganize and restructure our sales and marketing department. In addition, we are bringing on new products and service offerings to diversify our revenue stream. These new products and services (through relationships with third parties) include products for the detection of alcohol, alternative sample options for drug testing (such as lab based oral fluid testing and hair testing) as well as toxicology management services. We also expect to start offering customers lower-cost alternatives for onsite drug testing starting in the first half of 2017. And finally, we are reviewing our contract manufacturing operations in efforts to capitalize on offerings in that area. Even with all of these actions, we have continued to be as fiscally conservative as possible. We are poised for profitability, provided no extraordinary expenses occur and that our initiatives start to positively impact sales."

Financial Highlights

-- Net sales in the fourth quarter of 2016 were $1,217,000 compared to $1,532,000 in the fourth quarter of 2015, a decrease of 20.6%. Net sales in 2016 were $5,609,000 compared to $6,317,000 in 2015, a decrease of 11.2%.

-- Operating loss was $121,000 in the fourth quarter of 2016 compared to an operating income of $67,000 in the fourth quarter of 2015. Operating loss in 2016 was $257,000 compared to an operating loss of $13,000 in 2015.

-- Net loss was $215,000 in the fourth quarter of 2016 compared to a net loss of $202,000 in the fourth quarter of 2015. Net loss was $345,000 in 2016 compared to net loss of $333,000 in 2015.

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(R), Rapid ONE(R), RDS(R) InCup(R), Rapid TOX(R) and Rapid TOX Cup(R) II test for the presence or absence of drugs of abuse in urine, while OralStat(R) tests for the presence or absence of drugs of abuse in oral fluids. ABMC’s Rapid Reader(R) 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, including but not limited to our ability to obtain marketing clearance on our product for our intended markets, 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, 2015, 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 share

(financial tables follow)

 
                                                                                                                                                        American Bio Medica Corporation
                                                                                                                                                            Statements of Operation
                                                                                                                    Three Months Ended                                                                                                             Year Ended
                                                                                                                                                             December 31,                                                                                                               December 31,
                                                                                            2016                                 2015                                 2016                                     2015
                                                                                        -----------                                                                -----------                                                                -----------                                                                --------------------
                                                                                         (unaudited)                                                                (unaudited)                                                                (unaudited)                                                                
                                                                                        -----------                                                                -----------                                                                -----------                                                                --------------------
                                                                                                                                                                                                                                                                                                                          
Net sales                                                                             $   1,217,000                                                              $   1,532,000                                                              $   5,609,000                                                              $            6,317,000
Cost of goods sold                                                                          678,000                                                 919,000                                               3,119,000                                                        3,462,000
                                                                                        -----------                                           -------------------- -----------                                           -------------------- -----------                                           -------------------- --------------------
       Gross profit                                                                         539,000                                                                    613,000                                                                  2,490,000                                                                           2,855,000
Operating expenses:
  Research and development                                                                   48,000                                                                     23,000                                                                    184,000                                                                             148,000
  Selling and marketing                                                                     234,000                                                                    265,000                                                                  1,061,000                                                                           1,164,000
  General and administrative                                                                378,000                                                 258,000                                               1,502,000                                                        1,556,000
                                                                                        -----------                                           -------------------- -----------                                           -------------------- -----------                                           -------------------- --------------------
       Total operating expenses                                                             660,000                                                                    546,000                                                                  2,747,000                                                                           2,868,000
                                                                                                                                                                                                                                                                                                                          
Operating income / (loss)                                                                 (121,000)                                                                     67,000                                                                  (257,000)                                                                            (13,000)
                                                                                                                                                                                                                                                                                                                          
Other income/(expense) - net                                                               (92,000)                                               (268,000)                                                (84,000)                                                        (318,000)
                                                                                        -----------                                           -------------------- -----------                                           -------------------- -----------                                           -------------------- --------------------
                                                                                                                                                                                                                                                                                                                          
Net income / (loss) before tax                                                            (213,000)                                                                  (201,000)                                                                  (341,000)                                                                           (331,000)
                                                                                                                                                                                                                                                                                                                          
Income tax expense                                                                          (2,000)                                                 (1,000)                                                 (4,000)                                                          (2,000)
                                                                                        -----------                                           -------------------- -----------                                           -------------------- -----------                                           -------------------- --------------------
                                                                                                                                                                                                                                                                                                                          
Net loss                                                                                  (215,000)                                               (202,000)                                               (345,000)                                                        (333,000)
                                                                                        ===========                                           ==================== ===========                                           ==================== ===========                                           ==================== ====================
                                                                                                                                                                                                                                                                                                                          
Basic & diluted loss per common share                                                 $      (0.01)                                                              $      (0.01)                                                              $      (0.01)                                                              $               (0.01)
                                                                                        ===========                                           ==================== ===========                                           ==================== ===========                                           ==================== ====================
                                                                                                                                                                                                                                                                                                                          
Basic weighted average shares outstanding                                                27,463,265                                                                 25,676,976                                                                 27,463,265                                                                          25,676,976
Diluted weighted average shares outstanding                                              27,463,265                                                                 25,676,976                                                                 27,463,265                                                                          25,676,976
                                                                                                                                                                                                                                                                                                                          

(Balance Sheets follow)

 
                                                                                  American Bio Medica Corporation
                                                                                          Balance Sheets
                                                                            December 31,             December 31,
                                                                                                                      2016                                                           2015
                                                                                                                   (unaudited)
                                                                                                                  ------------                                               --------------------
                               ASSETS
Current Assets
   Cash and cash equivalents                                                                                    $      156,000                                             $              158,000
                                                                                                                       556,000                                                            672,000
   Accounts receivable, net of allowance for doubtful accounts of
   $49,000
   at December 31, 2016 and $50,000 at December 31, 2015
                                                                                                                     1,582,000                                                          1,746,000
   Inventory, net of allowance of $449,000 at December 31, 2016 and
   $432,000
   at December 31, 2015
   Prepaid expenses and other current assets                                                                            92,000                                                             40,000
                                                                                                                  ------------                                               --------------------
   Total current assets                                                                                              2,386,000                                                          2,616,000
Property, plant and equipment, net                                                                                     824,000                                                            910,000
Patents, net                                                                                                            93,000                                                             67,000
Other assets                                                                                                            21,000                                                             14,000
Deferred finance costs - line of credit, net                                                               47,000                                                             79,000
                                                                                                                  ------------                                               --------------------
   Total assets                                                                                                 $    3,371,000                                             $            3,686,000
                                                                                                                  ============                                               ====================
                                                                                                                                                                              
                LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
   Accounts payable                                                                                             $      304,000                                             $              373,000
   Accrued expenses and other current liabilities                                                                      276,000                                                            212,000
   Wages payable                                                                                                       299,000                                                            292,000
   Line of credit                                                                                                      639,000                                                            777,000
   Current portion of long-term debt                                                                                    75,000                                                             75,000
                                                                                                                  ------------                                               --------------------
Total current liabilities                                                                                            1,593,000                                                          1,729,000
Other liabilities                                                                                                            0                                                             38,000
Related party note                                                                                                           0                                                            124,000
Long term debt, net of current portion                                                                                 753,000                                                            834,000
                                                                                                                  ------------                                               --------------------
   Total liabilities                                                                                                 2,346,000                                                          2,725,000
                                                                                                                  ------------                                               --------------------
                                                                                                                                                                              
Stockholders’ Equity:
   Common stock                                                                                                        288,000                                                            260,000
   Additional paid-in capital                                                                                       21,037,000                                                         20,656,000
   Accumulated deficit                                                                                            (20,300,000)                                                       (19,955,000)
                                                                                                                  ------------                                               --------------------
Total stockholders’ equity                                                                1,025,000                                                            961,000
                                                                                                                  ------------                                               --------------------
Total liabilities and stockholders’ equity                                                                      $    3,371,000                                             $            3,686,000
                                                                                                                  ============                                               ====================

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20170331005042r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20170331005042/en/

SOURCE: American Bio Medica Corporation

American Bio Medica Corporation 
Melissa A. Waterhouse, 800-227-1243, Ext 107 
Chief Executive Officer


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