American Bio Medica Corporation (ABMC.PK) today announced financial results for the three and nine months ended September 30, 2011.
“Even with the decline in sales in the third quarter, we were able to make a small profit from operations as a result of our expense reductions. We remain hopeful that new sales opportunities will offset sales declines we are experiencing as a result of an uncertain economy.”
Net sales for the third quarter of 2011 were $2,365,000, compared to $2,530,000 for the third quarter of 2010, representing a decrease of $165,000, or 6.5%. For the nine months ended September 30, 2011, net sales were $6,898,000, compared to $8,082,000 for the nine months ended September 30, 2010, representing a decrease of $1,184,000, or 14.6%.
The Company reported an operating income of $26,000 in the third quarter of 2011, compared to an operating loss of $247,000 in the third quarter of 2010. Net loss for the third quarter of 2011 was $28,000, or $(0.00) per share, compared to a net loss of $300,000, or $(0.01) per share in the third quarter of 2010. Operating loss for the nine months ended September 30, 2011 was $173,000, compared to an operating loss of $244,000 in the nine months ended September 30, 2010. Net loss for the nine months ended September 30, 2011 was $330,000, or $(0.02) per share, compared to a net loss of $408,000, or $(0.02) per share in the nine months ended September 30, 2010.
ABMC Chief Executive Officer Stan Cipkowski stated, "Even with the decline in sales in the third quarter, we were able to make a small profit from operations as a result of our expense reductions. We remain hopeful that new sales opportunities will offset sales declines we are experiencing as a result of an uncertain economy."