American Bio Medica announces Q2 2009 financials

American Bio Medica Corporation (NASDAQ:ABMC) today announced unaudited financial results for the three and six month periods ending June 30, 2009.

Net sales for the second quarter of 2009 were $2,808,000, compared to $3,465,000 for the second quarter of 2008, representing a decrease of $657,000, or 19%. For the six months ended June 30, 2009, net sales were $5,063,000, compared to $6,764,000 for the six months ended June 30, 2008, representing a decrease of $1,701,000, or 25%.

The Company reported an operating loss of $170,000 in the second quarter of 2009, compared to an operating loss of $34,000 in the second quarter of 2008. Net loss for the second quarter of 2009 was $219,000, or $(0.01) per share, compared to a net loss of $64,000, or $0.00 per share in the second quarter of 2008. Operating loss for the first half of 2009 was $374,000, compared to an operating loss of $196,000 in the first half of 2008. Net loss for the first half of 2009 was $471,000, or $(0.02) per share, compared to a net loss of $264,000, or $(0.01) per share in the first half of 2008.

ABMC Chief Executive Officer Stan Cipkowski stated, “Second quarter sales turned out a little better than we had expected. This was primarily due to our new Rapid TOX Cup II product and renewed efforts in the criminal justice market, along with a bit of new life in the workplace market. Though expenses were on target based on the massive cuts we made over the past nine months, manufacturing inefficiencies related to reduced demand continue to negatively impact gross margin and cause expected losses. Although it is still too soon to know what the second half of 2009 will bring, I am hopeful that the increasing trend in sales will continue.”