American Bio Medica Corporation (Pink Sheets: ABMC) today announced financial results for the fourth quarter and the year ended December 31, 2009.
Net sales for the fourth quarter of 2009 were $2,163,000 a decrease of $126,000, or 5.5% from $2,289,000 reported in the fourth quarter of 2008. Operating loss for the fourth quarter of 2009 was $114,000 compared to an operating loss of $557,000 for the fourth quarter of 2008. Net loss for the fourth quarter of 2009 was $189,000, or $0.01 per share, compared to a net loss of $672,000, or $0.03 per share, for the fourth quarter of 2008.
Net sales for the year ended December 31, 2009 were $9,726,000 compared to $12,657,000 for the year ended December 31, 2008, representing a decrease in sales of $2,931,000 or 23.2%. Operating loss for 2009 was $672,000, compared to an operating loss of $626,000 in 2008. The Company reported a net loss of $900,000, or $0.04 per share, for 2009, compared to a net loss of $850,000, or $0.04 per share, for 2008.
ABMC Chief Executive Officer, Stan Cipkowski, stated, “Unprecedented unemployment and reduced government budgets negatively impacted our business throughout 2009. We remain hopeful that employment will return to pre-recession levels, but we realize this will take some time along with the time it will take before government budgets are back to normal. To get through this difficult period, we have significantly reduced operating expenses and we will continue to take every step necessary to minimize any losses going forward.”
Conference Call
The Company will host a conference call and webcast to discuss year-end and fourth quarter 2009 results on Thursday, March 25, 2010 at 11:00 am (ET). Investors and interested parties are invited to participate. The call will be broadcast live over the internet at www.abmc.com/investor/. The webcast will be listen-only mode. Listeners are requested to be online at least fifteen minutes early to register, as well as to download and install any complimentary audio software that might be required. To ask questions, you are invited to participate by phone. Within North America, dial 866-212-4491 and internationally dial 416-800-1066. The call will be available for replay at www.abmc.com/investor/ for 30 days.