By a News Reporter-Staff News Editor at Real Estate & Investment Business -- American Bio Medica Corporation (OTCQB:ABMC) announced financial results for the three and six months ended June 30, 2014.
Net sales for the second quarter of 2014 were $1,811,000 compared to $2,380,000, in the second quarter of 2013, representing a decrease of $569,000, or 23.9%. For the six months ended June 30, 2014, net sales were $3,854,000 compared to $4,505,000 for the six months ended June 30, 2013, representing a decrease of $651,000, or 14.5%.
The Company reported operating income of $23,000 in the second quarter of 2014, compared to an operating loss of $(211,000) in the second quarter of 2013. Net loss for the second quarter of 2014 was $(41,000), or $(0.00) per share, compared to a net loss of $(294,000), or $(0.01) per share in the second quarter of 2013. Operating income for the first six months of 2014 was $85,000, compared to an operating loss of $(573,000) in the first six months of 2013. Net loss for the first half of 2014 was $(32,000), or $(0.00) per share, compared to a net loss of $(718,000), or $(0.03) per share in the first half of 2013.
ABMC Chief Executive Officer Melissa A. Waterhouse stated, "We continue to see year over year improvement in our financial condition as a result of our diligence in keeping expenses in line with sales. However, from a sales perspective, the second quarter was disappointing. In addition to the loss of workplace oral fluid sales in the second quarter, we experienced a decline in government sales in the second quarter 2014 (when sales had been increasing over the past several quarters). Some states are being fiscally conservative and decreasing their drug testing budgets, and price competition from foreign manufacturers is ever present in the government market. With some accounts, order timing may be the issue. Presently, we are unsure if this new trend will continue into future quarters. Expansion of our product line is critical to jump start sales growth; to that end, we are still on track to bring another urine-based drug test to market in 2014 (for the clinical and pain management markets as well as government markets). After that, we intend to begin development on new assays for market introduction in 2015."
Waterhouse continued, "In the second quarter of 2014, we refinanced our mortgage on our Kinderhook facility enabling us to slightly decrease our interest costs and reclassify a portion of the mortgage back to a long-term liability. High interest rates on other debt continue to negatively impact our financial condition, so we are continuing our efforts to further restructure debt."
Keywords for this news article include: Mortgage, Real Estate, American Bio Medica Corporation.
Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2014, NewsRx LLC