The Business Review -- American Bio Medica Corp. reported a net loss of $300,000, or a penny a share, for the third quarter.
This compares to a year-ago net loss of $241,000, or a penny a share, for the Kinderhook, N.Y., maker of drug-testing kits.
Net sales for the quarter were $2.53 million, up 1.2 percent from sales of $2.50 million in the third quarter of 2009.
“We continued to see modest improvement in sales in the third quarter of 2010 despite the continued financial hardships that many of our customers are experiencing,” said Stan Cipkowski, CEO of American Bio Medica (OTC: ABMC). “General economic conditions and increased regulatory oversight in our markets provide new challenges for us every day, however, we continue to control expenses and manufacturing costs with the goal of improving operating results.”
For the nine months ended Sept. 30, American Bio Medica had a net loss of $408,000, or 2 cents a share, on sales of $8.1 million. This compares to a net loss of $712,000, or 3 cents a share, on sales of $7.6 million, a year earlier.
