KINDERHOOK, N.Y.--(BUSINESS WIRE)--American Bio Medica Corporation (OTCPK: ABMC) today announced financial results for the three months ended March 31, 2017.
Chief Executive Officer Melissa A. Waterhouse stated, “The new product and service offerings discussed in our March press release are now all available to our customers as of April 2017; with the latest being a lower cost alternative for onsite drug testing that we started marketing in April. From an operational perspective, our margins are stable and we continue to control costs so they are inline with revenues; this has allowed us to improve operational results, even with sales declines. ”
Financial Highlights
- Net sales in the first quarter of 2017 were $1,316,000, compared to $1,470,000 in the first quarter 2016, a decrease of 10.5%.
- Operating loss was $67,000 in the first quarter 2017, compared to an operating loss of $81,000 in the first quarter 2016.
- Net loss was $132,000 in the first quarter 2017, compared to net income of $1,000 in the first quarter 2016 due to the receipt of a tech transfer payment in the first quarter 2016 (which did not reoccur in the first quarter 2017).
