<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES ACT OF 1934
For the quarterly period ended March 31, 1996
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES ACT OF 1934
For the transition period from ___________________to_____________________
Commission File Number: 0-19606
AMERICAN BIOMED, INC.
(Exact name of registrant as specified in its charter)
Delaware 76-0136574
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
10077 Grogan's Mill Road, Suite 100, The Woodlands, Texas 77380
(address of principal executive offices) (Zip Code)
(713) 367-3895
(Registrant's telephone number, including area code)
N.A.
(Former name, former address and former fiscal year
if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities and exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. X Yes No
The total number of shares outstanding of common stock, $.001 par value as of
May 3, 1996 is 10,171,951.
<PAGE> 2
AMERICAN BIOMED, INC. AND SUBSIDIARIES
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Page
<S> <C>
PART I - FINANCIAL INFORMATION
Item 1 - Financial Statements
Consolidated Condensed Balance Sheets 3
Consolidated Condensed Statements of Operations 4
Consolidated Condensed Statements of Cash Flows 5
Notes to Consolidated Condensed Financial Statements 6
Item 2 - Management's Discussion and
Analysis of Financial Condition
and Results of Operations 9
PART II - OTHER INFORMATION
Item 1 Legal Proceedings 12
Item 5 Other Information 12
Item 6 Exhibits and Reports on Form 8-K 12
SIGNATURES 13
INDEX TO EXHIBITS 14
</TABLE>
2
<PAGE> 3
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
AMERICAN BIOMED, INC. AND SUBSIDIARIES
(A Development Stage Enterprise)
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
<TABLE>
<CAPTION>
December 31, March 31,
1995 1996
------------- ----------
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents $ 9,177 $ 83,946
Accounts receivable:
Trade, net of allowance for doubtful accounts
of $45,480 in 1995 and 1996 158,713 113,853
Other 32,064 36,179
Inventories 370,130 380,646
Other current assets 60,667 40,278
------------ -----------
Total current assets 630,751 654,902
------------ -----------
Property and equipment, net 200,736 168,458
Patents, net of accumulated amortization of $799,043
and $831,321 in 1995 and 1996, respectively 204,812 189,792
Goodwill, net of accumulated amortization of $451,308
and $482,079 in 1995 and 1996, respectively 779,528 748,757
Other assets, net of accumulated amortization of $175,000
and $182,660 in 1995 and 1996, respectively 67,451 59,791
------------ -----------
Total assets $ 1,883,278 $ 1,821,700
============ ===========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Notes payable, banks $ 235,000 $ 230,000
Notes payable to stockholders and others 1,831,322 1,816,056
Current maturities of capital lease obligations 512,712 501,942
Accounts payable 1,283,020 1,394,594
Accrued liabilities 595,984 632,347
Other current liabilities - 3,000
------------ -----------
Total current liabilities 4,458,038 4,577,939
------------ -----------
Capital lease obligations, net of current maturities 7,095 7,094
Deferred revenue 220,000 205,000
Commitments and contingencies:
Stockholders' deficit:
Preferred stock, $.001 par value, 2,000,000 shares authorized,
no shares issued and outstanding in 1995 and 1996, respectively
Common stock, $.001 par value, 25,000,000 shares authorized in 1995
and 1996, 9,505,274 shares issued and outstanding at December 31,
1995 and March 31, 1996, respectively 9,505 9,505
Additional paid-in capital 19,190,146 19,523,465
Deficit accumulated during the development stage (21,749,906) (22,249,703)
Less treasury stock at cost, 68,323 shares (251,600) (251,600)
------------ -----------
Total stockholders' deficit (2,801,855) (2,968,333)
------------ -----------
Total liabilities and stockholders' deficit $ 1,883,278 $ 1,821,700
============ ===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
3
<PAGE> 4
AMERICAN BIOMED, INC. AND SUBSIDIARIES
(A Development Stage Enterprise)
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Inception,
Three Months Ended September 4, 1984,
March 31, to
1995 1996 March 31, 1996
------------------------------ --------------
<S> <C> <C> <C>
Sales, net $ 131,949 $ 106,737 $ 2,841,851
Operating costs and expenses:
Cost of sales (99,997) (100,813) (2,912,881)
Selling, general and administrative (395,564) (330,930) (14,069,270)
Research and development (147,684) (113,988) (6,723,189)
Distributor settlement (1,080,915)
------------- ---------- ------------
Loss from operations (511,296) (438,994) (21,944,404)
------------- ---------- ------------
Other income (expense):
Interest income 4 483 105,965
Interest expense (49,533) (70,646) (2,452,170)
Other income 44,922 9,360 2,040,906
------------- ---------- ------------
(4,607) (60,803) (305,299)
------------- --------- ------------
Net loss $ (515,903) $ (499,797) $(22,249,703)
============= ========== ============
Net loss per common share $ (.06) $ (.05)
============= ==========
Weighted average shares outstanding 9,234,651 9,505,274
============= ==========
</TABLE>
The accompanying notes are an integral part of the financial statements.
4
<PAGE> 5
AMERICAN BIOMED, INC. AND SUBSIDIARIES
(A Development Stage Enterprise)
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Inception
March 31, September 4, 1984,
---------------------------- to
1995 1996 March 31, 1996
---------- ---------- ------------------
<S> <C> <C> <C>
Net cash used by operating activities $(352,368) $(218,763) $(15,898,018)
Cash flows from investing activities:
Capital expenditures (1,273) (389,726)
Investment in patents (17,298) (7,477) (413,051)
Other investing activities 243,816
--------- --------- ------------
Net cash used by investing activities (17,298) (8,750) (558,961)
--------- --------- ------------
Cash flows from financing activities:
Proceeds from notes payable to banks 2,333,880
Proceeds from notes payable to stockholders 34,750 1,225,921
Proceeds from notes payable to others 394,000 2,361,049
Principal payments on notes payable to banks (5,000) (2,070,000)
Principal payments on notes payable to stockholders (23,551) (560,283)
Principal payments on notes payable to others (2,919) (26,465) (1,246,812)
Principal payments on long-term debt (863) (76,340)
Principal payments on capital lease obligation (12,218) (10,771) (541,660)
Proceeds from patent assignment and leaseback 500,000
Proceeds from equipment assignment and leaseback 305,000
Proceeds from sale of subordinated convertible
debentures 640,000
Net proceeds from sale of preferred stock 3,046,146
Net proceeds from sale of common stock and warrants
in connection with initial public offering,
secondary offering and private placements 333,319 8,673,285
Proceeds from exercise of stock purchase warrants
and stock options 2,839,980
Treasury stock acquired (500,000)
Other financing activities (389,241)
-------- --------- ------------
Net cash provided by financing activities 378,000 302,282 16,540,925
--------- --------- ------------
Net increase in cash and cash equivalents 8,334 74,769 83,946
Cash and cash equivalents at beginning of period 21,246 9,177
--------- --------- ------------
Cash and cash equivalents at end of period $ 29,580 $ 83,946 $ 83,946
========= ========= ============
</TABLE>
The accompanying notes are an integral part of the financial statements
5
<PAGE> 6
AMERICAN BIOMED, INC. AND SUBSIDIARIES
(A Development Stage Enterprise)
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)
1. BASIS OF PRESENTATION
The accompanying unaudited consolidated condensed financial statements have
been prepared in accordance with the requirements of Form 10-Q and therefore do
not include all information and footnotes necessary for a fair presentation of
financial position, results of operations and cash flows in conformity with
generally accepted accounting principles. In the opinion of management, the
unaudited consolidated condensed financial statements reflect all adjustments
that are necessary for a fair statement of the results of the periods
presented, and all such adjustments are of a normal recurring nature.
The unaudited consolidated condensed financial statements include the
accounts of American BioMed, Inc. and its wholly-owned subsidiaries, Freedom
Machine, Inc. and Cathlab Corporation, (jointly referred to as the "Company")
after elimination of all intercompany transactions and accounts. Certain
reclassifications have been made to prior year financial information in order
to conform to current year presentation.
These unaudited consolidated condensed financial statements should be read
in connection with the financial statements for the year ended December 31,
1995 included in the Company's Annual Report filed on Form 10-K. Results for
the first quarter are not necessarily indicative of year-end results.
2. CAPITAL STOCK
On January 30, 1996, the Company authorized options to purchase 10,000
shares of common stock at $.50 per share in connection with an employment
agreement. In March 1996, the Company authorized issuance of options to
purchase 10,000 shares at $.50 per share to an employee.
In connection with his hiring as Vice President Sales and Marketing, Arthur
Przybyl was granted options to purchase 100,000 shares of common stock at $1.00
per share, or at the closing price on April 15, 1996, whichever is lower.
The Company filed a Form S-8 Registration Statement ("Registration
Statement") on April 16, 1996. The Registration Statement relates to an
aggregate of 600,000 shares of the Company's common stock which are to be
offered upon the terms and subject to the conditions set forth in the
agreements referenced in the Registration Statement.
6
<PAGE> 7
AMERICAN BIOMED, INC. AND SUBSIDIARIES
(A Development Stage Enterprise)
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS - Continued
(Unaudited)
3. SUPPLEMENTAL INFORMATION FOR STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
Inception,
Three Months Ended September 4, 1984
March 31, to
1995 1996 March 31, 1996
----------------------- --------------
<S> <C> <C> <C>
Interest Paid $ 3,759 $ 34,025 $ 788,323
Noncash investing and financing activities:
Equipment acquired through
capital lease obligations 950 267,489
Equipment and leasehold improvements
acquired through notes payable 35,775
Conversion of accrued interest
payable to principal on note
payable to stockholders 105,170
Conversion of Series A and Series B
Preferred Stock to common stock 444
Conversion of debentures
to common stock 640,000
Deferred offering costs incurred
in prior year charged against
offering proceeds 41,000
Issuance of common stock in connection
with purchase of assets of VMS, Inc. 124,999
Issuance of common stock in connection
with purchase of assets of Superstat, Inc. 81,819
Conversion of notes payable to common stock 50,000
Common stock and warrants issued in lieu of
interest expense 1,329,161
Patent assignment and leaseback 500,000
Issuance of common stock in connection with
Therex settlement 77
Transfer of note receivable from officer 25,000
Common stock issued in lieu of consulting
expense 177,963
Writeup of property and equipment on Cathlab
due to sale and leaseback agreement 221,616
Issuance of common stock and warrants
for services 461,964
</TABLE>
7
<PAGE> 8
4. INVENTORIES
Inventories are stated at the lower of cost or market value. Cost
is determined using the first-in, first-out (FIFO) method.
Inventories consisted of the following:
<TABLE>
<CAPTION>
December 31 March 31
1995 1996
------------ ----------
<S> <C> <C>
Raw materials.................................................... $ 146,901 $ 141,537
Work in process.................................................. 166,893 160,783
Finished goods................................................... 56,336 78,326
---------- ----------
$ 370,130 $ 380,646
========== ==========
</TABLE>
5. COMMITMENTS AND CONTINGENCIES
In March 1996, Aberlyn agreed to discuss a restructuring of all
Company leases. Its restructuring decision will be predicated in part upon the
success of the Company's fund-raising efforts. If such negotiations are not
successful, Aberlyn may assert that the Company is in default of these
obligations, which are secured by certain assets of the Company. The loss of
these assets could have a material adverse effect on the Company's financial
position, results of operations and cash flows.
In July 1995, United States Surgical Corporation ("USSC") elected not
to exercise its option to acquire certain assets. As a result, the Company
retained $1.0 million of the initial payment as a forfeited option fee. The
other $1.0 million is payable to USSC plus interest at 10% per annum. The
note, originally due January 20, 1996 which is collateralized by the Company's
stent technology, was extended to March 15, 1996. On May 9, 1996, the Company
and USSC finalized negotiations to extend the note until September 15, 1996.
The agreement requires payments as follows:
May 22 - $50,000
June 15 - $75,000
July 15 - $75,000
Aug 15 - $75,000
Sep 15 - Remaining Balance
The Company is a party to litigation arising in the ordinary course of
business. Management regularly analyzes current information and, as necessary,
provides accrual for probable liabilities for the eventual disposition of the
matter. In the opinion of management, the ultimate outcome of these matters
will not materially affect the Company's financial position, results of
operations or cash flows.
Refer to the Company's report on Form 10-K for the year ended December
31, 1995 for a description of other legal proceedings to which the Company
became a party during the three (3) months ended March 31, 1996.
8
<PAGE> 9
AMERICAN BIOMED, INC. AND SUBSIDIARIES
(A Development Stage Enterprise)
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
The Company is in the development stage and has had limited operating
revenues since its inception on September 4, 1984. From September 4, 1984
through March 31, 1996, the Company had an accumulated deficit of $22,249,703.
During the three months ended March 31, 1996, the Company's sales
decreased 19.1% to $106,737 compared with sales of $131,949 for the same period
in 1995. The primary reason for the decrease is attributed to unprofitable
product lines and delays encountered in product registrations in international
markets by the Company's newly appointed Cathlab international distributors.
As a result, international sales of Cathlab products declined 72.8% while
domestic sales of Cathlab products increased 453.8%, a record level.
Cost of sales represented 75.8% and 94.4% of sales for the three
months ended March 31, 1995 and 1996, respectively. The higher percentage in
1996 is due to an increase in cost of certain employee benefits, higher
material costs and under utilization of resources.
Selling, general and administrative expenses decreased 16.3% to
$330,930 during the first three months of 1996, compared to $395,564 for the
same period in 1995. The decrease is due to several factors. The Company
subleased 3,000 square feet of the Cathlab facility to an unrelated party in
January 1996 and downsized the corporate headquarters and research and
development facility, resulting in savings of approximately $23,000 for the
quarter ended March 31, 1996. Many of the assets have been fully amortized or
depreciated. Fees paid to outside consultants decreased this quarter due to
renegotiating the fee structure of a consultant in June 1995, and
discontinuation of the services of the outside sales consultant.
Research and development expenses totaled $113,988 during the first
quarter of 1996, a decrease of 22.8% from the 1995 first quarter total of
$147,684. The continued decrease in research and development is due to the
decrease in personnel as well as the decrease in facility space and related
utilities. As funding is made available these expenses are expected to
increase in order to bring the Company's products to commercial viability.
The Company's interest expense totaled $70,646 for the first quarter
of 1996, compared to $49,533 for the first quarter of 1995. This increase was
primarily due to the July 20, 1995 note payable to a company which is
collateralized by the Company's stent technology.
Despite the decline in sales, the Company's continued emphasis on cost
containment and a focus on its core technologies resulted in the loss from
operations improving from $511,296 in 1995 to $438,994 in 1996, representing a
14.1% improvement. In addition, net cash used by operating activities in the
three months ended March 31, 1996 improved 37.9% or $133,605 compared to the
same period in 1995.
For the period from inception to March 31, 1996, the Company's other
income of $2,040,906 consisted primarily of $400,000 received from Guerbet in
1991 in connection with the development of certain of the Company's products,
proceeds of $49,900 received from the initial phase of a grant obtained from
the National Institute of Health during 1992 in connection with the development
of certain of the Company's heart pumps, $47,244 in settlement of accounts
payable to certain vendors, $95,000 amortization of the license fee
received from Wright Medical Technologies, Inc. and $1.0 million from United
States Surgical Corportion ("USSC") as a forfeited option fee.
9
<PAGE> 10
On July 20, 1995, USSC elected not to exercise its option to acquire
certain assets. As a result, the Company retained $1.0 million of the Initial
Payment as a forfeited option fee. The other $1.0 million is payable to USSC
plus interest at 10% per annum beginning July 20, 1995 (the "Note"). The Note,
originally due January 20, 1996 which is collateralized by the Company's stent
technology, was extended to March 15, 1996. On May 9, 1996, the Company and
USSC finalized negotiations to extend the note until September 15, 1996. The
agreement requires payments as follows:
May 22 - $50,000
June 15 - $75,000
July 15 - $75,000
Aug 15 - $75,000
Sep 15 - Remaining Balance
The remaining $494,676 was realized on August 11, 1995 when the
Company sold the European patent for the OmniCath(R) atherectomy catheter for a
purchase price of $500,000 cash to Guerbet S.A. of France.
LIQUIDITY AND CAPITAL RESOURCES
The Company's cash requirements have been significantly exceeding its
resources due to its expenditures related to research and development, size of
its general and administrative staff, expenditures related to obtaining
regulatory approvals, obtaining and maintaining manufacturing and distribution
arrangements and the expenses of product introductions.
During 1995 and 1996, the Company was unable to meet certain of its
obligations as they came due. Certain executive officers have deferred payment
of salaries amounting to $290,433. In addition, the Company is in arrears to
certain vendors and suppliers. Accounts payable and accrued liabilities,
including deferred officer salaries, amounted to $2,026,941 at March 31, 1996.
The Company is negotiating with its creditors to defer its obligations, obtain
cash discounts, and/or arrange alternative forms of payment including issuances
of the Company's securities. The Company had a working capital deficiency as
of March 31, 1996 of $3,923,037.
At March 31, 1996, the Company had cash and cash equivalents in the
amount of $83,946 compared with cash and cash equivalents of $9,177 at December
31, 1995. The Company received a financial commitment from Zanett Capital in
February 1996 to raise $1.4 million, of which $333,319 has been received as of
March 31, 1996 and the remainder is to be provided as needed over the ensuing
months.
In addition to the distributor agreements signed in 1995, discussions
are proceeding regarding distributor agreements with companies in Ireland,
Germany, Belgium, Taiwan, China, Argentina, Brazil, Chile, Uruguay, Paraguay,
Hungary, Czech Republic and Poland. No agreements have been signed or executed
subsequent to March 31, 1996 and there can be no assurances of the execution of
any agreements.
The Company is also pursuing private label opportunities for its
Cathlab products to supply third-party companies with existing product lines.
Additional opportunities are in the discussion stages to provide OEM
manufacturing capabilities to companies for products the Company does not
currently manufacture. No agreements have been signed or executed subsequent
to March 31, 1996 and there can be no assurances of the execution of any
agreements.
The Company is uncertain today that the distributors now in place will
be able to effectively market and sell the Company's core technologies, the
OmniCath(R), OmniStent(TM) and Evert-O-Cath(TM). As such, the Company has
undertaken efforts to identify healthcare companies with similar technologies
or companies seeking new proprietary
10
<PAGE> 11
products to strengthen their existing market position. This strategy is
directed toward the formation of strategic alliances, joint venture
arrangements, licensing and distributor agreements, and research and
development agreements/projects. An integral part of this strategy is to
aggressively pursue the sale of ancillary technologies (not core technologies)
which will enable the Company to focus its resources exclusively on its core
technologies and commercial non-angioplasty balloon catheter products.
The Company requires additional funds to enable it to complete
development and, subject to obtaining required regulatory approvals,
commercialization of the OmniCath(R) for peripheral use, to enter into marketing
and distribution arrangements for the Evert-O-Cath(TM), to commence and continue
the development of other products and enhancements to the OmniCath(R) and the
Evert-O-Cath(TM), and to expand its manufacturing and distribution abilities
with respect to Cathlab products. If the Company experiences delays in the
introduction, manufacturing or sale of the OmniCath(R), or if the OmniCath(R)
does not achieve market acceptance for any reason, substantial additional
financing may be required by the Company to continue its operations, and to
improve, complete the development of, obtain regulatory approvals for, and
manufacture or market products. The Company receives some revenues and expects
to continue to receive revenues from the sale of Cathlab's products. The Company
anticipates that Cathlab's revenues should increase significantly during 1996;
however, this increase will not be sufficient to satisfy the Company's funding
needs. The Company intends to cover any shortfall by ancillary
product/technology sales and the $1.4 million Zanett Capital commitment.
Though still a developmental stage company engaged in the development,
manufacture and marketing of medical devices, the Company has ten products
presently available to market and has formulated a comprehensive business
strategy which it believes will enable it to capitalize on its technologies and
developing trends in the healthcare industry. The Company launched an
aggressive cost reduction campaign which has reduced operating expenses. At
the same time the Company has initiated efforts to revamp its existing
distribution network by replacing underperforming distributors with
professional domestic and international distributor organizations, thereby
creating a world-class distributor network. Management believes it will be
able to raise the capital necessary to fund the commercialization efforts of
its existing technologies and current working capital for the foreseeable
future by "unbundling" its core technologies and identifying a prestigious
international healthcare corporation for each technology/product in a specific
international market.
In addition, management has undertaken efforts to identify healthcare
companies with similar technologies or companies seeking new proprietary
products to strengthen their existing market position. This strategy is
directed toward the formation of strategic alliances, joint venture
arrangements, licensing and distribution agreements, and research and
development agreements. An integral part of this strategy is to aggressively
pursue the sale of all ancillary technology which will enable the Company to
focus its resources exclusively on its core technologies and commercial
non-angioplasty balloon catheter products.
11
<PAGE> 12
PART II OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Reference is made to the Company's report on Form 10-K for the year
ended December 31, 1995 for a description of other legal proceedings to which
the Company became a party during the three (3) months ended March 31, 1996,
which information is incorporated by reference herein.
ITEM 5. OTHER INFORMATION
In March 1996, Aberlyn agreed to discuss a restructuring of all
Company leases. Its restructuring decision will be predicated in part upon the
success of the Company's fund-raising efforts. If such negotiations are not
successful, Aberlyn may assert that the Company is in default of these
obligations, which are secured by certain assets of the Company. The loss of
these assets could have a material adverse effect on the Company's financial
position, results of operations and cash flows.
In July 1995, United States Surgical Corporation ("USSC") elected not
to exercise its option to acquire certain assets. As a result, the Company
retained $1.0 million of the initial payment as a forfeited option fee. The
other $1.0 million is payable to USSC plus interest at 10% per annum. The
note, originally due January 20, 1996 which is collateralized by the Company's
stent technology, was extended to March 15, 1996. On May 9, 1996, the Company
and USSC finalized negotiations to extend the note until September 15, 1996.
The agreement requires payments as follows:
May 22 - $50,000
June 15 - $75,000
July 15 - $75,000
Aug 15 - $75,000
Sep 15 - Remaining Balance
The Company is a party to litigation arising in the ordinary course of
business. Management regularly analyzes current information and, as necessary,
provides accrual for probable liabilities for the eventual disposition of the
matter. In the opinion of management, the ultimate outcome of these matters
will not materially affect the Company's financial position, results of
operations or cash flows.
Refer to the Company's report on Form 10-K for the year ended December
31, 1995 for a description of other legal proceedings to which the Company
became a party during the three (3) months ended March 31, 1996.
In March 1996, the Company entered into a two-year agreement with
Thomas E. Waite & Associates, a consulting firm. The firm will provide
services in exchange for 500,000 shares of common stock. Primarily, the firm
will be providing the Company with all its public relations services. Other
services will be provided on an as-needed basis.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits. The following documents are filed as exhibits to this Report.
11.1 Computation of Loss Per Common Share
27.1 Financial Data Schedule
12
<PAGE> 13
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.
AMERICAN BIOMED, INC.
---------------------
Date: May 14, 1996 /s/ STEVEN B. RASH
---------------------------------
Steven B. Rash
President and
Chief Executive Officer
Date: May 14, 1996 /s/ COLENE F. BLANKINSHIP
---------------------------------
Colene F. Blankinship, CPA
Controller
Chief Accounting Officer
13
<PAGE> 14
INDEX TO EXHIBITS
The following documents are filed as part of this Report:
Exhibit
-------
11.1 Computation of Income (Loss) Per Common Share
27.1 Financial Data Schedule
<PAGE> 1
EXHIBIT 11.1
AMERICAN BIOMED, INC. AND SUBSIDIARIES
COMPUTATION OF LOSS PER COMMON SHARE
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
------------
1995 1996
-----------------------------------
<S> <C>
Computation of loss per common share:
Net loss $ ( 515,903) $( 499,797)
============ ===========
Weighted average shares outstanding 9,234,651 9,505,274
============ ===========
Loss per common share $(.06) $(.05)
===== =====
Computation of loss per common
share assuming full dilution (A):
Weighted average shares outstanding
used in computing net loss per share 9,234,651 9,505,274
=========== ===========
Loss per common share assuming
full dilution $(.06) $(.05)
===== =====
</TABLE>
- - -----------------
(A) This calculation is submitted in accordance with Securities and Exchange
Act of 1934 Release No. 9083 although it is contrary to APB Opinion 15
because it does not result in any dilution.
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000867572
<NAME> AMERICAN BIOMED, INC.
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-31-1996
<PERIOD-END> MAR-31-1996
<EXCHANGE-RATE> 1
<CASH> 83,946
<SECURITIES> 0
<RECEIVABLES> 159,333
<ALLOWANCES> 45,480
<INVENTORY> 380,646
<CURRENT-ASSETS> 654,902
<PP&E> 843,854
<DEPRECIATION> 675,396
<TOTAL-ASSETS> 1,821,700
<CURRENT-LIABILITIES> 4,577,939
<BONDS> 0
<COMMON> 9,505
0
0
<OTHER-SE> (2,977,838)
<TOTAL-LIABILITY-AND-EQUITY> 1,821,700
<SALES> 102,847
<TOTAL-REVENUES> 106,737
<CGS> 99,238
<TOTAL-COSTS> 100,813
<OTHER-EXPENSES> 444,918
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 70,646
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