<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-QSB
[x] Quarterly report under Section 13 or 15(d) of the Securities Exchange Act
of 1934.
For the quarterly period ended July 31, 1999.
[ ] Transition report under Section 13 or 15 (d) of the Securities
Exchange Act of 1934.
For the transition period from to
Commission File Number: 0-28666
AMERICAN BIO MEDICA CORPORATION
-----------------------------------------------------------------
(Exact name of small business issuer as specified in its charter)
New York 14-1702188
-------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
300 Fairview Avenue, Hudson, New York 12534
-------------------------------------------
(Address of principal executive offices)
800-227-1243
---------------------------
(Issuer's telephone number)
(Not Applicable)
----------------------------------------------------
(Former name, former address and former fiscal year,
if changed since last report)
Check whether the issuer: (1)filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 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.
Yes [X] No [ ]
State the number of shares outstanding of each of the issuer's classes of
common equity as of the latest practicable date:
14,875,190 Common Shares as of August 27,1999
Transitional Small Business Disclosure Format: Yes [ ] No [X]
<PAGE> 2
PART I
FINANCIAL INFORMATION
AMERICAN BIO MEDICA CORPORATION
BALANCE SHEETS
<TABLE>
<CAPTION>
APRIL 30 JULY 31,
1999 1999
(UNAUDITED)
-------------- ----------------
ASSETS
------
<S> <C> <C>
Current assets
Cash and cash equivalents $ 131,000 $ 39,000
Investments - available for sale 719,000 446,000
Accounts receivable - net of allowance 1,021,000 1,351,000
Inventory 1,834,000 1,727,000
Prepaid expenses 97,000 90,000
-------------- ----------------
Total current assets 3,802,000 3,653,000
Property, plant and equipment, net 351,000 358,000
Due from officer 280,000 284,000
Other assets 2,000 7,000
-------------- ----------------
Total assets $ 4,435,000 $ 4,302,000
============== ================
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Current liabilities
Accounts payable and accrued expenses $ 1,149,000 $ 1,185,000
Payable to preferred stockholder 130,000 32,000
Note payable - stockholder 125,000 128,000
Current portion of capital lease obligations 11,000 12,000
-------------- ----------------
Total current liabilities 1,415,000 1,357,000
Long term portion of capital lease obligations 47,000 43,000
-------------- ----------------
Total liabilities 1,462,000 1,400,000
-------------- ----------------
Stockholders' equity:
Preferred stock; par value $.01 per share; 5,000,000 shares
authorized; 1,536 and 1,565 shares Series D, 8% cumulative
convertible, issued and outstanding (face values $1,536,000
and $1,565,000 at April 30,1999 and July 31, 1999) 0 0
Common stock; par value $.01 per share; 30,000,000 shares authorized;
14,875,190 shares issued and outstanding at April 30, 1999
and July 31, 1999 149,000 149,000
Additional paid-in capital 12,326,000 12,358,000
Subscription receivable (9,000) (9,000)
Unearned portion of compensatory options (13,000) (13,000)
Unrealized loss on investments available for sale (56,000) (100,000)
Accumulated deficit (9,424,000) (9,483,000)
-------------- ----------------
Total stockholders' equity 2,973,000 2,902,000
-------------- ----------------
-------------- ----------------
Total Liabilities and Stockholders' Equity $ 4,435,000 $ 4,302,000
============== ================
</TABLE>
See accompanying notes to financial statements
2
<PAGE> 3
AMERICAN BIO MEDICA CORPORATION
STATEMENTS OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
FOR THE THREE MONTHS ENDED
JULY 31,
------------------------------------------
1998 1999
------------------- -------------------
<S> <C> <C>
Net Sales $ 1,308,000 $ 2,127,000
Cost of goods sold 514,000 1,082,000
------------------- -------------------
Gross profit 794,000 1,045,000
------------------- -------------------
Operating expenses:
Selling, general and administrative 1,031,000 890,000
Depreciation and amortization 18,000 9,000
Research and development 50,000 235,000
Write-off of bad debts 0 17,000
------------------- -------------------
1,099,000 1,151,000
------------------- -------------------
Operating loss (305,000) (106,000)
------------------- -------------------
Other income and expense:
Gain on sale of marketable securities 0 58,000
Interest income 29,000 27,000
Interest expense 0 (6,000)
------------------- -------------------
29,000 79,000
------------------- -------------------
Net loss $ (276,000) $ (27,000)
Adjustments:
Preferred stock beneficial conversion feature (123,000) (123,000)
Preferred stock dividends (54,000) (32,000)
------------------- -------------------
Net loss attributable to common shareholders $ (453,000) $ (182,000)
=================== ===================
Basic and diluted net loss per common share $ (0.03) $ (0.01)
Weighted average shares outstanding -
basic and diluted 14,291,462 14,875,190
=================== ===================
AMERICAN BIO MEDICA CORPORATION
STATEMENT OF COMPREHENSIVE LOSS
Net loss $ (276,000) $ (27,000)
Other comprehensive loss:
Unrealized loss on investments (44,000)
------------------- -------------------
Comprehensive loss $ (276,000) $ (71,000)
=================== ===================
</TABLE>
See accompanying notes to financial statements
3
<PAGE> 4
AMERICAN BIO MEDICA CORPORATION
STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
FOR THE THREE MONTHS ENDED
JULY 31,
-----------------------------------
1998 1999
---------------- ----------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (276,000) $ (27,000)
Adjustments to reconcile net loss
to net cash used in operating activities:
Amortization and depreciation 18,000 24,000
Provision for bad debts 17,000
Accrued interest (4,000)
Changes in:
Accounts receivable (297,000) (347,000)
Inventory (176,000) 107,000
Prepaid expenses and other current assets (88,000) 7,000
Other assets (12,000) (5,000)
Accounts payable and accrued expenses (203,000) 41,000
---------------- ----------------
Net cash used in operating activities (1,034,000) (187,000)
---------------- ----------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment (109,000) (31,000)
Purchase of investments (73,000)
Sale and maturity of investments 342,000
Gain on sale of investments (39,000)
Loans to officer (13,000)
---------------- ----------------
Net cash (used in) provided by investing activities (122,000) 199,000
---------------- ----------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of warrants and options 6,000
Settlement of registration rights agreement (100,000)
Capital lease payments (4,000)
---------------- ----------------
Net cash provided by (used in) financing activities 6,000 (104,000)
---------------- ----------------
NET (DECREASE) IN CASH AND
CASH EQUIVALENTS (1,150,000) (92,000)
Cash and cash equivalents - beginning of period 3,239,000 131,000
---------------- ----------------
CASH AND CASH EQUIVALENTS - END OF PERIOD $ 2,089,000 $ 39,000
================ ================
NONCASH ACTIVITIES:
Stock dividends paid to holders of preferred stock 31,000
Dividend accrued not yet paid 32,000
</TABLE>
See accompanying notes to financial statements
4
<PAGE> 5
Notes to Financial Statements
July 31, 1999
Note A - Basis of Reporting
The accompanying unaudited financial statements have been prepared in
accordance with generally accepted accounting principles for interim financial
information and with the instructions to Form 10-Q. Accordingly, they do not
include all of the information and footnotes required by generally accepted
accounting principles for complete financial statements. In the opinion of
management, such statements include all adjustments (consisting only of normal
recurring items) which are considered necessary for a fair presentation of the
financial position of American Bio Medica Corporation (the "Company") at July
31, 1999, and the results of its operations, and cash flows for the three-month
period then ended. The results of operations for the three-month period ended
July 31, 1999 are not necessarily indicative of the operating results for the
full year. It is suggested that these financial statements be read in
conjunction with the financial statements and related disclosures for the year
ended April 30, 1999 included in the Company's Form 10-KSB.
During the year ended April 30, 1999, the Company sustained a net loss of
$1,691,000 and had net cash outflows from operating activities of $2,008,000.
The Company is in the process of taking a number of steps to improve its
financial prospects including focusing its efforts on sales of existing
products, implementing certain cost reductions and production efficiencies and
taking other measures to enhance profit margins. As a result the Company was
able to reduce its net loss to $27,000 and its net cash outflows to $187,000 for
the three-month period ended July 31, 1999.
Note B - Net Loss Per Share of Common Stock
The Company adopted Statement of Financial Accounting Standards ("SFAS")
No. 128, Earnings Per Share," in the year ended April 30, 1998. Accordingly, the
presentation of per share information includes calculations of basic and
dilutive loss per share. The effect of potential common shares such as warrants,
options, and convertible preferred stock has not been included, as the effect
would be anti-dilutive.
When preferred stock is convertible to common stock at a conversion rate that is
the lower of a rate fixed at issuance or a fixed discount from the common stock
market price at the time of conversion, the discounted amount is an assured
incremental yield, the "beneficial conversion feature", to the preferred
shareholders and should be accounted for as an embedded dividend to preferred
shareholders. As such, the loss per common share was adjusted for this feature.
Note C - Litigation
In February 1994, Robert Friedenberg, as former owner of the two medical
technology companies. MDI and Gendex, acquired by the Company, in the name of
these corporations, filed for a declaratory judgment in Maryland that a Share
Exchange Agreement had been rescinded. In order to make a claim for damages, the
Company filed a third-party claim against Dr. Friedenberg for breach of the
Share Exchange Agreement and fraud. In November 1995, after a trial, the court
denied Dr. Friedenberg's request for a declaration of rescission and allowed the
Company's third-party claim to proceed to trial. In September 1996, Dr.
Friedenberg died.
The Company's third party claim was decided by a jury on May 5, 1997. The
verdict determined that Dr. Friedenberg breached the Share Exchange Agreement
when he failed to deliver drug screening know how technology to the Company. The
jury also found in favor of the Company on two of three fraud claims against Dr.
Friedenberg and awarded the Company approximately $321,000 in damages. Dr.
Friedenberg's estate, just prior to the jury trial, filed a supplemental claim
for the shares of the Company which he would have received under the Share
Exchange Agreement. The trial judge on July 17, 1998, ruled that the estate of
Dr. Friedenberg is entitled to 5,907,154 common shares of the Company. The
Company appealed that ruling and on April 1, 1999 a hearing was held in the
Court of Special Appeals in Maryland. The Company is awaiting the appellate
decision. Management, in consultation with counsel, is of the opinion that the
trial judge's award of the shares to Dr. Friedenberg's estate will be reversed
on appeal.
5
<PAGE> 6
Pending the resolution of the Company's appeal, the trial judge has ordered that
the shares be issued in the name of Dr. Friedenberg's wife and placed in escrow
or that the Company post a bond. The Company has applied for a stay of this
order. If the trial judge's order is not stayed, the issuance of such shares or
the posting of the required bond could have a significant negative effect on the
market price of the shares. Pending the resolution of the Company's appeal of
the trial judge's award of the shares to Dr. Friedenberg's estate, the Company's
ability to raise capital through the future sale of equity securities may be
materially impaired. If the trial judge's award of the shares is not reversed on
appeal, the issuance of such shares would have a significant negative effect on
the market price of the shares.
In June 1995, the Company filed a lawsuit against Jackson Morris, the lawyer who
was in charge of drafting and advising it on the Share Exchange Agreement. Mr.
Morris, who had been recommended to the Company by Dr. Friedenberg, is alleged
by the Company to have breached his fiduciary duty to the Company by later
advising Dr. Friedenberg, individually, on how to rescind the Share Exchange
Agreement. Mr. Morris is also charged with negligence in drafting the Share
Exchange Agreement. The Company's lawsuit demands damages in the amount of
$1,000,000. Mr. Morris has counterclaimed as a party to the Share Exchange
Agreement and seeks common shares. No trial date has been set. The Company is
vigorously contesting the Morris claim.
On January 26, 1999, the Company was granted a U.S. Patent for the design of the
Multiple Test Card. On April 7, 1999, the Company filed suit in the federal
court in Delaware against Phamatech, Inc. of California, Peninsula Drug Analysis
Co., Inc. and James T. Ramsey of Virginia, as well as Dipro Diagnostic Products,
Inc. and Dipro Diagnostic Products of North America claiming patent
infringement, trademark dilution, and unfair competition.
On the following day, Phamatech Inc. filed suit in the federal court in San
Diego, California asking for a declaration that the Company's patent is invalid.
It also claimed breach of contract damages for an alleged non-payment of
invoices by the Company. Over Phamatech's objection and at the request of the
Company, the California suit has been stayed by the San Diego court pending a
decision by the Delaware court on the defendant's motions that they are not
subject to jurisdiction in Delaware and that the trial should be in California.
A decision by the Delaware court is expected by mid-August, 1999. If it retains
the Company's case, all pending claims would be decided in that proceeding.
In June 1999, an individual filed suit in New York claiming that two private
placement memoranda dated respectively September 15, 1992 and February 5, 1993,
obligated the Company to issue him 1,555,601 common shares of the Company. The
claim is that he is entitled to the common shares in consideration of brokering
the acquisitions subject to the Share Exchange Agreement with Dr. Friedenburg.
In addition, the individual is claiming a finder's fee of five percent of the
funds raised by the September 1992 private placement. He alleges that a sum of
one million dollars was raised. Finally, he claims that he is entitled to a
consulting fee of $24,000. Management denies the claims and intends to
vigorously contest the suit.
Note D - Registration Penalty
On May 28, 1999, the Company entered into a definitive Agreement as of
April 30, 1999 (the "1999 Agreement") to settle all claims against the Company,
including the late registration penalty and certain other claims under the
Securities Purchase Agreement dated April 24, 1998. Pursuant to the 1999
Agreement, the Company gave as consideration $225,000 on June 1, 1999 ($100,000
in cash and a one-year promissory note in the principal amount of $125,000
accruing interest at the rate of 14% annually).
6
<PAGE> 7
Item 2. Management's Discussion and Analysis or Plan of Operation
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
for the three months ended July 31, 1999 and 1998
The following discussion of the Company's financial condition and results
of operations should be read in conjunction with the Financial Statements and
Notes thereto appearing elsewhere in this document.
The Private Securities Litigation Reform Act of 1995 provides a
safe harbor for forward-looking statements. In order to comply with the terms of
the safe harbor, the Company notes that except for the description of historical
facts contained herein, the Registration Statement contains certain
forward-looking statements that involve risks and uncertainties as detailed
herein and from time to time in the Company's filings with the Securities and
Exchange Commission and elsewhere. Such statements are based on Management's
current expectations and are subject to a number of factors and uncertainties
which could cause actual results to differ materially from those described in
the forward-looking statements. These factors include, among others: (a) the
Company's fluctuations in sales and operating results, risks associated with
international operations and regulatory, competitive and contractual risks and
product development; (b) the ability to achieve strategic initiatives, including
but not limited to the ability to achieve sales growth across the business
segments through a combination of enhanced sales force, new products, and
customer service; and (c) acquisitions.
Year 2000 Issues
The Company has completed its assessment of Year 2000 compliance with respect to
its products that are currently being sold to customers and has concluded that
all significant products are compliant. With respect to third parties, the
Company is in the process of identifying and contacting its significant
suppliers and will shortly begin to contact its major customers to determine the
extent to which the Company may be vulnerable to such third parties' failure to
address their own year 2000 issues. As a result, the Company's assessment will
be substantially dependent on information provided by third parties. The Company
expects to materially complete this assessment process before December 1999.
Based upon the Company's current estimates, additional out-of-pocket costs
associated with its Year 2000 compliance are expected to be minimal. Such costs
do not include internal management time, which is not expected to be material to
the Company's results of operations or financial condition.
7
<PAGE> 8
Results of operations for the three months ended July 31, 1999 as compared
to the three months ended July 31, 1998.
- --------------------------------------------------------------------------------
During the three months ended July 31, 1999, the Company continued its
extensive program to market and distribute its primary product, the Rapid Drug
Screen(TM). As a result, revenues from the sale of the test kits were $2,031,000
for the three months ended July 31, 1999 as compared to $1,165,000 for the three
months ended July 31, 1998, representing an increase of $866,000 or 74.3% over
the preceding year. With respect to drug test kits, cost of goods sold for the
three months ended July 31, 1999 was $1,061,000 or 52.2% of drug test revenues
as compared to $487,000 or 41.8% of drug test revenues for the three months
ended July 31, 1998. In an effort to lower this cost, the Company has undertaken
an extensive cost reduction program aimed specifically at its in-place
production process and expects further savings in the coming year. It is
expected that with the commencement of its in-house manufacturing of drug test
strips, that further significant savings can be achieved.
Revenues from book sales were $96,000 for the three months ended July
31, 1999 as compared to $143,000 for the three months ended July 31, 1998
representing an decrease of $47,000 or 32.9%. Cost of goods sold for the three
months ended July 31, 1999 was $21,000 (21.9% of book sales) as compared to
$27,000 (18.9% of book sales) for the three months ended July 31, 1998. The
Company is currently negotiating to sell the book segment business.
General and administrative costs for the three months ended July 31,
1999 were $890,000, a decrease of 13.7% over expenses of $1,031,000 for the
three months ended July 31, 1998. As a percent of sales, this cost decreased
37.0% during the current year. These costs are expected to continue to decrease
despite anticipated sales growth.
As a result of relocating its marketing department to New York,
marketing and promotion costs amounted to $54,000 or 2.5% of sales for the three
months ended July 31,1999.
Depreciation and amortization was $24,000 and $18,000 for the three
months ended July 31, 1999 and 1998, respectively.
Research and development expense amounted to $235,000 for the three
months ended July 31, 1999 as compared to $50,000 for the three months ended
July 31,1998. This increase in research and development represents a
continuation of managements efforts to develop improved methods to reduce the
cost of manufacturing its drug test kits.
Net loss from operations amounted to $(27,000) for the three months
ended July 31, 1999 as compared to $(276,000) for the three months ended July
31, 1998, due primarily to increased sales and a decrease in selling, general
and administrative expenditures.
8
<PAGE> 9
Liquidity and capital resources as of the three months ended July 31, 1999.
- --------------------------------------------------------------------------------
The Company's cash and cash equivalents combined with short-term
investments amounted to $485,000 at July 31, 1999 representing a decrease of
$365,000 or 42.9% over $850,000 as of the year ended April 30, 1999. Working
capital decreased $91,000 or 3.8% to $2,296,000 as of the three months ended
July 31, 1999, over $2,387,000 recorded as of the year ended April 30, 1999.
The decrease in working capital resulted primarily from payment of
$100,000 in partial settlement of a late registration penalty demanded by the
Series D preferred shareholders in June 1999. On May 28, 1999, the Company
entered into a definitive Agreement as of April 30, 1999 (the "1999 Agreement")
to settle all claims against the Company, including the late registration
penalty and certain other claims under the Securities Purchase Agreement dated
April 24, 1998. Pursuant to the 1999 Agreement, the Company gave as
consideration $225,000 on June 1, 1999 ($100,000 in cash and a one-year
promissory note in the principal amount of $125,000 accruing interest at the
rate of 14% annually).
The Company has entered into a one-year lease agreement with option to
purchase a 26,000 square foot fully constructed building in Kinderhook, N.Y. for
$1.3 million subject to the removal of certain existing zoning restrictions.
This move will permit the consolidation of its marketing effort and provide
space necessary for continued growth.
As a result of strong three-month sales of the Rapid Drug Screen,
accounts receivable increased $330,000 or 32.3% to $1,351,000 for the three
months ended July 31, 1999 compared to $1,021,000 for the year ended April 30,
1999.
Inventories decreased 5.8% to $1,727,000 for the three months ended
July 31, 1999 or $107,000 below $1,834,000 recorded for the year ended April 30,
1999.
Prepaid expenses primarily for future trade shows and conferences
decreased $7,000 to $90,000 for the three months ended July 31, 1999.
Accounts payable and accrued expenses increased $36,000 for the three
months ended July 31, 1999 due primarily to an increase in legal fees.
The Company's primary short-term needs are to increase its
manufacturing capabilities, decrease current inventory levels and continue to
support its research and development programs. The Company currently plans to
expend approximately $0.3 million for the expansion and development of its
manufacturing facilities in addition to its marketing and general administrative
programs.
The Company expects its capital requirements to increase over the next
several years as it continues its research and development efforts and improves
its manufacturing capabilities and facilities. The Company's future liquidity
and capital funding requirements will depend on numerous factors, including the
extent to which the Company's products under development are successfully
developed and gain market acceptance, the timing of regulatory actions regarding
the Company's potential products, the costs and timing of expansion of sales,
marketing and manufacturing activities, facilities expansion needs, procurement
and enforcement of patents important to the Company's business, results of
clinical investigations and competition.
The Company believes that its available cash and cash from operations
will be sufficient to satisfy its funding needs to April 30, 2000. Thereafter,
if cash generated from operations is insufficient to satisfy the Company's
working capital and capital expenditure requirements, the Company may be
required to sell additional equity or debt securities or obtain additional
credit facilities. Pending the resolution of the Company's appeal of the trial
judge's award of the shares to Dr. Friedenberg's estate, the Company's ability
to raise capital through the future sale of equity securities or obtain
additional credit facilities may be materially impaired. As a result, there can
be no assurance that such financing, if required, will be available on
satisfactory terms, if at all.
9
<PAGE> 10
PART II
OTHER INFORMATION
Item 1. Legal Proceedings.
In February 1994, Robert Friedenberg, as former owner of the two medical
technology companies, MDI and Gendex, acquired by the Company, in the name of
these corporations, filed for a declaratory judgement that a Share Exchange
Agreement had been rescinded. In order to make a claim for damages, the Company
filed a third-party claim against Dr. Friedenberg for breach of the Share
Exchange Agreement and fraud. In November 1995, after a trial, the court denied
Dr. Friedenberg's request for a declaration of rescission and allowed the
Company's third-party claim to proceed to trial. In September, 1996, Dr.
Friedenberg died.
The Company's third-party claim was decided by a jury on May 5, 1997.
The verdict determined that Dr. Friedenberg breached the Share Exchange
Agreement, when he failed to deliver drug screening know how technology to the
Company. The jury also found in favor of the Company on two of the three fraud
claims against Friedenberg and awarded the Company approximately $321,000 in
damages. Friedenberg's estate, just prior to the jury trial, filed a
supplemental claim for the shares of the Company's stock which he would have
received under the Share Exchange Agreement. The trial judge took this
supplemental claim under advisement. The trial judge, on July 17, 1998, ruled
that the estate of Dr. Friedenberg is entitled to 5,907,154 common shares of the
Company. The Company has filed an appeal. Management of the Company in
consultation with counsel is of the opinion that the trial judge's award of the
shares to Dr. Friedenberg's estate will be reversed on appeal.
Pending the resolution of the Company's appeal, the trial judge has
ordered that the shares be issued in the name of Dr. Friedenberg's wife and
placed in escrow or that the Company post a bond. The Company has applied for a
stay of this order. If the trial judge's order is not stayed, the issuance of
such shares or the posting of the required bond could have a significant
negative effect on the market price of the shares. Pending the resolution of the
Company's appeal of the trial judge's award of the shares to Dr. Friedenberg's
estate, the Company's ability to raise capital through the future sale of equity
securities may be materially impaired. If the trial judge's award of the shares
is not reversed on appeal, the issuance of such shares would have a significant
negative effect on the market price of the shares.
In June 1995, the Company filed against Jackson Morris, the lawyer who
was in charge of drafting and advising it on the Share Exchange Agreement. Mr.
Morris, who had been recommended to the Company by Dr. Friedenberg, is alleged
by the Company to have breached his fiduciary duty to the Company by later
advising Dr. Friedenberg, individually, on how to rescind the Share Exchange
Agreement. Mr. Morris is also charged with negligence in drafting the Share
Exchange Agreement. The Company's lawsuit demands damages in the amount of
$1,000,000. Mr. Morris has counterclaimed as a party to the Share Exchange
Agreement and seeks common shares. No trial date has been set. The Company is
vigorously contesting the Morris Claim.
Item 2. Changes in Securities
None.
Item 3. Defaults upon Senior Securities
None.
Item 4. Submission of Matters to a Vote of Security-Holders
None.
10
<PAGE> 11
SIGNATURES
In accordance with the requirements of the Securities Exchange Act of 1934,
the registrant has caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
AMERICAN BIO MEDICA CORPORATION
(Registrant)
By: /s/Stan Cipkowski
------------------
Stan Cipkowski,
President and Principal
Executive Officer
By: /s/John F. Murray
--------------------
John F. Murray,
Treasurer and Principal
Financial Officer
Dated: August 30, 1999
11
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FINANCIAL
STATEMENTS FOR THE THREE MONTH PERIOD ENDED JULY 31, 1999 AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> JUL-31-1999
<CASH> 39,000
<SECURITIES> 446,000
<RECEIVABLES> 1,399,000
<ALLOWANCES> 48,000
<INVENTORY> 1,727,000
<CURRENT-ASSETS> 3,653,000
<PP&E> 499,000
<DEPRECIATION> 141,000
<TOTAL-ASSETS> 4,302,000
<CURRENT-LIABILITIES> 1,357,000
<BONDS> 0
0
0
<COMMON> 149,000
<OTHER-SE> 2,753,000
<TOTAL-LIABILITY-AND-EQUITY> 4,302,000
<SALES> 2,127,000
<TOTAL-REVENUES> 2,127,000
<CGS> 1,082,000
<TOTAL-COSTS> 1,151,000
<OTHER-EXPENSES> (85,000)
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 6,000
<INCOME-PRETAX> (27,000)
<INCOME-TAX> 0
<INCOME-CONTINUING> (27,000)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (27,000)
<EPS-BASIC> (0.01)
<EPS-DILUTED> (0.01)
</TABLE>
