American Bio Medica Reports Record Fiscal 1999 Sales With Significant Top and Bottom Line Improvements
HUDSON, N.Y.--(BUSINESS WIRE)--July 29, 1999--American Bio Medica Corp. (NASDAQ:ABMC - news) Thursday announced the audited results for the year ended April 30, 1999. Fiscal 1999 net sales more than tripled to $7,038,000 from $2,154,000 last year as a result of the company's continued success in expanding its sales efforts and targeting additional sectors of the on-site drug testing industry.
Gross profit rose in the year ended April 30, 1999 to $3,682,000, or 52 percent of net sales, as compared to $1,103,000 in fiscal 1998. Net income improved to $(1,691,000), or $(0.15) per share, in fiscal 1999 from $(4,390,000), or $(0.35) per share, for the year ended April 30, 1998.
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