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news.American Bio Medica has reported that net sales for the year ended December 31, 2007 were $13.87 million compared to $13.83 million for fiscal year ended December 31, 2006, representing an increase in sales of $34,000 or less than 1%.
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The operating loss for 2007 was $856,000 compared to operating income of $251,000 in 2006. The company reported a net loss of $990,000, or $0.05 per share, for 2007 compared to a net income of $196,000, or $0.01 per share for 2006.
Net sales for the fourth quarter of 2007 were $3.34 million, an increase of $167,000, or 5.2% from $3.18 million reported in the fourth quarter of 2006. Operating income for the fourth quarter of 2007 was $6,000 compared to operating income of $107,000 for the fourth quarter of 2006. Net loss for the fourth quarter of 2007 was $28,000, compared to net income of $104,000, reported for the fourth quarter of 2006.
Stan Cipkowski, CEO of American Bio Medica, said: “In 2008 we expect to achieve growth in our core markets and enter new markets with our strategic alliances already in place. At the same time, we expect to keep expenses in line and maintain acceptable gross margins.”