New York Biomedical Company Makes Changes in Operations.

Byline: Kenneth Aaron

Aug. 17--In his first analysts' conference call as chief executive officer of American Bio Medica Corp., Robert L. Aromando Jr. let people know that things are changing at the perennially struggling company.

But Aromando faced a skeptical crowd during the call to discuss the company's results for fiscal 2001: After all, this is a company that has gone through far more red ink than black. Aside from a handful of spikes in its share price during the past five years, American Bio Medica's stock has been on a steady ride down, hovering lately near $1.

"Quite frankly, we've not created any value for the shareholders today, but we …