AgriBioTech Inc. reports 1996 fiscal year results; record growth in sales, assets and equity continues - losses continue as anticipated.LAS VEGAS--(BUSINESS WIRE)--Sept. 30, 1996--Dr. Johnny R. Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs , CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of AgriBioTech Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ABTX) Monday announced that fiscal 1996, ended June 30, 1996, had record revenues of $25,961,541 (up 446%) as compared with $4,753,608 for the comparable preceding 12 month period. Assets and equity increased to $26,183,788 and $14,022,496, respectively, as compared with $8,014,002 and $6,332,635 on June 30, 1995. Losses were $3,324,132 or 45 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. for fiscal 1996 as compared with $1,804,208 or 35 cents per share for the comparable preceding 12 month period and $1,406,687 or 26 cents per share for the nine month period ended June 30, 1995, when the company changed its fiscal year end. Thomas, CEO and president, noted that he is extremely pleased that the fiscal 1996 results confirm the company is on schedule in its acquisition and consolidation plan. The company has completed 10 acquisitions to date, which provide annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenues of about $37 million. The company expects to close its eleventh In music or music theory an eleventh is the note eleven scale degrees from the root of a chord and also the interval between the root and the eleventh. Since there are only seven degrees in a diatonic scale the eleventh degree is the same as the subdominant and the interval and largest acquisition soon, with annual revenues of approximately $20 million. Closing of this acquisition will make the company the fourth largest in the forage forage Vegetable food, including corn and hay, of wild or domestic animals. Harvested, processed, and stored forage is called silage. Forage should be harvested in early maturity to avoid a decrease in protein and fibre content as crops mature. seed sector, with annualized revenues of approximately $57 million. Revenues and losses for the fourth quarter of fiscal 1996 were $9,285,126 and $1,358,556 or 18 cents per share, respectively, as compared with $2,776,970 and $744,709 or 11 cents per share for the comparable quarter of the preceding year. Losses for the fourth quarter were a reflection of the seasonality of the seed business and the company's business plan. The company had budgeted losses from inception through December 1996. Fiscal 1995 and 1996 losses are primarily the result of building infrastructures ahead of revenues and a time lag for implementing synergies. The company expects revenue growth to continue to significantly exceed growth in G&A expenses. There is a time lag before all synergies can be implemented due to seed production contracts which are generally three years for perennial perennial, any plant that under natural conditions lives for several to many growing seasons, as contrasted to an annual or a biennial. Botanically, the term perennial crops and the desire to nurture NURTURE. The act of taking care of children and educating them: the right to the nurture of children generally belongs to the father till the child shall arrive at the age of fourteen years, and not longer. Till then, he is guardian by nurture. Co. Litt. 38 b. existing relationships. The company's third quarter (January to March 1997) is expected to be the first profitable quarter and fiscal 1997 is expected to be the company's first profitable year. The audited financial statements confirm that the company meets the financial requirements for listing on the National Market Systems (NMS See NetWare Management System. ) of NASDAQ, as reported by the company in its May 1 filing. Subsequent to receiving audited financials, NASDAQ has confirmed that the company meets all financial requirements. The only remaining issue is that the bid price of the company's common stock is currently below NASDAQ's listing requirement, although it was substantially above such requirements when the company applied for NMS listing. Management is continuing to discuss this issue with NASDAQ. -0-
AgriBioTech Inc.
Audited Consolidated Financial Information/a
In thousands, except net (loss) per share
FY 1996 FY 1995/b FY 1994
Net Sales $25,962 $4,754 $ 29 Assets 26,184 8,014 765 Equity 14,022 6,333 504 Net (Loss) (3,324) (1,407) (890) Net (Loss) Per Share (45 cents) (26 cents) (23 cents) Average Shares 7,459 5,485 3,911 NOTE a/: Assets and equity numbers are at year end for each audit period. NOTE b/: Nine-month period due to change in year end from Sept. 30 to June 30. ABT ABT About ABT Abteilung (German: Department) ABT Abbott Laboratories (stock symbol) ABT American Ballet Theatre ABT Associação Brasileira de Telemarketing ABT Abort ABT Availability Based Tariff is rapidly becoming a fully integrated forage and turf turf: see lawn. turf In horticulture, the surface layer of soil with its matted, dense vegetation, usually grasses grown for ornamental or recreational use. seed company complete with research & development of proprietary seed varieties, manufacturing and processing plants, and a national distribution network. The company has completed 10 acquisitions during the past 20 months and expects to acquire several more forage and turf seed companies in fiscal 1997. The statements discussed in this news release include forward looking statements that involve a number of risks and uncertainties. These include the company's lack of profitability, need to manage its growth, intense competition in the seed industry, seasonality of quarterly results, and other risks detailed from time to time in the company's SEC reports. CONTACT: AgriBioTech Inc. John C. Francis, 702/798-1969 or Liviakis Financial Communications Robert B. Prag, 916/448-6084 |
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