Agritek announces six months results.MONTREAL--(BUSINESS WIRE)--Aug. 28, 1996--AGRITEK BIO bi·o n. pl. bi·os Informal 1. A biography. 2. A biographical sketch or outline. INGREDIENT
An ingredient is something that forms part of a mixture (in a general sense). (ME: AGK AGK Astronomische Gesellschaft Katalog (Astronomical Society Catalog, Germany) AGK Access Gatekeeper ) -- Agritek Bio Ingredients Corporations ("Agritek") today announced that sales for the first half of 1996 increased to $11.6 million from $11.2 million for the first half of 1995, or by 3.4 percent. Sales for the latest quarter were $5.5 million, representing an increase of 2.6 percent over those for the second quarter of 1995. These increases, which are lower than expected, were largely due to the adverse impact of the record prices for cereal cereal or grain Any grass yielding starchy seeds suitable for food. The most commonly cultivated cereals are wheat, rice, rye, oats, barley, corn, and sorghum. As human food, cereals are usually marketed in raw grain form or as ingredients of food products. grains which prevailed for most of the first half. Grain prices have now begun to trend downwards down·ward adv. or down·wards 1. In, to, or toward a lower place, level, or position: floating downward. 2. . Gross profit increased to $5.3 million in the first half of 1996 from $4.7 million in the comparable period of 1995, or by $0.6 million. Except for Gateway, all of the Company's operations contributed to this increase. Expressed as a percentage of sales, gross profit increased to 44.5 percent in 1996 from 41.9 percent in 1995, or by 2.6 percent. All of the Company's operations, except Agrimerica, contributed to the latter increase. Selling and marketing, general and administrative, and research and development expenses increased to $5.6 million in the first half of 1996 from $4.7 million in the comparable period of 1995. A large portion of the increase was caused by the higher general and administrative expenses incurred by Agrimerica as a result of higher staffing levels and non-recurring settlements to former employees. Higher selling and marketing expenses incurred by Santel as a result of its ongoing efforts to broaden its market form its traditional base of France and Belgium Belgium (bĕl`jəm), Du. België, Fr. La Belgique, officially Kingdom of Belgium, constitutional kingdom (2005 est. pop. 10,364,000), 11,781 sq mi (30,513 sq km), NW Europe. to most countries of Western and Eastern Europe Eastern Europe The countries of eastern Europe, especially those that were allied with the USSR in the Warsaw Pact, which was established in 1955 and dissolved in 1991. also contributed to the increase. Overall, the Company incurred a net loss of $1.6 million or $0.13 per share for the first half of 1996 as compared to a net loss of $1.3 million or $0.12 per share for the comparable period of 1995. Cash used by operations decreased to $0.4 million in the first half of 1996 form $1.1 million in the first half of 1995, or by $0.7 million, primarily as a result of the Company's efforts to better manage its assets. Agritek develops, manufactures and markets natural feed additives for the agricultural industry and is traded on the Montreal Exchange Montreal Exchange A Canadian derivatives exchange that facilitates the trading of stock options, interest rate futures and options, as well as index options and futures. Located in Montreal, Quebec, it is the country's main financial derivative market, while the Winnipeg - Symbol AGK. Financial Summary _________________ The following is a summary of the consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: statement of earnings and the consolidated balance sheet consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. : ($ thousands, except per share amounts) -0-
Three months ended Six months ended
June 30 June 30
__________________ ________________
1996 1995 1996 1995
Revenues 5,487 5,348 11,619 11,241 Gross profit 2,442 2,238 5,315 4,745 Selling and marketing expenses 1,384 1,500 2,791 2,652 General and administrative expenses 1,141 394 2,163 1,276 Research and development expenses 290 563 681 768 Net loss 1,062 949 1,582 1,330 Net loss per share $0.09 $0.09 $0.13 $0.12 Current assets 8,128 9,649 Total assets 22,019 23,409 Current liabilities 7,391 6,509 Convertible debentures 6,819 6,862 Other long-term debt and capital leases 3,099 4,057 Shareholders' equity 4,711 5,981 CONTACT: Agritek Bio Ingredients Corporation Ray Padgham, 514/935-2581; 514/935-5167 (fax) |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion