Alta Genetics Inc. Reports Revenues up 12 Percent to $12.7 Million For The Third Quarter of 1996.CALGARY, Alberta--(BUSINESS WIRE)--Oct. 30, 1996--Alta Genetics genetics, scientific study of the mechanism of heredity. While Gregor Mendel first presented his findings on the statistical laws governing the transmission of certain traits from generation to generation in 1856, it was not until the discovery and detailed study of Inc. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : AGI (Artificial General Intelligence) A machine intelligence that resembles that of a human being. Considered impossible by many, most artificial intelligence (AI) research, projects and products deal with specific applications such as industrial robots, playing chess, .) -0-
ALTA GENETICS INC.
SELECTED FINANCIAL DATA
(All data in thousands except per share amounts)
Three months to Nine months to
September 30 September 30
1996 1995 1996 1995
---- ---- ---- ----
Revenues 12,656 11,328 33,903 29,312
Earnings (Loss) before
interest, income taxes 639 1,575 (280) 4,093
Net Earnings (Loss) 276 537 (1,289) 2,124
Earnings per Share (basic) $0.03 $0.08 ($0.35) $0.36
Earnings per Share (fully
diluted) $0.03 $0.08 ($0.35) $0.32
Avg. common shares
outstanding (basic) 4,989 4,989 4,989 4,989
Avg. common shares
outstanding (fully diluted) 7,591 7,141 7,574 6,668
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Revenues of $12.7 million for the third quarter of 1996 were up 12 percent over revenues of $11.3 million for the third quarter of 1995. This increase is due primarily to dairy semen semen or seminal fluid Whitish viscous fluid emitted from the male reproductive tract that contains sperm and liquids (seminal plasma) that help keep them viable. sales in export markets. International sales now account for 48 percent of revenues this quarter, compared to 39 percent for the same quarter last year as a result of higher sales in Europe, and Brazil. As of July 1st, we began to market semen from all of our Canadian proven sires proven sire a sire whose genetic credentials have been established by the production performances of his offspring in a properly conducted progeny test. directly through our own distribution network, rather than through Semex. New sire ratings released in early July 1996 strengthened our sire lineup A criminal investigation technique in which the police arrange a number of individuals in a row before a witness to a crime and ask the witness to identify which, if any, of the individuals committed the crime. . We are pleased with our increasing level of sales which is confirmation that our transition to a direct marketing structure is progressing very well, and that our sires are competitive in the global marketplace. Gross Profit of 55 percent of revenues for this quarter represents a decrease from 61 percent for the third quarter last year due to product mix and inventory pool costs for produced semen. The higher level of investment we are marking in expanding our global selling and marketing network primarily accounts for the increase in expenses and the reduction in earnings. This strategy along with decreased gross profit percent, has reduced earnings per share to $0.03 fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. compared to $0.08 for the same quarter last year. Although this strategy has depressed profits in the short term, we are confident that this will result in improved sales and profitability for our shareholders in the future. Activities during the third quarter continued to focus on implementing our strategy to expand globally. The acquisition of an equity position in Genebanque NZ Ltd. in September gives us a direct entry into the New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. market, known for its low cost dairy producers and strong exports. Alta Genetics is engaged in the production, research and marketing of products and services based on cattle genetics. The company specializes in bull semen, cow embryos, live cattle, and reproductive technologies Reproductive technology is a term for all current and anticipated uses of technology in human and animal reproduction, including assisted reproductive technology, contraception and others. . Research is focused on the application of technology to maintain the company's worldwide reputation for quality genetics. Alta Genetics has sales in over 50 countries, other than Canada, which currently provide 75 percent of the company's revenues. Common shares of Alta Genetics Inc. trade on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol "AGI". CONTACT: Alta Genetics Inc. Douglas G. Blair, 403/239-8882 or Alta Genetics Inc. Donald B. Dufault, 403/226-0666 |
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