Applied Microbiology reports fiscal 1994 results.NEW YORK--(BUSINESS WIRE)--Nov. 1, 1994--Applied Microbiology 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 :AMBI AMBI Associação Médica Brasileira Iridologia ,PSE PSE 1. pale soft exudative pork. 2. portosystemic encephalopathy. :APL (A Programming Language) A high-level mathematical programming language noted for its brevity and matrix generation capabilities. Developed by Kenneth Iverson in the mid-1960s, it runs on micros to mainframes and is often used to develop mathematical models. ) announced Tuesday full year financial results for the period ended June 30, 1994 (fiscal 1994). For the year ended June 30, 1994, Sales were $9,614,000 as compared to $12,083,000 for fiscal 1993. Net Earnings were $1,757,000, or 9 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 1994 compared to a loss of $14,486,000, or $1.03 per share, for fiscal 1993. The loss for fiscal 1993 included a non-recurring write-off of purchased research and development costs of $17,564,000 in connection with the acquisition of Aplin & Barrett Ltd., the company's food ingredients subsidiary. Commenting on the financial results, Fredric D. Price, the company's president and chief executive officer, said: ``Applied Microbiology reported more than $1.7 million in Net Earnings in fiscal 1994, despite the decline in sales that arose from the discontinuation dis·con·tin·u·a·tion n. A cessation; a discontinuance. Noun 1. discontinuation - the act of discontinuing or breaking off; an interruption (temporary or permanent) discontinuance of an agency/distributor sales agreement as of June 30, 1993. ``While the company will continue to use distributors for its food ingredients business under certain circumstances, we are developing our own direct-to-customer channels both for new product applications and some new territories.'' Applied Microbiology Inc. is a health care company with a unique position in the field of anti-microbial technology using the peptide nisin nisin an antibiotic substance isolated from cultures of lactic acid producing streptococci and reputed to have antibacterial activity against gram-positive bacteria. , which is secreted from the bacterium lactococcus lactis, as an agent against both gram positive and gram negative organisms. Formulated as Nisaplin(r), nisin is manufactured and sold as a food preservative preservative Any of numerous chemical additives used to prevent or slow food spoilage caused by chemical changes (e.g., oxidation, mold growth) and maintain a fresh appearance and consistency. Antimycotics (e.g. in more than 40 countries. Nisin is being developed in both natural and recombinant pharmaceutical formulations as Ambicin(r), and is being evaluated as a drug candidate for among other things, the eradication of Helicobacter pylori Helicobacter pylori A gramnegative rod-shaped bacterium that lives in the tissues of the stomach and causes inflammation of the stomach lining. Mentioned in: Indigestion, Ulcers Helicobacter pylori for the treatment of ulcers and the eradication of Staphylococcus aureus Staphylococcus au·re·us n. A bacterium that causes furunculosis, pyemia, osteomyelitis, suppuration of wounds, and food poisoning. Staphylococcus aureus Staphylococcus pyogenes for the treatment of nosocornial infections. The company has partnerships with SmithKline Beecham p.l.c., the Astra/Merck Group of Merck & Co. Inc., and Calgon Vestal vestal (vĕs`təl), in Roman religion, priestess of Vesta. The vestals were first two, then four, then six in number. While still little girls, they were chosen from prominent Roman families to serve for 30 (originally 5) years, during which Laboratories Inc., a subsidiary of Merck & Co. Inc. -0-
APPLIED MICROBIOLOGY INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(000'S omitted)
Year Ended June 30,
1994 1993
ASSETS
Current Assets
Cash 5,048 3,571
Accounts Receivable 1,319 1,766
Inventories 1,458 1,458
Other Assets 617 736
Total Current Assets 8,442 7,531
Property and Equipment Net 2,545 2,547
Patent Costs 779 646
Other Assets 42 --
Total Assets 11,808 10,724
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Current Portion of Notes Payable 12 14
Short Term Borrowing -- 291
Accounts Payable and Account
Expenses 743 973
Other Current Liabilities 333 503
Total Current Liabilities 1,088 1,781
Notes Payable 22 35
Deferred Taxes 432 439
Total Liabilities 1,542 2,255
Stockholders' Equity 10,266 8,469
Total Liabilities & Stockholder
Equity 11,808 10,724
CONSOLIDATED STATEMENT OF OPERATIONS
(000'S omitted)
Year Ended June 30,
1994 1993
Sales $ 9,614 $12,083
Cost of Sales (3,526) (5,705)
Gross Profit $ 6,088 $ 6,378
Other Operating Income 542 244
Selling, General &
Administrative Expenses (3,496) (2,160)
Research Costs (734) (460)
Depreciation & Amortization (582) (522)
Write-Off Purchased Research &
Development Costs -- (17,564)
Operating Income $ 1,818 $(14,084)
Foreign Exchange Loss (33) (39)
Interest Income 159 65
Interest Expense (3) (5)
Income/(Loss) Before Tax
Expense 1,941 (14,063)
Tax Expense (184) (423)
Net (Loss)/Income $ 1,757 $(14,486)
Net Earnings (Loss)/Per Share $ 0.09 ($1.03)
CONTACT: Applied Microbiology Inc., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of
Fredric D. Price, 914/789-2013
or
Radcliffe & Associates, New York
Donald Radcliffe, 212/605-0394
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