BioTechnica announces results for fiscal 1996.PEORIA, Ill.--(BUSINESS WIRE)--Sept. 27, 1996--BioTechnica International 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 :BIOT) today announced its results for the fiscal year ended June 30, 1996 ("Fiscal 1996"). Net loss for Fiscal 1996 was $2,685,000, compared to a net loss of $2,394,000 for Fiscal 1995. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight were $18,767,000 and $23,961,000 for Fiscal 1996 and 1995, respectively. The net sales amount for Fiscal 1995 included $3,446,000 of net sales for Scott Seed Co. that was sold in February 1995. Comparable sales without Scott for Fiscal 1995 would be $20,515,000. Most of the decrease in sales resulted from lower export sales to affiliates. Domestic sales increased by $163,000. Net sales of domestic hybrid seed In agriculture and gardening, hybrid seed is seed produced by artificially cross-pollinated plants. Hybrids are bred to improve the characteristics of the resulting plants, such as better yield, greater uniformity, improved color, disease resistance, and so forth. corn increased by approximately 8 percent, resulting in increased net sales of $939,000. Sales of soybean soybean, soya bean, or soy pea, leguminous plant (Glycine max, G. soja, or Soja max) of the family Leguminosae (pulse family), native to tropical and warm temperate regions of Asia, where it has been and other seeds decreased somewhat, primarily as a result of weather conditions during the 1995 production year and the 1996 spring planting period. Significantly higher production costs resulting primarily from weather conditions during the 1995 production year increased costs of goods sold by $1,200,000. According to Bruno Carette, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of BioTechnica, "The results for Fiscal 1996 have been disappointing. During the last two years, our newly restructured company has had to face two of the worst climatic years on record for the Midwest. The results of this can be readily seen in the shortage of agricultural products and abnormally high commodity prices. In particular, we have suffered from lower than expected supply of the most recently released hybrids and varieties that were key to the success of our sales efforts. Even through these adverse conditions we have increased our domestic seed corn sales by 8 percent." BioTechnica International Inc., through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , LG Seeds Inc., is an agricultural products company dedicated principally to the production and marketing of hybrid corn, soybean, alfalfa alfalfa (ălfăl`fə) or lucern (l  sûn`), perennial leguminous plant (Medicago sativa , and other field seed products throughout the Midwest Corn Belt region of the United States. As a result of the alliance with the Limagrain Group, the company has access to new genetic materials and seed technologies developed by Limagrain research efforts throughout the world. CONTACT: BioTechnica International Inc., Peoria Bruno Carette, 309/681-0300 or 800/437-0354 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion