Printer Friendly

CALGENE ANNOUNCES FIRST QUARTER RESULTS

 CALGENE ANNOUNCES FIRST QUARTER RESULTS
 DAVIS, Calif., Nov. 15 /PRNewswire/ -- Calgene Inc. (NASDAQ: CGNE)


today announced a net loss of $4,788,000 (37 cents per share) on revenues of $4,258,000 for the first quarter ended Sept. 30, 1991. This compares with a net loss of $3,642,000 (34 cents per share) on revenues of $3,923,000 during the same period last year. The loss for the current period includes a one-time charge of $2,000,000 (13 cents per share) for the purchase of the exclusive North American fresh market tomato rights to the FLAVR SAVR(TM) gene from the Campbell Soup Co. which was completed in the first quarter.
 Research and development expenditures for the quarter were $2,868,000, an increase of 21 percent from the prior year's $2,376,000. The increase in R&D expense reflects the added product development cost associated with our expanded field trial and regulatory activities supporting our new product pipeline. Gross profit from net product sales for the current period was $721,000, an increase of $486,000 over the prior year. The improvement in gross profit largely reflects increased international sales of cottonseed.
 Roger Salquist, chairman and chief executive officer said, "These results reflect a solid improvement in our conventional operating businesses subsequent to the restructuring implemented in August and the increased commitment to Calgene's goal of being the first company to commercialize genetically engineered plants and plant products. Major milestones achieved during the quarter included formal submission of our FLAVR SAVR tomato filing with the FDA; purchase of the exclusive North American fresh market tomato FLAVR SAVR gene rights from Campbell Soup; completion of our 12-state, 34 site Bromotol(TM) cotton field trial; announcement of the successful development of a hybrid canola system; filing a request with the USDA to conduct the world's first field trials with canola genetically engineered to produce a modified vegetable oil and publication of the first European patents for our oils genetic engineering technology, plant desaturase genes. The Campbell technology purchase gives us a solid foundation for building our own branded fresh tomato product line in the $2 billion U.S. fresh tomato market."
 Calgene is an agribusiness biotechnology company that is developing improved plant varieties and plant products for the seed, food and specialty chemical industries. The company has three operating subsidiaries -- Ameri-Can Pedigreed Seed Co., Calgene Chemical and Stoneville Pedigreed Seed Co.
 CALGENE INC.
 Condensed Consolidated Statements of Operations
 (In thousands except per share amounts)
 (Unaudited)
 Three months
 Ended Sept. 30,
 1991 1990
 Revenues:
 Product sales, net $2,384 $2,253
 Product development revenues 1,232 1,120
 Interest income 596 519
 Other income, net 46 31
 Total 4,258 3,923
 Costs and expenses:
 Cost of goods sold 1,663 2,018
 Research and development 2,868 2,376
 License purchase 2,000 --
 Selling, general and administrative 2,402 2,170
 Equity in net loss of affiliate -- 229
 Interest expense 196 163
 Total 9,129 6,956
 Minority interest share of net loss 55 44
 Gain on sale of assets 41 --
 Loss on continuing operations before
 income taxes (4,775) (2,989)
 Provision for income taxes 13 1
 Loss from continuing operations (4,788) (2,990)
 Loss from discontinued operations -- (652)
 Net loss $(4,788) $(3,642)
 Preferred stock dividends $700 --
 Net loss applicable to common
 shareholders $(5,488) $(3,642)
 Net loss per share:
 Loss from continuing operations $(0.37) $(0.28)
 Loss from discontinued operations $ 0.00 $(0.06)
 Net loss $(0.37) $( 0.34)
 Shares used in per share
 calculations 14,983,514 10,734,230
 -0- 11/15/91
 /CONTACT: Dan Wagster of CALGENE Inc., 916-753-6313/
 (CGNE) CO: Calgene Inc. ST: California IN: MTC SU: ERN RM -- SF004 -- 1712 11/15/91 16:31 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 15, 1991
Words:633
Previous Article:EXECUTIVE OFFICE CHANGES AT LORD CORPORATION
Next Article:PAGE AMERICA GROUP REPORTS SECOND QUARTER RESULTS
Topics:


Related Articles
CALGENE APPOINTS VICE PRESIDENT FOR RESEARCH
CALGENE ANNOUNCES FIRST HALF RESULTS
CALGENE ANNOUNCES THIRD QUARTER RESULTS; FDA FOOD BIOTECHNOLOGY GUIDELINES IMMINENT
CALGENE ANNOUNCES FIRST QUARTER RESULTS
CALGENE NAMES RODERICK STACEY AS PRESIDENT AND CHIEF OPERATING OFFICER; COMPANY NAMES HEADS OF OILS AMD COTTON DIVISIONS
CALGENE RECEIVES PLANT OILS SYNTHASE AND THIOESTERASE GENE PATENTS
CALGENE GRANTED ADDITIONAL SEED-SPECIFIC CANOLA PROMOTER PATENT
CALGENE ANNOUNCES PLANNED $50 MILLION EQUITY INVESTMENT BY MONSANTO
Stoneville Confirms 1996 Official Yield Trial Results
Monsanto Reports Second-Quarter Earnings

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters