CISTRON REPORTS A PROFIT FOR FISCAL YEAR
CISTRON REPORTS A PROFIT FOR FISCAL YEAR PINE BROOK, N.J., Nov. 4 /PRNewswire/ -- Cistron Biotechnology,
Inc. today reported a profit for the fiscal year ended June 30, 1991. This was the company's third consecutive profitable year.
Sales for the year were $1,035,581 versus $1,104,553 in 1990. Net income for the year was $176,400 as compared to $188,434 in the previous year. Earnings per share were $.01 in each year. The company attributed the lower sales and earnings for the year to decreased sales of research products and to reduced interest income since cash was used to retire $373,614 of debt in fiscal 1991. Fourth quarter sales were $236,377 compared with $276,227 last year. Net income was $105,719 for the quarter versus $30,173 the prior year. Net income for the fourth quarter reflects a one-time payment made to Cistron by DuPont Merck as reimbursement for prior research expenditures. Cistron's primary product area is immune response regulators, known as lymphokines. The company manufactures and sells lymphokine assay kits to pharmaceutical companies and academic institutions in the United States, Europe and the Far East for cancer, arthritis and other autoimmune disease research. CISTRON BIOTECHNOLOGY, INC. Three months ended June 30 1991 1990 Net sales $236,377 $ 276,227 Earnings before income taxes 105,719 30,173 Income taxes 32,479 2,791 Extraordinary credit - tax loss carry forward 32,479 2,791 Net income 105,719 30,173 Net income per share -- -- Weighted average number of shares outstanding 25,017,191 21,870,899 Twelve months ended June 30 1991 1990 Net sales $ 1,035,581 $ 1,104,553 Earnings before income taxes 176,400 188,434 Income taxes 60,884 66,000 Extraordinary credit - tax loss carry forward 60,884 66,000 Net income 176,400 188,434 Net income per share .01 .01 Weighted average number of shares outstanding 25,017,191 21,870,899 -0- 11/4/91 /CONTACT: Harold Smith of Hal Smith Associates Public Relations, 201-305-0244, for Cistron Biotechnology/ CO: Cistron Biotechnology, Inc. ST: New Jersey IN: MTC SU: ERN JT-OS -- NY001 -- 0579 11/04/91 09:00 EST
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|Date:||Nov 4, 1991|
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