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CROP GENETICS INTERNATIONAL REPORTS RESULTS FOR QUARTER ENDING SEPT. 30

CROP GENETICS INTERNATIONAL REPORTS RESULTS FOR QUARTER ENDING SEPT. 30
 HANOVER, Md., Nov. 4 /PRNewswire/ -- Crop Genetics International (NASDAQ: CROP) today reported revenues of $1,603,000 for the quarter ended Sept. 30, 1992, compared to $1,835,100 in the same quarter last year.
 Net loss was $1,306,400 or $.27 per share, compared to a net loss of $2,827,800 or $.74 per share in the same quarter of last year. The net loss for last year's quarter includes a charge of $1,742,300 for the write-off of technology acquired in an acquisition on Sept. 30, 1991. Without the write-off the loss for the third quarter of 1991 would have been $1,085,500 or $.37 per share.
 Charles McGuire, controller of Crop Genetics, said that in August, Hurricane Andrew caused minimal damage to the company's Kleentek seed farms in Louisiana. Although the company said it expects to incur increased harvesting and transportation costs as a result of the hurricane, McGuire said the company does not believe this will have a significant effect on operations. Heavy rains subsequent to Hurricane Andrew delayed the completion of the 1992 harvest by several weeks. At the end of the third quarter of 1992, approximately two-thirds of the seedcane had been harvested and delivered to farmers, compared to the third quarter of 1991, in which substantially all of the seedcane had been harvested and delivered. The company expects to deliver about the same amount of Kleentek seedcane in 1992 as was delivered in 1991.
 For the first nine months of 1992, revenues were $3,010,100 compared to $2,862,600 in the first nine months of the previous year. For the first nine months of 1992, net loss was $4,255,600 or $1.07 per share compared to a net loss of $5,705,300 or $1.63 per share, for the first nine months of last year. During the third quarter of 1992, the company issued 2,640,000 shares of common stock in a secondary public offering. The company plans to use the net proceeds of that offering to develop and construct an insect virus production facility.
 CROP GENETICS INTERNATIONAL CORP.
 Condensed Statements of Operations
 (Unaudited)
 Periods ended Three months Nine months
 Sept. 30 1992 1991 1992 1991
 Revenues:
 Product sales $898,200 $1,366,200 $955,300 $1,366,800
 Research revenue 437,500 --- 1,312,500 100,000
 Investment income 267,300 468,900 735,400 1,395,800
 Other income --- --- 6,900 ---
 Total revenues 1,603,000 1,835,100 3,010,100 2,862,600
 Costs and expenses:
 Product costs 775,400 975,000 775,400 975,000
 Field management 121,200 102,800 356,300 319,400
 Research and
 development 1,649,000 1,501,300 4,922,100 4,486,300
 General and
 administrative 363,800 341,500 1,173,200 1,044,900
 Acquired technology --- 1,742,300 38,700 1,742,300
 Total costs and
 expenses 2,909,400 4,662,900 7,265,700 8,567,900
 Net loss (1,306,400) (2,827,800) (4,255,600) (5,705,300)
 Preferred stock
 dividends 640,100 641,300 1,920,300 1,923,800
 Net loss applicable
 to common shares (1,946,500) (3,469,100) (6,175,900) (7,629,100)
 Net loss per common
 share ($.27) ($.74) ($1.07) ($1.63)
 Average number of
 common shares
 outstanding 7,151,168 4,690,497 5,790,117 4,687,151
 Balance Sheets
 Sept. 30, Dec. 31,
 1992 1991
 (unaudited)
 Current assets:
 Cash and short-term investments $23,218,600 $19,378,600
 Other current assets 1,861,900 1,158,800
 Total current assets 25,080,500 20,537,400
 Fixed assets (net) 2,026,400 2,530,800
 Total assets 27,106,900 23,068,200
 Current liabilities 730,200 451,800
 Common and preferred stockholders'
 equity 26,376,700 22,616,400
 Total liabilities and stockholders'
 equity 27,106,900 23,168,200
 -0- 11/4/92
 /CONTACT: Charles McGuire, controller of Crop Genetics International, 410-712-7170/
 (CROP) CO: Crop Genetics International ST: Maryland IN: SU: ERN


MJ-CC -- PH032 -- 2742 11/04/92 18:29 EST
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