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CROP GENETICS INTERNATIONAL REPORTS RESULTS FOR QUARTER ENDING SEPT. 30

 COLUMBIA, Md., Nov. 11 /PRNewswire/ -- Crop Genetics International (NASDAQ: CROP) today reported a loss of $7,188,300, or $1.11 per share, for the nine months ended Sept. 30, 1993, compared to a loss of $4,255,600, or $1.07 per share, in the same period last year.
 Revenues for the first nine months of 1993 were $3,146,400, compared to $3,010,100 in the same period last year.
 Joseph Kelly, chairman and CEO of Crop Genetics, attributed the increased loss to a one time write-off of $1,292,100 for production equipment related to the company's virus-based bioinsecticide and more rapid depreciation of the company's new facilities. "We've adopted a very conservative accounting treatment of our 1993 capital expenditures," said Kelly. "We are writing off our new production equipment at the time we install the assets and we are amortizing the new facility improvements over the first three years of the lease."
 For the third quarter of 1993, product sales were $1,162,000, compared to $898,200 in 1992. Kelly said that the company delivered 30 percent more Kleentek seedcane in the third quarter of 1993 than last year but predicted that the full season results would be off 10 percent to 12 percent from the prior year. Unfavorable growing conditions caused the anticipated decrease in seed sales, according to Kelly.
 Crop Genetics International is engaged in the discovery, basic development and manufacture of environmentally safe biopesticides.
 CROP GENETICS INTERNATIONAL CORPORATION
 Condensed Statements of Operations (Unaudited)
 Periods ended Three months Nine months
 Sept. 30 1993 1992 1993 1992
 Revenues:
 Product sales $1,162,000 $898,200 $1,177,400 $955,300
 Research revenue 500,000 437,500 1,500,000 1,312,500
 Investment income 121,600 267,300 469,000 735,400
 Other --- --- --- 6,900
 Total revenues 1,783,600 1,603,000 3,146,400 3,010,100
 Costs and expenses:
 Product costs 1,000,000 775,400 1,000,000 775,400
 Field management 130,900 121,200 404,700 356,300
 Research and
 development 1,943,100 1,316,300 5,239,800 4,239,500
 General and
 administrative 416,200 363,800 1,378,600 1,173,200
 Depreciation and
 amortization 529,400 332,700 1,019,500 682,600
 Production facility
 and equipment 1,292,100 --- 1,292,100 ---
 Acquired technology,
 net of cash --- --- --- 38,700
 Total costs and
 expenses 5,311,700 2,909,400 10,334,700 7,265,700
 Net loss (3,528,100) (1,306,400) (7,188,300) (4,255,600)
 Net loss applicable
 to common shares (4,168,200) (1,946,500) (9,108,600) (6,175,900)
 Net loss per common share ($.51) ($.27) ($1.11) ($1.07)
 Average number of common
 shares outstanding 8,195,735 7,121,168 8,192,353 5,790,117
 Condensed Balance Sheets
 Sept. 30, 1993 Dec. 31, 1992
 (unaudited)
 Current assets:
 Cash and short-term investments $10,392,900 $20,971,300
 Other current assets 1,872,000 1,150,500
 Total current assets 12,264,900 22,121,800
 Fixed assets (net) 4,027,600 2,131,100
 Total assets 16,292,500 24,252,900
 Current liabilities 965,500 500,200
 Common and preferred stockholders'
 equity 15,327,000 23,752,700
 Total liabilities and stockholders'
 equity 16,292,500 24,252,900
 -0- 11/11/93
 /CONTACT: Joseph Fitzpatrick, controller of Crop Genetics International, 410-381-3806/
 (CROP)


CO: Crop Genetics International ST: Maryland IN: SU: ERN

MJ-JM -- PH027 -- 3352 11/11/93 15:51 EST
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Publication:PR Newswire
Date:Nov 11, 1993
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