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DNA PLANT TECHNOLOGY REPORTS FOURTH QUARTER AND FULL YEAR RESULTS

 CINNAMINSON, N.J., Feb. 26 /PRNewswire/ -- DNA Plant Technology Corporation (NASDAQ: DNAP) today reported that fourth quarter revenues of its branded produce and edible oil joint ventures were $868,000, a 54 percent increase over the $562,000 reported for the fourth quarter of 1991. Revenues of the two joint ventures for the full year ended Dec. 31, 1992, were $2,878,000, a 69 percent increase over the $1,700,000 reported for 1991.
 While revenues of these joint ventures are not consolidated in DNAP's total revenues, the company considers its joint venture revenues, together with its own product sales, to be the most meaningful indicator of the company's progress in bringing its proprietary technologies to the marketplace.
 DNAP had total revenues of $3,781,000 during the fourth quarter ended Dec. 31, 1992, compared to $3,361,000 during the same period of 1991. In the fourth quarter, DNAP had a net loss of $5,536,000 ($0.29 per share), compared to a net loss of $4,480,000 ($0.25 per share) in the same period of 1991. Total revenues at DNAP for the year ended Dec. 31, 1992, were $11,962,000, compared to $10,902,000 for 1991. These revenue figures exclude revenues of DNAP's joint ventures in branded produce and edible oil. DNAP for the full year of 1992 had a net loss of $18,161,000 ($0.99 per share), compared to a net loss of $14,941,000 ($0.75 per share) for 1991.
 DNAP is now incorporating the financial statements of Agri- Diagnostics Associates (ADA) into its consolidated totals, following an increase in ownership interest in ADA to 90 percent from 40 percent. Consequently, as compared to 1991, $542,000 of the increased loss for the fourth quarter of 1992, and $2,225,000 of the increased loss for the full year of 1992, resulted from this increased ownership interest. Prior to 1992, DNAP accounted for its 40 percent interest in ADA under the equity method.
 Results for the fourth quarter and full year of 1992 reflected the $3,011,000 non-recurring charge for costs related to the restructuring initiated at the end of November. DNAP's focusing of research and operational resources on those businesses where it already has products in the marketplace is expected to result in annual savings of approximately $3 million. The restructuring charge was partially offset by a $2,500,000 gain the company recorded during the fourth quarter from the sale of its founder shares of Plant Genetic Systems, N.V. which had been acquired by DNAP in its 1988 merger with Advanced Genetic Sciences.
 "Early this year, FreshWorld, our premium branded fruits and vegetables joint venture with Du Pont, expanded the geographic distribution of its growing line of products which should accelerate its revenue growth in 1993. Consistent with this growth, FreshWorld filled- out its operating team with managers with extensive experience in the produce business," said Robert Serenbetz, president and chief executive officer.
 "DNAP is moving toward the introduction of its superior-tasting VineSweet(TM) fresh market tomato which will not require regulatory approval. We remain on target to begin the test marketing of this all- natural tomato this spring.
 "InterMountain Canola, our healthy edible oils joint venture with Du Pont, had sales of $1.1 million in 1992. IMC's early sign-up program with canola growers has exceeded expectations, with 53,000 acres enrolled to date. InterMountain continues to seek new customers by working with several large food processors which are testing InterMountain's specialty oils.
 "DNAP's Quantix(TM) Environmental Workstation was launched commercially in the fourth quarter of 1992. Several major U.S. gasoline retailers are evaluating the Quantix workstation as a means to quickly gather information essential to remediation of contaminated soil and groundwater at gas stations and storage terminals."
 DNAP is a leading agricultural biotechnology company, applying a spectrum of technologies to develop and commercialize plant-based products and environmental diagnostic products for consumer and industrial markets. The company has two major operating joint ventures -- FreshWorld in premium fruits and vegetables and InterMountain Canola Company in special varieties of healthy edible oils.
 DNA PLANT TECHNOLOGY CORPORATION
 Condensed Consolidated Statements of Operations
 (In thousands, except per-share amounts)
 Periods ended Three months Year
 Dec. 31 1992 1991 1992 1991
 Revenues (excluding total
 revenues of the branded
 produce and edible oil
 joint ventures which are
 shown below):
 Product sales $107 -- $665 --
 Other 3,674 3,361 11,297 10,902
 Total 3,781 3,361 11,962 10,902
 Operating expenses(A) 8,491 3,968 23,213 15,101
 Other income 2,496 -- 3,703 --
 Operating loss before equity
 in loss of joint ventures (2,212) (607) (7,546) (4,199)
 Equity in loss in joint ventures (3,324) (3,873) (10,615) (10,742)
 Net loss (5,536) (4,480) (18,161) (14,941)
 Net loss applicable to
 common stockholders (6,312) (5,256) (21,266) (15,717)
 Net loss per common share $(0.29) $(0.25) $(0.99) $(0.75)
 Weighted average common
 shares outstanding 21,779 20,793 21,572 20,818
 Total revenues of the branded
 produce and edible oil joint
 ventures(B) 868 562 2,878 1,700
 (A) -- Includes a $3,011,000 non-recurring restructuring charge in the fourth quarter and full year 1992.
 (B) -- The revenues of the branded produce and edible oil joint ventures are shown separately since the operations of such joint ventures are accounted for under the equity method.
 Condensed Consolidated Balance Sheets
 (In thousands)
 Dec. 31 1992 1991
 Assets:
 Cash and temporary investments $27,364 $40,228
 Other assets 8,806 8,925
 Total assets 36,170 49,153
 Liabilities and Stockholders' Equity:
 Current liabilities 5,609 2,855
 Stockholders' equity 30,561 46,298
 Total liabilities and stockholders' equity 36,170 49,153
 -0- 2/26/93
 /CONTACT: Patricia Seif of DNA Plant Technology Corporation, 609-829-0110; or Frederic J. Spar of Kekst and Company, 212-593-2655, for DNA Plant Technology/
 (DNAP)


CO: DNA Plant Technology Corporation ST: New Jersey IN: SU: ERN

CK-WB -- NY018 -- 7796 02/26/93 11:31 EST
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