Donlar Biosyntrex Announces 101% Third Quarter Revenue Growth for 2002; 66% Nine Month Revenue Growth.Business Editors BEDFORD PARK Bedford Park is the name of several places around the world:
Donlar Biosyntrex Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :DBSY), a leader in green chemistry products and technology, today announced its third quarter and year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. financial results ended September September: see month. 30, 2002. Donlar produced a 101% increase in revenue growth in the third quarter of 2002 compared to the same quarter of 2001, and an overall 66% increase in revenue growth for the first nine months of 2002 over the comparable period in 2001. Revenue for the third quarter ended September 30, 2002 was $915,918 compared to $455,382 for the comparable three-month period in 2001. As in previous quarters, Donlar's primary market in the oil field sector led to the majority of this increase in revenue. Net loss in the third quarter of 2002 was reduced to $1,568,225, compared to a net loss of $2,074,534 for the three months ended September 30, 2001. For the nine month period, Donlar had revenue of $2,808,005 compared to $1,687,902 for the comparable period in 2001. The Company had a net loss of $5,617,792 for the nine months ended September 30, 2002, compared to a net loss $10,814,420 for the nine months ended September 30, 2001. Larry Lar´ry n. 1. Same as Lorry, or Lorrie. Koskan, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Donlar, stated: "Through our commitment to our customers and our shareholders, the Company has continued to move in a positive direction. Our improvements in sales and containment containment Strategic U.S. foreign policy of the late 1940s and early 1950s intended to check the expansionist designs of the Soviet Union through economic, military, diplomatic, and political means. It was conceived by George Kennan soon after World War II. of operational costs have brought the Company another step closer to becoming sustainable and profitable. The green products we have developed are being adapted and accepted in our core markets and continue to demonstrate their high performance and cost effectiveness. The edge we deliver is not only cost performance, but also an environmentally safe alternative. We continue to meet our revenue goals and are confident that this business will continue to grow." About Donlar Donlar Biosyntrex Corporation is at the forefront of providing a new class of protein biopolymers that help customers by providing solutions while satisfying environmental concerns for the creation of non-toxic products for a wide range of industrial, agricultural and consumer markets. The Company's non-hazardous, non-toxic, hypoallergenic hy·po·al·ler·gen·ic adj. Having a decreased tendency to provoke an allergic reaction. hypoallergenic (hī´pōal´urjen´ik), adj , environmentally friendly Environmentally friendly, also referred to as nature friendly, is a term used to refer to goods and services considered to inflict minimal harm on the environment.[1] and biodegradable biodegradable /bio·de·grad·a·ble/ (-de-grad´ah-b'l) susceptible of degradation by biological processes, as by bacterial or other enzymatic action. bi·o·de·grad·a·ble adj. thermal thermal /ther·mal/ (ther´m'l) pertaining to or characterized by heat. ther·mal adj. 1. Of, relating to, using, producing, or caused by heat. 2. polyaspartate (TPA (Transient Program Area) See transient area. TPA - Transient Program Area ) biopolymers are protected by 150 Company-owned patents. The Company's initial applications for its products include the markets of oil field operations, fertilizers, detergents and water treatment. Donlar's beta-protein biopolymers are manufactured in its 50,000 square foot facility located in Peru, Illinois Peru is a city in LaSalle County, Illinois, United States. The population was 9,835 at the 2000 census. Geography Peru is located at (41.334458, -89.127385). . (www.donlar.com) This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in the forward-looking statements, which involve a number of risks and uncertainties. The contents of this release should be considered in conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with the risk factors in Donlar Biosyntrex's most recent filings with the Securities and Exchange Commission on Forms 10-QSB and 10-KSB and current reports on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. .
DONLAR BIOSYNTREX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
SEPTEMBER 30, 2002
----------------------------------------------------------------------
ASSETS
Current assets
Cash $ 15,737
Receivables, less allowance for doubtful accounts of $0 528,127
Inventories, net 1,074,774
Prepaid expenses 85,181
------------
Total current assets 1,703,819
Property and equipment, net 8,931,947
Other assets 261,424
------------
$ 10,897,190
============
----------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities
Current portion of convertible debt $ 2,549,472
Short term notes payable 8,252,507
Accounts payable 328,014
Accrued expenses 7,481,485
------------
Total current liabilities 18,611,478
Notes payable 9,000,000
Convertible debt 21,307,400
Shareholders' deficit
Preferred stock, $.0001 par value 197,797
Common stock, $.0001 par value -
Additional paid-in capital 59,462,722
Stock subscriptions receivable (31,987)
Accumulated deficit (97,650,220)
------------
Total shareholders' deficit (38,021,688)
------------
$ 10,897,190
============
DONLAR BIOSYNTREX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
----------------------------------------------------------------------
FOR THE THREE MONTHS FOR THE NINE MONTHS
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
2002 2001 2002 2001
----------- ----------- ----------- -----------
Revenues $ 915,918 $ 455,382 $ 2,808,005 $ 1,687,902
Cost of revenue 658,817 624,868 2,268,876 2,043,022
Research and
Development 141,952 190,597 412,104 670,245
Selling, general
and administrative 637,543 508,412 1,667,086 4,542,536
----------- ----------- ----------- -----------
Total operating
expenses 1,438,312 1,323,877 4,348,066 7,255,803
----------- ----------- ----------- -----------
Loss from operations (522,394) (868,495) (1,540,061) (5,567,901)
Other income (expense)
Interest income 3 22 263 8,975
Interest expense (1,193,208) (1,206,421) (4,170,904) (5,255,854)
Debt conversion
expense - - (289,655) -
Gain on disposal
of fixed assets - 360 74,478 360
Other 147,344 - 308,087 -
----------- ----------- ----------- -----------
Total other
expense (1,045,861) (1,206,039) (4,077,731) (5,246,519)
----------- ----------- ----------- -----------
Loss before
income taxes (1,568,255) (2,074,534) (5,617,792) (10,814,420)
Provision for
income taxes - - - -
----------- ----------- ----------- -----------
Net loss before
extraordinary
item (1,568,255) (2,074,534) (5,617,792) (10,814,420)
Extraordinary loss
on retirement
of debt - - (1,212,120) -
----------- ----------- ----------- -----------
Net loss (1,568,255) (2,074,534) (6,829,912) (10,814,420)
Preferred stock
dividends and
beneficial
conversion premium - (656) - (1,969)
----------- ----------- ----------- -----------
Net loss
applicable to
common shares (1,568,255) (2,075,190) (6,829,912) (10,816,389)
----------- ----------- ----------- -----------
Per common share:
Basic:
Net loss (0.03) (0.05) (0.14) (0.24)
Diluted:
Net loss (0.03) (0.05) (0.14) (0.24)
Weighted average
shares of common
stock outstanding:
Basic 48,816,740 45,780,150 48,095,523 44,489,825
Diluted 48,816,740 45,780,150 48,095,523 44,489,825
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion