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ECOGEN REPORTS FOURTH QUARTER AND YEAR-END RESULTS; COMPANY EXPECTS FIRST QUARTER 1993 REVENUES TO NEARLY TRIPLE

 LANGHORNE, Pa., March 8 /PRNewswire/ -- Ecogen, Inc. (NASDAQ: EECN) today announced its financial results for the fourth quarter and year ended Dec. 31, 1992.
 Total revenues for the quarter increased to $2,102,000, from $1,866,000 for the same period in 1991. Ecogen's product sales increased 221 percent in the fourth quarter to $950,000 from $296,000 for the same period in 1991, aided by sales of the recently acquired Scentry line of pheromone-based products. Net loss for the quarter increased to $9,340,000 or ($.54) per share on 17,147,000 shares compared with $5,206,000 or ($0.35) per share on 14,746,000 shares for the same quarter in 1991. The increase in loss was due primarily to an increase in non-recurring special charges.
 The current quarter includes special charges aggregating $5,346,000 or ($0.31) per share relating to the value of warrants issued in connection with the recent Ecogen Technologies I Inc. (ETech) research and development financing, purchased technology charges and research agreement expenses. The current quarter also includes increased operating expenses reflecting the effect of Ecogen's recent acquisitions. The fourth quarter of 1991 included a special charge of $3,156,000 or ($0.21) per share for purchased technology relating to the acquisition of FRM Agricultural Sciences Partnership (FASP) renamed Ecogen Israel Partnership (EIP).
 Revenues for the year totaled $8,957,000, a 29 percent increase from $6,940,000 in 1991. Product sales in 1992 increased to $3,519,000 from $1,368,000 for the year-ended 1991. Sales of Ecogen's Bacillus thuringiensis (Bt)-based bioinsecticides more than doubled during 1992. Net loss for the year increased to $21,366,000 or ($1.26) per share on 16,926,000 shares. The loss includes non-recurring special charges aggregating $9,994,000 or ($0.59) per share primarily due to the ETech financing, purchased technology charges and research agreement expense. This compares to a net loss of $10,879,000 or ($0.80) per share on 13,549,000 shares for the year ended Dec., 31, 1991. Special charges in 1991 totaled $4,751,000 or ($0.35) per share relating to the FASP acquisition and research agreement expenses.
 "Strategically, by making several investments last year, we decided to forgo short-term improvements for long-term gains. We are seeing signs that this strategy is already paying off," said John E. Davies, chairman and chief executive officer of Ecogen. "We diversified our business by expanding into additional worldwide markets and broadened our technology base by acquiring Bioenterprises Pty. Ltd.'s nematode- based bioinsecticide business and Scentry's pheromone business."
 Continued Mr. Davies, "We have increased research and development expenditures by 30 percent during the last year. This reflects our commitment to rapidly commercialize our technology and bring the highest quality products to the market. The recent funding commitments of $9.5 million from 3A S.r.1. and $30 million from ETech will allow us to cover these added R & D expenses in 1993. As a result of these new funding commitments and an anticipated increase in product sales, we expect first quarter 1993 revenues to nearly triple the revenue of the prior year's first quarter, with a significant reduction in our operating loss."
 Ecogen Inc. is an agricultural biotechnology company specializing in biological pest control. Ecogen has developed and is marketing a number of novel and proprietary biopesticides, including Cutlass(R) bioinsecticide for vegetables, and tree, nut and vine crops; Condor(R) bioinsecticide for vegetables, cotton, and soybeans; Foil(R) potato bioinsecticide; Otinem(R) bioinsecticide; and Collego(R) rice bioherbicide. The company recently expanded its product portfolio with the acquisition of Scentry, providing Ecogen with pheromone-based Bee- Scent(TM), Attract 'n Kill(TM) and NoMate(R). The company is also developing products for corn, home/garden and ornamental use as well as biofungicides including products for the control of powdery mildew and post harvest rot diseases.
 Cutlass, Condor, Foil, Collego, Otinem, Bee-Scent, Atract 'n Kill and NoMate are trademarks of Ecogen.
 ECOGEN INC. AND SUBSIDIARIES
 Condensed Statements of Operations
 (Amounts in thousands, except per share data)
 Periods ended Quarter Year
 Dec. 31 1992 1991 1992 1991
 Revenues
 Contract revenue $964 $1,193 $4,074 $3,647
 Product sales 950 296 3,519 1,368
 License income -- 150 435 1,225
 Interest income 188 226 929 700
 Total revenues 2,102 1,865 8,957 6,940
 Costs and expenses
 Cost of products sold 1,178 582 3,227 1,407
 Operating expenses 4,918 3,333 17,102 11,661
 Purchased technology 920 3,156 4,349 4,567
 Research agreement expense 249 -- 1,468 184
 Warrants issued for research 4,177 -- 4,177 --
 Total costs and expenses 11,442 7,071 30,323 17,819
 Net loss (9,340) (5,206) (21,366) (10,879)
 Net loss per common share ($0.54) ($0.35) ($1.26) ($0.80)
 Weighed average common
 shares outstanding 17,147 14,746 16,926 13,549
 Condensed Balance Sheet
 Dec. 31, 1992 1991
 Assets
 Cash, cash equivalents and
 temporary investments $17,470 $20,072
 Other current assets 5,844 3,402
 Furniture, equipment and
 leasehold improvements 1,390 1,233
 Other assets 652 385
 Total assets 25,356 25,092
 Liabilities and Stockholders' Equity
 Current liabilities and deferred revenue $5,644 $3,745
 Obligation to issue common stock 1,247 2,100
 Stockholders' equity 18,465 19,247
 Total liabilities and stockholder's equity $25,356 $25,092
 -0- 03/08/93
 /CONTACT: Peter B. Stevens, vice president and CFO of Ecogen Inc., 215-757-1590, or (investors), Donald C. Weinberger of Strategic Growth International, 212-826-9622, or (media) Anthony J. Russo, Ph.D of Noonan/Russo Communications, Inc., 212-979-9180, for Ecogen/
 (EECN)


CO: Ecogen Inc. ST: Pennsylvania IN: MTC SU: ERN

LD-AH -- NY008 -- 3821 03/08/93 08:45 EST
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