Printer Friendly

ESCAGENETICS CORP. ANNOUNCES FIRST QUARTER FINANCIAL RESULTS

 ESCAGENETICS CORP. ANNOUNCES FIRST QUARTER FINANCIAL RESULTS
 SAN CARLOS, Calif., July 28 /PRNewswire/ -- ESCAgenetics Corp. (AMEX: ESN), a company that applies plant biotechnology to develop plant-derived pharmaceuticals and food ingredients as well as improved food crops and planting materials, today announced its financial results for the first fiscal quarter ended June 30, 1992.
 The net loss for the first quarter ended June 30, 1992, was $(1,035,000) or $(.21) per share compared to $(1,179,000) or $(.32) per share for the first quarter ended June 30, 1991.
 Revenues increased to $396,000 compared to $30,000 for the comparable period ended June 30, 1991. The increase in revenue was principally due to the sale of corn and a grant from the National Cancer Institute.
 Research and development expenses increased to $931,000 for the three-month period ended June 30, 1992, from $690,000 in the comparable prior year period. The increase results from efforts in the company's Taxol phytopharmaceutical and hybrid true potato seed programs.
 General and administrative expenses decreased to $316,000 for the three-month period ended June 30, 1992, from $552,000 in the comparable prior year period, primarily due to cost reductions principally caused by a reduction of legal and consulting services and valuation reserves for Corn Inventory.
 ESCAGENETICS
 Consolidated Statement of Operations
 Three Months Ended June 30,
 1992 1991
 (Unaudited) (Unaudited)
 Grant revenue $112,390 $ --
 Contract revenues -- 30,411
 Product sales 283,273 --
 Total $395,663 $30,411
 Costs and expenses:
 Research and development
 (contract costs in 1991
 were $26,189) 930,728 689,561
 Cost of product sales 254,485 --
 General and administrative 316,021 552,124
 Total costs and expenses $1,501,234 $1,241,685
 Loss from operations (1,105,571) (1,211,274)
 Interest and other income 70,579 32,241
 Net loss $(1,034,992) $(1,179,033)
 Net loss per share $(.21) $(.32)
 Weighted average number of
 shares outstanding during
 the period 4,888,287 3,718,876
 Condensed Balance Sheet
 June 30, 1992
 (Unaudited)
 Assets
 Cash & cash equivalents $1,224,006
 Short-term investments 4,588,903
 Other current assets 591,791
 Total current assets $6,404,700
 Property & equipment, net 658,755
 Other assets 9,459
 Total assets $7,072,914
 Liabilities
 Current liabilities $605,946
 Total stockholders' equity $6,466,968
 Total liabilities & stockholders'
 equity $7,072,914
 -0- 7/28/92
 /CONTACT: William J. Koenig of ESCAgenetics, 415-595-5335/
 (ESN) CO: ESCAgenetics Corp. ST: California IN: MTC SU: ERN


JL-RM -- SF010 -- 4156 07/28/92 14:13 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 28, 1992
Words:422
Previous Article:FORD TO REPORT SECOND-QUARTER FINANCIAL RESULTS WEDNESDAY
Next Article:EVN ANNOUNCES THIRD QUARTER RESULTS: ELECTRICITY SALES INCREASED BY 4.4 PERCENT; ENERGY REVENUES UP BY 6.4 PERCENT
Topics:


Related Articles
ESCAGENETICS EXPANDS COMMITMENT TO PHYTOPHARMACEUTICALS: APPOINTS VICE PRESIDENT AND COMPLETES PRIVATE FINANCING
ESCAGENETICS CORP. ANNOUNCES THIRD QUARTER AND FISCAL YEAR-TO-DATE RESULTS
ESCAGENETICS ANNOUNCES FOURTH QUARTER AND FISCAL YEAR RESULTS
ESCAGENETICS ANNOUNCES FOURTH QUARTER AND FISCAL YEAR RESULTS
ESCAGENETICS FORMS PHYTOPHARMACEUTICALS TO DEVELOP PLANT-BASED PHARMACEUTICALS; MACMASTER APPOINTED CHAIRMAN, CEO
ESCAGENETICS ANNOUNCES SECOND QUARTER FINANCIAL RESULTS
ESCAGENETICS ANNOUNCES THIRD QUARTER FINANCIAL RESULTS
ESCAGENETICS ANNOUNCES FIRST QUARTER FINANCIAL RESULTS
ESCAGENETICS CORP. ANNOUNCES FIRST QUARTER FINANCIAL RESULTS
ESCAGENETICS CORPORATION ANNOUNCES FIRST QUARTER FISCAL YEAR RESULTS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters