Energy BioSystems Announces First Quarter Earnings Report.Business Editors & Energy Writers THE WOODLANDS, Texas--(BUSINESS WIRE)--May 15, 2000 Energy BioSystems Corporation (Nasdaq: ENBC), today reported results for the first quarter of 2000. For the quarter ended March 31, 2000, the company reported revenues of $358,673 compared with revenues of $532,019 for the same period a year ago. The company reported a net loss of $1,119,378, or $0.27 per share, versus a loss of $1,616,405, or $1.15 per share, for the same period a year ago. The net loss per share included $0.10 and $0.41 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , respectively, for periodic accretion The act of adding portions of soil to the soil already in possession of the owner by gradual deposition through the operation of natural causes. The growth of the value of a particular item given to a person as a specific bequest under the provisions of a will between the and accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. dividends on the company's Series B Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". issued in the first quarter of 1997. "This is an exciting time for the Company as we expand our proprietary RACHITT(TM) technology for directed evolution Directed evolution is a method used in protein engineering to harness the power of Darwinian selection to evolve proteins or RNA with desirable properties not found in nature. to address exciting new markets in the chemical and pharmaceutical sectors, while continuing to accelerate development of our biocatalytic bi·o·cat·a·lyst n. A substance, especially an enzyme, that initiates or modifies the rate of a chemical reaction in a living body; a biochemical catalyst. bi desulfurization process," commented Peter P. Policastro, Ph.D., 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. . "We feel that we are at an important turning point, and that the combination of a unique and robust technology and an experienced scientific and management team positions us to take advantage of these new commercial opportunities. We look forward to developing these markets in the coming months." The company is currently in negotiations for the first license and collaborative agreement based on its RACHITT(TM) technology. In June, management will be seeking shareholder approval on a new name for the company to reflect the changes that have been implemented over the last several months. Enchira Biotechnology Corporation is the new name being considered to embrace the Company's new focus on directed evolution. "We are moving aggressively to position ourselves as a significant player in the genomics sector with a major investment of resources in our directed evolution technology platform," Dr. Policastro said. "We believe RACHITT(TM) , coupled with the high-throughput screening High-throughput screening (HTS), is a method for scientific experimentation especially used in drug discovery and relevant to the fields of biology and chemistry. Purpose and method systems we have developed, offers substantial advantages over other gene shuffling technologies." Meanwhile, discussions continue with potential business partners for commercialization of new industrial chemicals that are byproducts of the BDS BDS abbr. Bachelor of Dental Surgery BDS Bachelor of Dental Surgery BDS n abbr (= Bachelor of Dental Surgery) → título universitario BDS process. Studies indicate that these chemicals, including, hydroxy hy·drox·y adj. Containing the hydroxyl group. [From hydroxyl.] hydroxy Containing the hydroxyl group (OH). Adj. 1. phenyl phenyl (fĕn`əl), C6H5, organic free radical or alkyl group derived from benzene by removing one hydrogen atom. benzene benzene (bĕn`zēn, bĕnzēn`), colorless, flammable, toxic liquid with a pleasant aromatic odor. It boils at 80.1°C; and solidifies at 5.5°C;. Benzene is a hydrocarbon, with formula C6H6. sulfinate (HPBS), can be potentially lower-cost, 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. building-blocks in the manufacture of detergents. Energy BioSystems Corporation (NASDAQ: ENBC), of The Woodlands, Texas is a biotechnology company that is applying proprietary, directed evolution techniques to accelerate development and commercialization of biocataylst-based processes for petroleum refining and petrochemicals production, industrial enzyme, ag-bio, chemical and pharmaceutical markets. Additional information about Energy BioSystems is available at the company's web site: www.energybiosystems.com. This document 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. that are subject to certain risks, uncertainties and assumptions, including but not limited to, the Company's need for additional funds, the ability to raise sufficient funds on acceptable terms, its history of operating issues, the technical uncertainty and risks associated with commercialization of the Company's technology, the Company's reliance on environmental regulations and the uncertainty of the adoption of any newly proposed regulations, the market acceptance of the Company's technology, the Company's dependence on collaboration partners, competition, and the ability to enforce and defend the Company's patents and proprietary technologies. Should one or more of such risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated in such forward-looking statements. For a discussion of such risks and assumptions, see "Risk Factors" included in the Company's annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 1999.
Energy BioSystems Corporation First Quarter 2000 Earnings
Energy BioSystems Corporation
Statement of Operations (Unaudited)
Quarter Ended Quarter Ended
March 31, 2000 March 31, 1999
-------------- --------------
Revenues $358,673 $532,019
Net Loss ($1,119,378) ($1,616,405)
Loss Per Share ($0.27)(1) ($1.15)(2)
Shares Used in Computing
Loss Per Share 6,645,402 2,179,882
(1) Net loss per share includes $0.10 attributable to periodic
accretion and accrued dividends on the Series B Preferred Stock
issued in February and March 1997.
(2) Net loss per share includes $0.41 attributable to periodic
accretion and accrued dividends on the Series B Preferred Stock
issued in February and March 1997.
Energy BioSystems Corporation
Summary Balance Sheets
March 31, 2000 December 31, 1999
-------------- -----------------
(Unaudited)
Assets:
Current Assets $ 5,240,434 $ 6,098,487
Long term Assets 2,031,561 1,965,611
----------- -----------
Total Assets $ 7,271,995 $ 8,064,098
=========== ===========
Liabilities & Stockholders'
Equity:
Current Liabilities $ 618,684 $ 507,150
Long-term Liabilities 69,224 --
Stockholders' Equity 6,584,087 7,556,948
----------- -----------
Total Liabilities &
Stockholders' Equity $ 7,271,995 $ 8,064,098
=========== ===========
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion