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MYCOGEN ANNOUNCES FIRST QUARTER EARNINGS

 SAN DIEGO, April 21 /PRNewswire/ -- Mycogen Corp. (NASDAQ: MYCO) today reported first quarter revenues of $59.2 million for the period ended March 31, 1993, compared to $7.4 million in the same period last year. Net income applicable to common shares was $2.5 million, or $.15 per share for the first quarter ended March 31, 1993, compared to a net loss of $2.1 million, or $.15 per share, for the same period last year.
 "The significant increase in revenues and the first quarter profit relate primarily to the contribution of Agrigenetics, acquired in December 1992," said James R. Glynn, Mycogen's executive vice president and chief financial officer. "While these results reflect the progress we have made in building the company, it is important to recognize that our business is highly seasonal, and that we still project a loss for the full year."
 Compared to last year, expenses also increased as a result of the Agrigenetics acquisition. Selling, general and administrative costs increased and additional overhead expenses were incurred to provide support to Agrigenetics and other expanding operations.
 Cash and short-term investments at the end of the first quarter totaled $76.5 million, or approximately $4.52 per share.
 "We are actively seeking similar opportunities to strengthen the company through acquisitions," Glynn said. "We are committed to building Mycogen into a major agricultural biotechnology company."
 Mycogen is a diversified biotechnology company that develops and markets environmentally compatible biopesticides and improved crop varieties to control pests and increase food production.
 MYCOGEN CORP.
 Condensed Consolidated Statements of Operations
 (Dollars in thousands, except per share data)
 Three months ended
 March 31,
 1993 1992
 (Unaudited)
 Revenues:
 Net operating revenues $57,072 $4,788
 Contract revenue 1,212 778
 Royalty and license income 173 ---
 Interest and other income 760 1,797
 Total revenues 59,217 7,363
 Costs and expenses:
 Cost of operating revenues 31,039 4,302
 Selling, general and
 administrative 14,128 2,687
 Research and development 4,455 2,199
 Amortization of intangible assets 483 299
 Total costs and expenses 50,105 9,487
 Income (loss) before
 minority interest 9,112 (2,124)
 Minority interest (6,097) ---
 Net income (loss) 3,015 (2,124)
 Dividends on preferred stock (494) ---
 Net income (loss) applicable
 to common shares $2,521 ($2,124)
 Net income (loss) per common share $0.15 ($0.15)
 Weighted average
 number of shares 16,908,000 14,365,000
 Condensed Consolidated Balance Sheets
 (Dollars in thousands)
 March 31, Dec. 31,
 1993 1992
 (Unaudited) (Audited)
 Assets:
 Cash and short-term investments $76,477 $68,448
 Other current assets 87,010 76,336
 Net property, plant and equipment 47,114 46,761
 Other assets 20,726 21,208
 Total assets $231,327 $212,753
 Liabilities and
 Stockholders' Equity:
 Current liabilities $42,756 $33,672
 Long-term liabilities 1,291 1,256
 Minority interest 37,475 31,378
 Redeemable convertible
 preferred stock 40,059 39,564
 Stockholders' equity 109,746 106,883
 Total liabilities and
 stockholders' equity $231,327 $212,753
 -0- 4/21/93
 /CONTACT: James R. Glynn, executive VP and CFO, or Michael W. Sund, investor relations, of Mycogen, 619-453-8030/
 (MYCO)


CO: Mycogen Corp. ST: California IN: MTC SU: ERN

JL-BP -- SD004 -- 8483 04/21/93 08:32 EDT
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Date:Apr 21, 1993
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