Printer Friendly

biosys REPORTS FIRST QUARTER RESULTS

 PALO ALTO, Calif., May 17 /PRNewswire/ -- biosys (NASDAQ-NMS: BIOS) today announced its financial results for the first quarter, ended March 31, 1993.
 Total revenues for the first quarter of 1993 increased to $1,417,000 from $391,000 for the corresponding period in 1992. Net loss for the first quarter was $1,565,000, or 21 cents per share, as compared to the loss of $1,059,000, or 20 cents, for the same quarter in 1992.
 The revenue increase reflects the addition of contract research income from corporate distribution partner arrangements, along with revenue from contract manufacturing production and increased sales of nematode products. Cost of goods sold was adversely affected by relatively low manufacturing volumes at early stages of operations, and one-time expenses incurred to consolidate all manufacturing operations to the new Decatur, Ill., formulations and packaging plant, along with start-up expenses for that facility. Additional operating expenses were incurred for the quarter primarily due to increased research and development efforts for both nematode and baculovirus technologies.
 "The first quarter saw biosys making significant progress in the development of technology, commercial product introduction and expansion of corporate partnerships. In addition, the acquisition of the AgriSense business was finalized on April 30. The synergy between biosys product lines and those of AgriSense was a major factor in our decision and provides the foundation for integration of this business," said Dr. Venkat S. Sohoni, president and chief executive officer of biosys. "We are encouraged that our strategic alliances for distribution and our contract manufacturing relationship, along with our investments in technology provides us with the tools to make continued progress in 1993."
 The acquisition of the AgriSense assets includes their European subsidiary located in the United Kingdom, and the U.S. operations headquartered in Fresno, Calif. AgriSense develops and markets pheromone-based products for the detection, monitoring and control of cockroaches and insect pests in high-value crops and stores products. Other products and technologies include those that disrupt the mating of pests which attack rice and other crops. These established product lines complement the existing biosys biopestide business, along with access to an extensive list of intellectual property including patents for pheromone synthesis, and controlled release/microencapsulation technology, provide for environmentally compatible management of insects.
 biosys is a leader in the development and commercialization of biological pesticide products for the control of a wide range of insect pests. Using advanced science and technology, the company develops and manufactures environmentally safe and effective biological controls for agricultural and consumer markets. biosys, which holds in vitro manufacturing and formulation patents, has diversified its business into the development of baculovirus bioinsecticides and contract manufacturing services for biological pesticides. biosys shares are traded on the NASDAQ/National Market System under the stock symbol BIOS.
 biosys
 Condensed Consolidated Statements of Operations
 (Unaudited, amounts in thousands except per-share data)
 Three Months
 Ended March 31: 1993 1992
 Revenues:
 Product sales $ 646 $ 391
 Contract revenues 771 ---
 Total revenues 1,417 391
 Cost and expenses:
 Cost of product sales 1,132 483
 Operating expenses 2,044 1,014
 Total cost and expenses 3,176 1,497
 Loss from operations (1,759) (1,106)
 Interest and other income
 (expense), net 194 47
 Net loss $(1,565) $(1,059)
 Net loss per common share $ (0.21) $ (0.20)
 Weighted average common shares
 and equivalents outstanding 7,450 5,367
 Condensed Consolidated Balance Sheets
 (Amounts in thousands)
 March 31, Dec. 31,
 1993 1992
 (unaudited)
 Assets:
 Cash, cash equivalents and
 short-term investments $24,030 $26,903
 Other current assets 2,711 1,577
 Property and equipment, net 2,549 1,656
 Other assets 5 76
 Total assets $29,295 $30,212
 Liabilities & shareholders' equity:
 Current liabilities $ 1,519 $ 799
 Customer advances 120 169
 Long-term capitalized lease
 obligations 51 79
 Shareholders' equity 27,605 29,165
 Total liabilities & shareholders'
 equity $29,295 $30,212
 -0- 5/17/93
 /CONTACT: Dr. Venkat S. Sohoni, president and chief executive officer, or Bruce G. Fielding Jr., senior vice president and chief financial officer, of biosys, 415-856-9500/
 (BIOS)


CO: biosys; AgriSense ST: California IN: MTC SU: ERN

TM-GT -- SJ006 -- 9272 05/17/93 13:33 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 17, 1993
Words:687
Previous Article:TURKISH AIRLINES TO ADD 16 MORE BOEING 737s
Next Article:/ C O R R E C T I O N -- MERRY LAND/
Topics:


Related Articles
BIOSYS REPORTS FIRST QUARTER RESULTS
BIOSYS REPORTS THIRD QUARTER RESULTS
BIOSYS REPORTS FOURTH QUARTER RESULTS
BIOSYS ANNOUNCES SECOND QUARTER RESULTS AND ORGANIZATIONAL CHANGES
BIOSYS ANNOUNCES THIRD QUARTER RESULTS
BIOSYS ANNOUNCES FIRST QUARTER RESULTS
BIOSYS ANNOUNCES THIRD QUARTER RESULTS AND NEW BANK FINANCING ARRANGEMENTS
BIOSYS INC. ANNOUNCES FOURTH QUARTER RESULTS
biosys ANNOUNCES FIRST QUARTER RESULTS
BIOSYS ANNOUNCES SECOND QUARTER RESULTS

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