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AGRIDYNE TECHNOLOGIES REPORTS IMPROVED OPERATING RESULTS, NET LOSS IN FIRST QUARTER

 AGRIDYNE TECHNOLOGIES REPORTS IMPROVED OPERATING RESULTS,
 NET LOSS IN FIRST QUARTER
 SALT LAKE CITY, May 4 /PRNewswire/ -- In its first quarterly report since its initial public stock offering in February, AgriDyne Technologies Inc. (NASDAQ: AGRI) today announced that for the quarter ended March 31, 1992, it had a loss of $1.4 million, or 26 cents a share, on revenues of $603,000. For the prior year's first quarter, AgriDyne lost $1.1 million, or 23 cents a share, on revenues of $678,000.
 While total operating costs and expenses were down from $2.5 million in the first quarter of 1991 compared to $2.2 million in 1992, sales and marketing costs increased compared to a year ago in preparation for the introduction of AgriDyne's new botanical insecticides. 1991's first quarter net loss was reduced by a net gain of $665,000 realized from the one-time sale of its gene mapping research program.
 "The financial results are in line with our expectations," says Eric B. Hale, president and chief executive officer. "The environmental trends in agriculture continue to move the industry toward natural products like our Azatin(TM) and Azatech insecticides. Our steady progress and product philosophy put AgriDyne in a unique position to capitalize on this dynamic change."
 As a result of the February public common stock offering made on the NASDAQ National Market System, 1.75 million shares of common stock were sold with net proceeds of $15.3 million. The company plans to use the additional capital to commercialize and market its products which have been registered by the Environmental Protection Agency (EPA) and to support research, development and commercialization of other new products.
 In January, AgriDyne received EPA registrations for its first two products based on azadirachtin, a broad spectrum, natural insecticide derived from neem tree seeds. AgriDyne anticipates launching Azatin insecticide, a formulation of azadirachtin for the greenhouse and ornamental market, later this year. Additional research is underway on the active ingredient's application on a wide range of other crops.
 The company also announced tiDyne was unable to secure a short-term supply of EPA registered gibberellic acid for the U.S. market on terms acceptable to the company. Although the absence of a short-term supply agreement will reduce sales in 1992, operating margins are expected to be less significantly impacted, as the gross margins from any short-term supply arrangement were not anticipated to be substantial. AgriDyne has a long term supply agreement for gibberellic acid with Kyowa Hakko Kogyo, Ltd. of Japan to supply AgriDyne's needs for 1993 and beyond. The majority of this year's sales of Gibrel are expected to be in Latin American markets. Gibrel is a naturally occurring plant growth regulator which is widely used to enhance the growth of seedless table grapes and citrus.
 In April, AgriDyne received a $1.2 million grant from the U.S. Department of Commerce to support research on pyrethrin, a botanical insecticide. AgriDyne will match the grant, spending over $3 million in the next three years to develop a proprietary method to produce pyrethrin.
 AgriDyne develops and markets environmentally compatible botanical insecticides and plant growth enhancement products.
 AGRIDYNE TECHNOLOGIES, INC.
 First Quarter Comparisons, 1992-1991
 (unaudited)
 Quarter ended March 31, 1992 1991
 Total Revenue $ 602,949 $ 677,832
 Costs and Expenses 2,171,899 2,469,529
 Operating Losses (1,568,950) (1,791,697)
 Total Other Income 140,394 709,801(A)
 Net Loss ($1,428,556) ($1,081,896)
 NET LOSS PER COMMON SHARE ($0.26) ($0.23)
 WEIGHTED AVERAGE COMMON
 SHARES OUTSTANDING 5,429,851 4,661,716
 (A) Includes a net gain of $665,000 on the March 1991 sale to Pioneer Hi-Bred International Inc. of the remainder of the company's plant genetic RFLP research program.
 -0- 5/4/92
 /CONTACT: Eric Hale, 801-583-3500, or Patty Orlowitz, 816-474-9407, for AgriDyne/
 (AGRI) CO: AgriDyne Technologies Inc. ST: Utah IN: SU: ERN


SH -- NY038 -- 5951 05/04/92 10:55 EDT
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Publication:PR Newswire
Date:May 4, 1992
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