Printer Friendly

BALLISTIVET(TM) REPORTS THIRD QUARTER 1991 RESULTS

 BALLISTIVET(TM) REPORTS THIRD QUARTER 1991 RESULTS
 MINNEAPOLIS, Nov. 4 /PRNewswire/ -- BallistiVet, Inc. (NASDAQ: BVET)


today reported sales of $62,000 for the three months ended Sept. 30, 1991, compared with sales of $72,000 in the comparable period of 1990. The company had a net loss for the quarter of $365,000, or eight cents per share, compared with a net loss of $401,000, or 14 cents per share in the third quarter of 1990.
 For the nine months ended Sept. 30, 1991, sales were $173,000, compared with $142,000 in the comparable period of 1990. The company's net loss for the nine months was $1,147,000, or 30 cents per share, compared with $1,167,000, or 42 cents per share for the same period in 1990.
 BallistiVet's losses are largely the result of high research and development and marketing costs incurred in the early stages of the life cycle of the company's products. Sales for the third quarter were lower than the comparable period of last year because of a sale in last year's third quarter to a wildlife customer. The company has received a similar order from this customer which it anticipates filling during the fourth quarter of 1991. The company's net loss decreased in the quarter due primarily to lower marketing expenses and increased interest income.
 Dr. Lester C. Krogh, Chairman and CEO said, "Third quarter results were as expected, despite a downturn in feedlot cattle numbers. The BallistiVet implant system continues to be well received by veterinarians, feed lot operators and ranchers, but we will not begin to realize our full potential until we have more vaccines and pharmaceuticals available for use with our system. During the third quarter we submitted license applications to the USDA for three vaccines which, when approved, will substantially upgrade and broaden our product offerings for the prevention of respiratory diseases in cattle. We are also initiating negotiations with our suppliers for several other vaccines which will further broaden our product line.
 "We are currently completing an FDA new animal drug application for our estrus synchronization product, and we have begun an aggressive program to facilitate the entry into clinical trials of our antibiotic product. The results of these trials will be used to prepare and complete our second new animal drug application during 1992."
 BallistiVet is a Minnesota-based company which manufactures and sells products for the cattle health care market, which approximates $1 billion in the U.S. The company's patented ballistic implant system, which replaces traditional needle and syringe methods, allows inoculation of animals with specially packaged vaccines and pharmaceuticals from ranges up to 50 feet using an air powered implant rifle.
 BALLISTIVET, INC.
 CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
 Three Months Ended Nine Months Ended
 September 30 September 30
 1991 1990 1991 1990
 Sales $62,000 $72,000 $173,000 $142,000
 Cost of sales 210,000 168,000 513,000 492,000
 Research & development 100,000 65,000 285,000 234,000
 Marketing, general, and
 administrative 179,000 246,000 591,000 593,000
 Operating loss (427,000) (407,000) (1,216,000) (1,177,000)
 Interest expense (5,000) - (18,000) (1,000)
 Interest income 68,000 1,000 109,000 16,000
 Other, net (1,000) (5,000) (22,000) (5,000)
 Net loss $(365,000) $(401,000) $(1,147,000) $(1,167,000)
 Net loss per
 common share $(0.08) $(0.14) $(0.30) $(0.42)
 Weighted average
 number of common
 shares outstanding 4,844,153 2,802,903 3,823,528 2,802,903
 CONSOLIDATED BALANCE SHEETS (Unaudited)
 September 30, December 31,
 1991 1990
 ASSETS
 Cash and cash equivalents $4,440,000 $104,000
 Inventories 424,000 516,000
 Other current assets 133,000 80,000
 Property, plant and
 equipment, net 405,000 451,000
 Other assets 48,000 38,000
 -- $5,450,000 $1,189,000
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities $195,000 $891,000
 Long-term debt, less
 current maturities 165,000 184,000
 Stockholders' equity
 (deficit) 5,090,000 114,000
 -- $5,450,000 $1,189,000
 -0- 11/4/91
 /CONTACT: Jack Falker of Swenson/Falker Associates, 612-371-0000; or Ray Joyal of BallistiVet, Inc., 612-784-2076/
 (BVET) CO: BallistiVet, Inc. ST: Minnesota IN: SU: ERN DS -- MN020 -- 0924 11/04/91 17:04 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 4, 1991
Words:718
Previous Article:CHAMBERS DEVELOPMENT COMPANY DEDICATES ENVIRONMENTAL MOSAIC
Next Article:STANDARD & POOR'S STOCK PRICE INDEX -- CLOSING, MONDAY, NOV. 4 /PRN/
Topics:


Related Articles
BALLISTIVET REPORTS 1991 RESULTS
BALLISTIVET REPORTS FIRST QUARTER 1992 RESULTS
BALLISTIVET NAMES INTERIM CEO
BALLISTIVET REPORTS SECOND QUARTER 1992 RESULTS
BALLISTIVET REPORTS SUIT BY FORMER CEO
BALLISTIVET REPORTS THIRD QUARTER RESULTS
BALLISTIVET RETAINS MANAGEMENT CONSULTING FIRM FOR TWO-YEAR FULL TIME CONTRACT; NAMES THREE PRINCIPALS TO KEY MANAGEMENT POSITIONS
BALLISTIVET REPORTS FIRST QUARTER RESULTS
BALLISTIVET REPORTS INCREASE IN SALES FOR SEPTEMBER 1993 THIRD QUARTER, NINE MONTHS
SOLIDOSE TECHNOLOGIES TO CEASE ACTIVE OPERATIONS

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