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
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|Date:||Nov 4, 1991|
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