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BALLISTIVET REPORTS 1991 RESULTS

 BALLISTIVET REPORTS 1991 RESULTS
 MINNEAPOLIS, March 2 /PRNewswire/ -- BallistiVet(R), Inc.


(NASDAQ:BVET) today reported sales of $289,000 for the year ended Dec. 31, 1991, compared with sales of $295,000 in 1990. The company's net loss was $1,738,000, or 43 cents per share in 1991, compared with a net loss of $1,471,000, or 53 cents per share in 1990.
 Fourth quarter 1991 sales were $116,000, compared with $153,000 for the comparable period of 1990. The company's net loss was $591,000, compared with a net loss of $304,000 in the fourth quarter of 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. The small decline in sales for the year was due to two factors: the number of cattle being placed on feed during the third quarter was below historical levels and, due to the late seasonal movement of cattle, those placed on feed during the fourth quarter were heavier than normal, requiring fewer vaccinations.
 Dr. Lester C. Krogh, Chairman and CEO said, "We ended the year right on schedule with all of our strategies. Our new management team is working well together, and all of our research projects, as well as our efforts to obtain regulatory approvals, are moving along as expected. The BallistiVet implant system continues to be well received by veterinarians, feed lot operators and ranchers, and we are launching a marketing effort in 1992 to reach the large cow/calf segment of the market as more of our biological products become licensed. We look forward to improved operating results in 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
 Three Months Ended Year Ended
 12/31/91 12/31/90 12/31/91 12/31/90
 (Unaudited)
 Sales $116,000 $153,000 $289,000 $ 295,000
 Cost of sales 252,000 171,000 765,000 663,000
 Research & development 224,000 89,000 509,000 323,000
 Marketing, general, and
 administrative 280,000 186,000 869,000 779,000
 Operating loss (640,000) (293,000) (1,854,000) (1,470,000)
 Interest expense (6,000) (3,000) (24,000) (5,000)
 Interest income 53,000 -0- 162,000 16,000
 Other, net 2,000 (8,000) (22,000) (12,000)
 Net loss $(591,000) $(304,000) $(1,738,000) $(1,471,000)
 Net loss per common
 share $(0.12) $(0.11) $(0.43) $(0.53)
 CONSOLIDATED BALANCE SHEETS
 December 31, December 31,
 1991 1990
 ASSETS
 Cash and cash equivalents $127,000 $104,000
 Short-term investments 3,862,000 -0-
 Inventories 299,000 516,000
 Other current assets 136,000 80,000
 Property, plant and
 equipment, net 438,000 451,000
 Other assets 3,000 38,000
 ----- $4,865,000 $1,189,000
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities $209,000 $891,000
 Long-term debt, less
 current maturities 171,000 184,000
 Stockholders' equity
 (deficit) 4,485,000 114,000
 ----- $4,865,000 $1,189,000
 -0- 3/2/92
 /CONTACT: Jack Falker, Swenson Falker Eilertsen, 612-371-0000 or Ray Joyal of BallistiVet, 612-784-2076/
 (BVET) CO: BallistiVet, Inc. ST: Minnesota IN: SU: ERN


KH -- MN003 -- 3768 03/02/92 09:03 EST
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Publication:PR Newswire
Date:Mar 2, 1992
Words:599
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