BALLISTIVET REPORTS SECOND QUARTER 1992 RESULTS
BALLISTIVET REPORTS SECOND QUARTER 1992 RESULTS MINNEAPOLIS, Aug. 10 /PRNewswire/ -- BallistiVet, Inc.
(NASDAQ: BVET) today reported sales for its second quarter ended June 30, 1992 of $41,000, compared with sales of $55,000 for the second quarter of 1991. The company had a net loss for the quarter of $581,000, or 12 cents per share, compared with a net loss of $498,000, or 13 cents per share, for the second quarter of 1991. Weighted average shares outstanding were 4,849,660 in this year's second quarter, compared with 3,959,611 in the same period last year.
BallistiVet's losses were approximately as expected and 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. In particular, R&D expenses doubled in the quarter, reflecting increased testing and trial expenditures on new products, as well as additional staffing costs in the company's R&D department. For the six months ended June 30, 1992, sales were $86,000, compared with $111,000 for the first six months of 1991. The company had a net loss of $1,049,000, or 22 cents per share, compared with a net loss of $782,000, or 24 cents per share in the first half of 1991. David Watrud, BallistiVet's interim CEO said, "We continue to make progress toward obtaining approvals for the products we need to market our ballisitic vaccine delivery system to veterinarians, feedlot operators and growers throughout the country. We are spending the necessary money to get the regulatory job done and are implementing a marketing plan that will effectively roll-out new products nationally as they are approved. We believe that the cash flow we expect to generate, plus the working capital currently available to the company will be sufficient to meet our needs". 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 vaccine delivery system, which replaces traditional needle and syringe methods, allows inoculation of animals from ranges up to 50 feet using an air powered rifle. BALLISTIVET, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended Six Months Ended June 30 June 30 1992 1991 1992 1991 Sales $ 41,000 $ 55,000 $ 86,000 $ 111,000 Cost of sales 128,000 166,000 258,000 303,000 Research & development 192,0 ? 95,000 368,000 186,000 Marketing and sales 135,000 44,000 216,000 60,000 General and administrative 188,000 267,000 346,000 351,000 Operating loss (602,000) (517,000) (1,102,000) (789,000) Interest expense (6,000) (10,000) (11,000) (13,000) Interest income 29,000 41,000 68,000 41,000 Other, net (2,000) (12,000) (4,000) (21,000) Net loss $(581,000) $(498,000) $(1,049,000) $(782,000) Net loss per common share (0.12) $ (0.13) $ (0.22) $ (0.24) Weighted average number of common shares outstanding 4,869,660 3,959,611 4,849,660 3,313,216 CONSOLIDATED BALANCE SHEETS (Unaudited) June 30, December 31, 1992 1991 ASSETS Cash and short-term investments $2,737,000 $3,989,000 Inventories 338,000 299,000 Other current assets 161,000 136,000 Property, plant and equipment, net 594,000 438,000 Other assets 1,000 3,000 -- $3,831,000 $4,865,000 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities $ 226,000 $ 209,000 Long-term debt, less current maturities 156,000 171,000 Stockholders' equity (deficit) 3,449,000 4,485,000 -- $3,831,000 $4,865,000 -0- 8/10/92 /CONTACT: Jack Falker of Swenson Falker Eilertsen, 612-371-0000 or Ray Joyal of BallistiVet, 612-784-2076/ (BVET) CO: BallistiVet, Inc. ST: Minnesota IN: SU: ERN
KH -- MN006 -- 8417 08/10/92 10:16 EDT
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|Date:||Aug 10, 1992|
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