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BALLISTIVET REPORTS THIRD QUARTER RESULTS

 MINNEAPOLIS, Nov. 17 ~PRNewswire~ -- BallistiVet, Inc. (NASDAQ: BVET), today announced sales of $79,000 and a net loss of $445,000, or 9 cents per share, for its third quarter ended Sept. 30, 1992. The results compare with sales of $62,000 and a net loss $365,000, equivalent to 8 cents per share, for the third quarter of 1991.
 BallistiVet's results were approximately as expected and continue to reflect high R&D and marketing costs consistent with the early stage of development of the company's products. Marketing and sales costs for the period more than doubled, reflecting the company's shift, as part of its strategic marketing plan, to a veterinarian-based marketing approach.
 For the nine months ended September 30, 1992, sales were $165,000, compared with $172,000 for the same period a year ago. Net loss for the nine months was $1,494,000, or 31 cents per share, compared with $1,147,000, or 30 cents per share, in 1991.
 David Watrud, BallistiVet's interim chief executive officer, said, "We continue to focus our resources and make progress toward our two primary goals: seeking regulatory approval for key products necessary to market our ballistic vaccine delivery system, and forging a distribution network that will give us access to the most lucrative markets."
 Last month, the company announced it had signed ethical distribution agreements with three major distributors of animal health products to veterinarians. The agreements establish national distribution and open up the Midwest market of eight million feeder cattle.
 BallistiVet is a Minnesota-based company that manufactures and markets products for the cattle health market, which approximates $1 billion in the United States. The company's patented ballistic vaccine delivery system, which replaces traditional needle and syringe methods, allows inoculation of animals, without restraint, from ranges up to 20 feet using an air-powered rifle.
 CONSOLIDATED STATEMENTS OF OPERATIONS
 BallistiVet, Inc.
 (Unaudited)
 Three Months Ended Nine Months Ended
 Sept. 30 Sept. 30
 1992 1991 1992 1991
 Sales $79,000 $62,000 $165,000 $172,000
 Cost of sale 138,000 210,000 396,000 513,000
 Research & development 134,000 100,000 502,000 285,000
 Marketing and sales 114,000 54,000 330,000 114,000
 General and
 administrative 151,000 125,000 498,000 476,000
 Operating loss (458,000) (427,000) (1,561,000) (1,216,000)
 Interest expense (6,000) ( 5,000) (17,000) (18,000)
 Interest income 21,000 68,000 89,000 109,000
 Other, net (2,000) ( 1,000) (5,000) (22,000)
 Net loss $(445,000) $(365,000) $(1,494,000) $(1,147,000)
 Net loss per common
 share $(0.09) $(0.08) $(0.31) $(0.30)
 Weighted average number
 of common shares
 outstanding 4,873,734 4,840,153 4,865,458 3,823,528
 CONSOLIDATED BALANCE SHEETS
 (Unaudited)
 September 30, December 31,
 1992 1991
 ASSETS
 Cash and short-term investments $2,238,000 $3,989,000
 Inventories 372,000 299,000
 Other current assets 202,000 136,000
 Property, plant and
 equipment, net 549,000 438,000
 Other assets 0 3,000
 -- $3,361,000 $4,865,000
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities $143,000 $209,000
 Long-term debt, less
 current maturities 146,000 171,000
 Stockholders' equity
 (deficit) 3,072,000 4,485,000
 -- $3,361,000 $4,865,000
 -0- 11~17~92
 ~CONTACT: Jack Falker of Swenson Falker Eilertsen Inc., 612-371-0000 or Ray Joyal of BallistiVet, Inc. 612-784-2076~
 (BVET)


CO: BallistiVet, Inc. ST: Minnesota IN: SU: ERN

KH -- MN009 -- 1934 11~17~92 14:39 EST
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Publication:PR Newswire
Date:Nov 17, 1992
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