Printer Friendly

BIOSYS REPORTS FOURTH QUARTER RESULTS

 PALO ALTO, Calif., Feb. 12 /PRNewswire/ -- biosys (NASDAQ-NMS: BIOS) today announced its financial results for the fourth quarter ended Dec. 31, 1992. For this three-month period, revenues were $1,212,000 compared to revenues of $105,000 for the same period last year. The net loss for the quarter was $1,223,000, or 16 cents per share, as compared to a net loss of $1,402,000, or 29 cents per share for the corresponding quarter of a year ago. For the year ended Dec. 31, 1992, net loss was $3,869,000, or 56 cents per share. Revenues for the 1992 fiscal year were $4,554,000. For the prior fiscal year, net loss was $5,191,000, or $1.06 per share, on revenues of $1,096,000.
 "We are pleased with the increase in overall revenues which can be attibuted to a combination of increased demand for our products, greater contract research and development income, as well as the advent of revenues from contract manufacturing services," said Dr. Venkat S. Sohoni, president and chief executive officer of biosys. "We believe that biosys is well-positioned to pursue our strategies of building our core nematode biopesticide business, leveraging our research and manufacturing strength to diversify into other biopesticides, expanding corporate partner marketing and distribution relationships, and building the contract manufactuing business."
 biosys is a leader in the development and commercialization of biological pesticide products for the control of a wide range of insect pests. The company recently announced that a letter of intent had been signed to acquire AgriSense, a developer and marketer of pheromone-based insect traps and lures, as well as other biopesticide technologies and products. Using advanced science and technology, the company develops and manufactures biological controls that are highly effective in large- scale commercial usage. biosys holds patents for the manufacture of beneficial nematodes in liquid fermentation and their formulation for commercial use. biosys shares are traded on NASDAQ/NMS with ticker symbol BIOS.
 biosys
 Condensed Consolidated Statements of Operations
 (Amounts in thousands except per share data)
 Three Months Twelve Months
 Ended Dec. 31: 1992 1991 1992 1991
 (unaudited)
 Revenues:
 Product sales $ 229 $ 105 $ 1,875 $ 1,066
 Contract research and
 development revenues 983 --- 2,679 30
 Total revenues 1,212 105 4,554 1,096
 Cost and expenses:
 Cost of product sales 1,232 423 3,501 2,057
 Operating expenses 1,450 1,114 5,706 4,259
 Total cost and
 expenses 2,682 1,537 9,207 6,316
 Loss from operations (1,470) (1,432) (4,653) (5,220)
 Interest and other
 income (expense), net 247 30 784 29
 Net loss $(1,223) $(1,402) $(3,869) $(5,191)
 Net loss per
 common share $ (0.16) $ (0.29) $ (0.56) $ (1.06)
 Weighted average common shares
 and equivalents
 outstanding 7,431 4,909 6,891 4,909
 Condensed Consolidated Balance Sheets
 (Amounts in thousands)
 Dec. 31 Dec. 31,
 1992 1991
 Assets:
 Cash, cash equivalents, and
 short-term investments $26,903 $ 4,269
 Other current assets 1,577 304
 Property and equipment, net 1,656 1,066
 Other assets 76 55
 Total assets $30,212 $ 5,694
 Liabilities & shareholders' equity (deficit):
 Current liabilities $ 968 $ 688
 Long-term capitalized
 lease obligations 79 375
 Mandatorily redeemable
 convertible preferred stock --- 5,465
 Shareholders' equity (deficit) 29,165 (834)
 Total liabilities & shareholders'
 equity (deficit) $30,212 $ 5,694
 -0- 2/12/93
 /CONTACT: Dr. Venkat S. Sohoni, president and chief executive officer, or Bruce G. Fielding Jr., senior vice president and chief financial officer, 415-856-9500, both of biosys/
 (BIOS)


CO: biosys ST: California IN: MTC SU: ERN

PK-GT -- SJ001 -- 6019 02/12/93 08:02 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 12, 1993
Words:608
Previous Article:BIO-RAD ANNOUNCES 1992 RESULTS
Next Article:PSYCHEMEDICS REPORTS RECORD REVENUES FOR 1992; REPORTS SIGNIFICANTLY REDUCED LOSS FROM PREVIOUS YEAR
Topics:


Related Articles
BIOSYS REPORTS FIRST QUARTER RESULTS
BIOSYS REPORTS THIRD QUARTER RESULTS
biosys REPORTS FIRST QUARTER RESULTS
BIOSYS ANNOUNCES SECOND QUARTER RESULTS AND ORGANIZATIONAL CHANGES
BIOSYS ANNOUNCES THIRD QUARTER RESULTS
BIOSYS ANNOUNCES FIRST QUARTER RESULTS
BIOSYS ANNOUNCES THIRD QUARTER RESULTS AND NEW BANK FINANCING ARRANGEMENTS
BIOSYS INC. ANNOUNCES FOURTH QUARTER RESULTS
biosys ANNOUNCES FIRST QUARTER RESULTS
BIOSYS ANNOUNCES SECOND QUARTER RESULTS

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters