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CALGENE ANNOUNCES FIRST HALF RESULTS; SUCCESSFUL OFFERING PUTS PROFORMA CASH AT $45 MILLION

 /Following is a repeat of a story from Thursday, Feb. 11/
 DAVIS, Calif., Feb. 11 /PRNewswire/ -- Calgene Inc. (NASDAQ-NMS: CGNE) today announced a net loss of $11,104,000 (51 cents per share) on revenues of $9,746,000 for the first six months ended Dec. 31, 1992. This compares with a net loss of $8,783,000 (67 cents per share) on revenues of $8,001,000 during the same period last year. The loss in the first six months of the prior year included a $2,000,000 charge for purchase of the exclusive North American fresh market tomato rights to the FLAVR SAVR(TM) gene from the Campbell Soup Co. The revenue increase in the current period reflects the inclusion of Hodag Chemical Corp., a speciality oleochemical manufacturer acquired in July 1992. The increase was partly offset by a $745,000 decline in product development revenues, largely due to the conclusion of certain research contracts, and lower cotton seed revenues due to the timing of international sales.
 For the quarter ended Dec. 31, 1992, Calgene reported a net loss of $6,254,000 (28 cents per share), on revenues of $4,362,000, compared to a net loss of $3,995,000 (31 cents per share) on revenues of $3,743,000, during the same period of the previous year.
 Selling general and administrative expenditures for the first six months were $6,949,000, an increase of 42 percent from the prior year's $4,885,000. The increase in SG&A expense reflects start-up expenses associated with Calgene Fresh, a subsidiary formed in January 1992 to commercialize the FLAVR SAVR tomato, and the inclusion of Hodag. Research and development expenditures for the first half of fiscal 1993 were $6,915,000, an increase of 12 percent over the prior year. The $739,000 increase in R&D expense reflects expanded rapeseed and cotton field trial activity as well as expenses from testing tomato distribution and packaging methods. Gross profit from net product sales for the first six months was $574,000, a decrease of $657,000 from the prior year. Gross profit decreased largely due to the high cost of conventionally developed vine ripe tomatoes used in the Calgene Fresh test market, lower international cotton seed sales and the write-down of cotton seed inventory.
 On Feb. 2, Calgene completed a 2-million share common stock offering led by underwriters PaineWebber Inc. and Montgomery Securities. Roger Salquist, chairman and chief executive officer, said, "The offering was very successful, raising net proceeds after expenses of approximately $27.4 million. Including cash and cash equivalents and short term investments, Calgene's proforma cash balances at Dec. 31, are approximately $45 million."
 Calgene is an agribusiness biotechnology company that is developing improved plant varieties and plant products for the fresh tomato, cotton seed and special industrial and edible oils business.
 CALGENE INC.
 Condensed Consolidated Statements of Operations
 ($ in thousands, except per share amounts, unaudited)
 Three Months Six Months
 Ended Dec. 31, Ended Dec. 31,
 1992 1991 1992 1991
 Revenues:
 Product sales, net $ 3,266 $ 2,293 $ 7,239 $ 4,677
 Product development
 revenues 526 900 1,387 2,132
 Interest income 297 413 793 1,009
 Other income, net 273 137 327 183
 Total 4,362 3,743 9,746 8,001
 Costs and expenses:
 Cost of goods sold 3,038 1,783 6,665 3,446
 Research and development 3,720 3,308 6,915 6,176
 License purchase --- --- --- 2,000
 Selling, general and
 administrative 3,708 2,483 6,949 4,885
 Interest expense 174 161 383 357
 Total 10,640 7,735 20,912 16,864
 Minority interest share
 of net loss 7 52 5 107
 Equity in net loss of
 affiliate --- 44 --- 44
 Gain from sale of assets 26 1 75 42
 Loss from operations
 before income taxes (6,245) (3,983) (11,086) (8,758)
 Provision for income
 taxes 9 12 18 25
 Net loss $(6,254) $(3,995) $(11,104) $(8,783)
 Preferred stock
 dividends $ --- $ 699 $ --- $ 1,399
 Net loss applicable to
 common shareholders $(6,254) $(4,694) $(11,104) $(10,182)
 Net loss per share $ (0.28) $ (0.31) $ (0.51) $ (0.67)
 Shares used in per share
 calculations 22,175,053 15,232,433 21,595,716 15,107,974
 -0- 2/11/93 R
 /CONTACT: Mike Motroni of Calgene, 916-753-6313/
 (CGNE)


CO: Calgene Inc. ST: California IN: MTC FOD SU: ERN

TM-GT -- SF001R -- 6545 02/15/93 13:07 EST
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Date:Feb 15, 1993
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