Printer Friendly

CROP GENETICS INTERNATIONAL ANNOUNCES YEAR-END RESULTS

 CROP GENETICS INTERNATIONAL ANNOUNCES YEAR-END RESULTS
 HANOVER, Md., Jan. 31 /PRNewswire/ -- Crop Genetics International


(NASDAQ: CROP) today reported that for the full year ended Dec. 31, 1991, revenues were $3,343,100 compared to $2,952,600 in the previous year.
 Net loss was $8,385,500 or $2.28 per share, compared to a net loss of $5,675,200 or $1.42 per share, for the previous year. The loss per share includes the payment of $950,000 and $2,565,000 in preferred stock dividends during 1990 and 1991, respectively.
 The net loss for the current year includes a non-recurring charge of $2,728,200 or $.57 for the write-off of recently acquired technology for the production of insecticidal virus products or IVPs. In a related announcement, the company reported an alliance with Du Pont (NYSE: DD) for the production and purification of IVPs. Without the write-off the loss for the current year would have been $5,657,300 or $1.71.
 Revenues were $480,500 for the fourth quarter ended Dec. 31, 1991, compared to $1,157,200 in the same period last year. Net loss was $2,680,200 or $.65 per share, compared to a net loss of $1,122,600 or $.38 per share in the same period last year. The net loss for the fourth quarter included a charge of $985,900 for the write-off of technology discussed in the preceding paragraph. Without the write-off the loss for the quarter would have been $1,694,300 or $.45 per share.
 CROP GENETICS INTERNATIONAL CORPORATION
 Periods ended Three months Year
 Dec. 31 1991 1990 1991 1990
 Revenues:
 Product sales $50,900 $565,800 $1,417,700 $1,713,100
 Investment income 419,600 591,400 1,815,400 1,239,500
 Other income 10,000 --- 110,000 ---
 Total revenues 480,500 1,157,200 3,343,100 2,952,600
 Costs and expenses:
 Product costs 46,500 327,500 1,021,500 1,068,500
 Field management 117,400 150,900 436,800 524,400
 Research and
 development 1,494,200 1,291,600 5,980,500 5,129,000
 General and
 administrative 516,700 509,800 1,561,600 1,905,900
 Acquired technology 985,900 --- 2,728,200 ---
 Total costs and
 expenses 3,160,700 2,279,800 11,728,600 8,627,800
 Net loss (2,680,200) (1,122,600) (8,385,500) (5,675,200)
 Preferred stock
 dividends 641,300 641,300 2,565,000 950,000
 Net loss applicable
 to common shares (3,321,500) (1,763,900)(10,950,500) (6,625,200)
 Net loss per
 common share ($.65) ($.38) ($2.28) ($1.42)
 Average number of common
 shares outstanding 5,137,019 4,685,497 4,799,305 4,679,493
 Balance Sheets
 Dec. 31 1991 1990
 Current assets:
 Cash and short-term investments $19,378,600 $27,313,500
 Other current assets 1,158,800 1,231,400
 Total current assets 20,537,400 28,544,900
 Fixed assets (net) 2,530,800 2,992,600
 Total 23,068,200 31,537,500
 Current liabilities: 451,800 442,500
 Common and preferred
 stockholders' equity 22,616,400 31,095,000
 Total 23,068,200 31,537,500
 -0- 1/31/92
 /CONTACT: Charles McGuire of Crop Genetics International, 410-712-7170/
 (CROP DD) CO: Crop Genetics International ST: Maryland IN: SU: ERN


JS-MK -- PH032 -- 5820 01/31/92 17:25 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 31, 1992
Words:574
Previous Article:S&P ISSUES PREANNOUNCEMENT OF INDEX CHANGES
Next Article:SALEM CORPORATION ELECTS SIX NEW BOARD MEMBERS
Topics:


Related Articles
CROP GENETICS ANNOUNCES ENCOURAGING RESULTS OF 1991 CORN FIELD TRIALS; InCide REDUCED DAMAGE TO CORN BY 26 PERCENT TO 72 PERCENT
CROP GENETICS AND DU PONT FORM BIOINSECTICIDES ALLIANCE
CROP GENETICS INTERNATIONAL REPORTS RESULTS FOR QUARTER ENDING SEPT. 30
CROP GENETICS INTERNATIONAL ANNOUNCES YEAR END RESULTS
CROP GENETICS INTERNATIONAL REPORTS RESULTS FOR QUARTER ENDED JUNE 30, 1994
CROP GENETICS INTERNATIONAL REPORTS RESULTS FOR QUARTER ENDED SEPTEMBER 30, 1994
DEKALB GENETICS REPORTS HIGHER EARNINGS FOR THIRD FISCAL QUARTER, INCREASE IN NORTH AMERICAN SEED CORN VOLUME AND MARKET SHARE
DEKALB Genetics Reports Higher 1996 Earnings, North American Seed Continues Sales Momentum
Paradigm Genetics Announces Second Quarter Financial Results.
Paradigm Genetics to Host Live Webcast of Fourth Quarter, Year-End 2000 Financial Results Conference Call.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters