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DNA PLANT TECHNOLOGY CORPORATION FIRST QUARTER RESULTS

 DNA PLANT TECHNOLOGY CORPORATION FIRST QUARTER RESULTS
 CINNAMINSON, N.J., May 13, /PRNewswire/ -- DNA Plant Technology


Corporation (NASDAQ: DNAP) today reported that revenue of its joint ventures grew to $893,000 in the first quarter ended March 31, 1992, twice the level of $427,000 for the same period a year ago. Revenues of these joint ventures are not consolidated in DNAP's totals, but represent the most meaningful indicator of the company's progress in commercializing its proprietary products.
 For the first quarter ended March 31, 1992, DNAP's revenue (excluding revenues of its joint ventures) was $2,429,000, compared to $2,585,000 in the first quarter of 1991. The company had a net loss of $2,800,000 ($.17 per share), compared to a net loss of $3,083,000 ($.15 per share) in the first quarter of 1991. Per share results in 1992 are after payment of a $776,000 dividend on preferred stock. Following the exercise of stock options and warrants, the company ended the quarter with $41.1 million in cash, up from $40.2 million at the end of 1992.
 "Results for the first quarter of 1992 reflect our planned investment both in the development of a strong technology base and in our joint ventures to support the introduction and expanded sales of products in each of our three primary business areas -- branded produce, edible oils and diagnostics," said Richard Laster, DNAP chairman of the board and chief executive officer.
 "FreshWorld, our branded produce joint venture with Du Pont, has recently extended distribution of VegiSnax carrots and celery to supermarkets and other segments of the retail and food service trade in Denver. The launch into this market is being supported by a multimedia advertising campaign, including television. One hundred Denver-area McDonald's restaurants will test market our carrots under the VegiSnax label, increasing sales of the product into that chain.
 "InterMountain Canola, our edible oils joint venture with Du Pont, is scaling up production of its heat-stable Clear Valley (TM) brand and its high-level monounsaturated canola oils. InterMountain expects to at least double last year's production to meet anticipated demand.
 "At Agri-Diagnostics Associates, we expect significant revenue growth through expansion into the environmental remediation sector. A test market of the Quantix (TM) environmental workstation for the detection of petroleum contaminants in soil and water is scheduled for the coming months. Furthermore, our position has been strengthened with the recent appointment of Steven Ludmerer as chairman and chief executive officer of DNAP Diagnostics, the general partner of Agri- Diagnostics. Steve has extensive product commercialization expertise which can be brought to bear on all of our diagnostic lines.
 "Our fresh market tomato is proceeding as scheduled, and field trials of our ACC synthase-inhibited tomatoes will begin this summer. These tomatoes have been genetically-modified with transwitch technology to control ripening through the blocking of the production of ethylene. DNAP has exclusively licensed ACC synthase technology for 15 types of fruits and vegetables and seven species of ornamental flowers. Our anti-fungal tomatoes engineered with the chitinase gene will also be field trialed this year. Furthermore, we have received positive consumer responses to the fresh market tomato variety we are developing through cell tissue culture, and we will be conducting broader trials this year toward the development of a year-round growing system."
 DNAP is a leading agricultural biotechnology company, applying a spectrum of technologies to develop and commercialize plant-based products, agricultural and environmental diagnostics, and ice modification products and processes for industrial and consumer markets. The company has three operating joint ventures -- FreshWorld, InterMountain Canola Company, and Agri-Diagnostics Associates.
 DNA PLANT TECHNOLOGY CORPORATION
 Condensed Consolidated Statements of Operations
 (in thousands, except per share amounts, unaudited))
 Periods ended Three Months
 March 31 1992 1991
 Revenue (excluding revenues
 of the company's joint ventures
 which revenues are shown below):
 Product development agreements $ 1,737 $ 2,079
 Interest 622 455
 Royalty 70 51
 Total revenue 2,429 2,585
 Operating expenses:
 Research and product development 2,847 3,043
 General and administrative 752 833
 Total expenses 3,599 3,876
 Gain on sale of land 1,207 --
 Loss before equity in loss of joint ventures 37 (1,291)
 Equity in loss of joint ventures (2,837) (1,792)
 Net loss (2,800) (3,083)
 Preferred stock dividends 776 --
 Net loss applicable to common stockholders (3,576) (3,083)
 Net loss per common share $ (0.17) $ (0.15)
 Weighted avg. no. of com. shares outstndg. 21,258 20,846
 Revenues of the company's joint ventures(A) $ 893 $ 427
 Consolidated Balance Sheets
 (in thousands)
 March 31, Dec. 31,
 1992 1991
 (unaudited)
 Assets:
 Cash and temporary investments $ 41,111 $ 40,228
 Other current assets 2,156 2,379
 Net property, plant and equipment 3,386 3,568
 Other assets 3,330 2,978
 Total assets $ 49,983 $ 49,153
 Liabilities and Stockholders' Equity:
 Current liabilities $ 2,820 $ 2,855
 Stockholders' equity 47,163 46,298
 Total liabilities and
 stockholders' equity $ 49,983 $ 49,153
 (A) The revenues of the company's joint ventures are shown separately since such revenues are accounted for under the equity method.
 -0- 5/13/92
 /CONTACT: Richard M. Sykes of DNA Plant Technology Corporation, 914-241-4959, or Fred Spar of Kekst and Company, 212-593-2655, for DNA Plant Technology/
 (DNAP) CO: DNA Plant Technology Corporation ST: New Jersey IN: MTC SU: ERN


AH -- NY054 -- 9693 05/13/92 12:44 EDT
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