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DNA PLANT TECHNOLOGY CORPORATION REPORTS LOWER FIRST QUARTER OPERATING LOSS

 CINNAMINSON, N.J., May 10 /PRNewswire/ -- DNA Plant Technology Corporation (NASDAQ: DNAP) today reported a net loss of $3,547,000 ($0.20 per share) for the quarter ended March 31, 1993. This compares to a loss of $4,007,000 before a gain of $1,207,000 on sale of land, or a net loss of $2,800,000 ($0.17 per share), in the same period of 1992.
 Reflecting the reduction in product development revenue that has resulted from DNAP's sharpening focus on its primary business areas, and the transfer of certain analytical activities in edible oils to its InterMountain Canola joint venture, revenues for the first quarter ended March 31, 1993 were $2,325,000, as compared to revenues of $2,730,000 for the same period of 1992. Lower investment and royalty income was offset by increased sales of Quantix Systems diagnostic products.
 These revenue figures exclude revenues of DNAP's joint ventures in branded produce and edible oil which amounted to $1,080,000 for the first quarter of 1993 as compared to $504,000 in the first quarter of 1992.
 "Product sales, the most important measure of our performance, continue to expand at an accelerated rate," said Robert Serenbetz, president and chief executive officer of DNA Plant. "With encouraging consumer response to our carrots and sweet mini-peppers in bulk presentation and to our VineSweet(TM) vine-ripened tomato now on supermarket shelves, we look for continued gains in product sales. In addition, at InterMountain Canola, farmers have begun to plant the 70,000 acres they contracted to grow, more than doubling our production base over 1992.
 Finally, our cost-cutting program is being reflected in reduced operating expenses."
 DNAP is a leading agricultural biotechnology company, applying a spectrum of technologies to develop and commercialize plant-based products and environmental diagnostic products for consumer and industrial markets. The company has two major operating joint ventures -- FreshWorld in premium fruits and vegetables and InterMountain Canola Company in special varieties of healthy edible oils.
 DNA PLANT TECHNOLOGY CORPORATION
 Consolidated Statements of Operations
 (Unaudited, in thousands, except per share amounts)
 Three months ended March 31 1993 1992
 Revenues (excluding revenues of the
 Company's joint ventures which are
 shown below):
 Product development $ 1,539 $ 1,943
 Product sales 285 92
 Investment and royalty income 501 695
 Total revenues 2,325 2,730
 Operating expenses:
 Research and product development 2,683 3,397
 Cost of product sales 136 96
 General and administrative 1,327 1,135
 Total operating expenses 4,146 4,628
 Total (1,821) (1,898)
 Gain on sale of land -- 1,207
 Loss before equity in loss of joint
 ventures (1,821) (691)
 Equity in loss of joint ventures (1,726) (2,109)
 Net loss (3,547) (2,800)
 Preferred stock dividends 776 776
 Net loss applicable to common shareholders (4,323) (3,576)
 Net loss per common share $ (.20) $ (.17)
 Weighted average number of common
 shares outstanding 21,939 21,258
 Revenues of the company's joint ventures(A) $ 1,080 $ 504
 Consolidated Balance Sheets
 (Unaudited, in thousands)
 3/31/93 12/31/92
 Assets:
 Cash and temporary investments $ 23,505 $ 27,364
 Other current assets 1,676 2,300
 Net property, plant and equipment 3,292 3,383
 Other assets 2,841 3,123
 Total assets 31,314 36,170
 Liabilities and Stockholders' Equity:
 Current liabilities $ 4,803 $ 5,609
 Stockholders' equity 26,511 30,561
 Total liabilities and stockholders'
 equity $ 31,314 $ 36,170
 (A) -- The revenues of the Company's branded produce and edible oil joint ventures are shown separately since such revenues are accounted for under the equity method.
 -0- 5/10/93
 /CONTACT: Robert Serenbetz of DNA Plant Technology Corporation, 609-829-0110 or Fredric J. Spar of Kekst and Company, 212-593-2655, for DNA Plant Technology Corporation/
 (DNAP)


CO: DNA Plant Technology Corporation ST: New Jersey IN: SU: ERN

TS -- NY097 -- 6666 05/10/93 16:34 EDT
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Date:May 10, 1993
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