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DNA PLANT TECHNOLOGY CORPORATION THIRD QUARTER AND NINE MONTH RESULTS

DNA PLANT TECHNOLOGY CORPORATION THIRD QUARTER AND NINE MONTH RESULTS
 CINNAMINSON, N.J., Nov. 2 /PRNewswire/ -- DNA Plant Technology Corporation (NASDAQ: DNAP) today reported that third quarter revenues of its branded produce and edible oil joint ventures, FreshWorld and InterMountain Canola Company, were $685,000, a 63 percent increase over the $421,000 reported for the third quarter of 1991. Revenues of the two joint ventures for the first nine months of 1992 were $2,010,000, a 77 percent increase over the $1,138,000 reported for the same period of 1991.
 While revenues of these joint ventures are not consolidated in DNAP's totals, the company considers its joint venture revenues, together with its own product sales, to be the most meaningful indicator of the company's progress in commercializing its proprietary products.
 DNAP had total revenues of $2,802,000 during the third quarter ended Sept. 30, 1992, compared to $2,327,000 during the same period of 1991. In the third quarter, DNAP had a net loss of $4,825,000 ($0.26 per share), compared to a net loss of $3,848,000 ($0.19 per share) in the same period of 1991. Total revenues at DNAP for the nine months ended Sept. 30, 1992, were $8,181,000, compared to $7,541,000 for the same period in 1991. DNAP in the first nine months of 1992 had a net loss of $12,625,000 ($0.70 per share), compared to a net loss of $10,461,000 ($0.50 per share) in the same period of 1991. These figures exclude revenues of DNAP's joint ventures in branded produce and edible oil.
 DNAP is now incorporating the financial statements of Agri- Diagnostics Associates ("ADA") into its consolidated totals, following an increase in ownership interest in ADA to 90 percent from 40 percent. Consequently, as compared to 1991, $604,000 of the increased loss for the third quarter of 1992, and $1,625,000 of the increased loss for the first nine months of 1992, results from this increased interest. Prior to Feb. 1, 1992, DNAP accounted for its 40 percent interest in ADA under the equity method. "Our branded produce and edible oils joint ventures continued to make progress in the commercialization of their products," said Robert Serenbetz, president and chief executive officer. "At the same time, DNAP's superior fresh market tomato program moved closer to the market with the completion of consumer taste tests of the VineSweet(TM) tomato. In the tests, consumers in four cities confirmed our earlier three-to-one preference of the VineSweet tomato over commercial varieties. In addition, we have successfully demonstrated our proprietary Transwitch(TM) technology to control ripening in tomatoes, and expect to have this second generation product ready for commercialization in late-1994. We believe the recent action by the USDA to reduce requirements for field trialling genetically engineered crops will enable us to move at a faster pace on all of our genetic engineering programs.
 "To further increase the availability of its good-tasting, nutritious branded vegetables, FreshWorld has partnered with Meyer Tomatoes, one of the nation's most respected producers and distributors of fresh market tomatoes, to grow VegiSweet(TM) mini-peppers.
 "Responding to the demands of consumers, FreshWorld has begun marketing VegiSnax(TM) snacking mini-peppers in bulk under the VegiSweet brand. We expect that all of FreshWorld's lines of branded vegetables will be enhanced by the new focus on bulk presentation and by the relationship with Meyer. FreshWorld has also begun marketing its carrots in one pound bags under the VegiSweet label in Seattle supermarkets.
 "During the quarter, InterMountain Canola signed an agreement with another major food processor, Van den Bergh Foods Company, a subsidiary of Unilever, to supply it with our highly-stable ingredient canola oil. In addition, InterMountain has already signed up approximately 25 percent of its targeted contract canola acreage for 1993 by introducing an innovative early sign-up program for growers.
 "Agri-Diagnostics Associates launched the Quantix(TM) Environmental Workstation for use by environmental professionals in the rapid, on-site detection and measurement of gasoline contamination in soil and groundwater."
 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 consumer and industrial markets. The company has two major operating joint ventures -- FreshWorld in branded produce, and InterMountain Canola Company in canola oil.
 DNA PLANT TECHNOLOGY CORPORATION
 Condensed Consolidated Statements of Operations
 (Unaudited -- In thousands, except per share amounts)
 Periods ended Three months Nine months
 Sept. 30, 1992 1991 1992 1991
 Revenues (excl. total
 revs. of the branded
 produce & edible oil
 joint ventures which are
 shown below): $ 2,802 $ 2,327 $ 8,181 $ 7,541
 Operating expenses 5,021 3,501 14,722 11,133
 Other income -- -- 1,207 --
 Operating loss
 bef. equity in loss
 of joint ventures (2,219) (1,174) (5,334) (3,592)
 Equity in loss in
 joint ventures (2,606) (2,674) (7,291) (6,869)
 Net loss $ (4,825) $ (3,848) $ (12,625) $ (10,461)
 Net loss applicable
 to common
 stockholders $ (5,602) $ (3,848) $ (14,954) $ (10,461)
 Net loss per common
 share $ (0.26) $ (0.19) $ (0.70) $ (0.50)
 Wtd. avg. common
 shares outstanding 21,681 20,790 21,491 20,826
 Total revs. of the
 branded produce & edible
 oil joint
 ventures(A): $ 685 $ 421 $ 2,010 $ 1,138
 (A) The revenues of the branded produce and edible oil joint ventures are shown separately since the operations of such joint ventures are accounted for under the equity method.
 Condensed Consolidated Balance Sheets
 (In thousands)
 Sept. 30, Dec. 31,
 1992 1991
 (Unaudited)
 Assets:
 Cash and temporary investments $ 30,414 $ 40,228
 Other assets 9,727 8,925
 Total assets $ 40,141 $ 49,153
 Liabilities and Stockholders' Equity:
 Current liabilities $ 3,751 $ 2,855
 Stockholders' equity 36,390 46,298
 Total liabilities &
 stockholders' equity $ 40,141 $ 49,153
 -0- 11/2/92
 /CONTACT: Richard M. Sykes of DNA Plant Technology Corporation, 609-829-0110, 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: MTC SU: ERN


SH -- NY030 -- 1519 11/02/92 10:48 EST
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