Printer Friendly

DNA PLANT TECHNOLOGY REPORTS REDUCED THIRD QUARTER NET LOSS

 CINNAMINSON, N.J., Nov. 12 /PRNewswire/ -- DNA Plant Technology Corporation (NASDAQ: DNAP) today reported a reduced net loss of $4,760,000, or $.25 per share, for the third quarter ending Sept. 30, 1993, compared with a net loss of $4,825,000, or $.26 per share, for the same period a year ago. Operating expenses decreased to $4,760,000 in the third quarter from $5,058,000 in the third quarter of 1992.
 Revenues for the third quarter, excluding sales from the company's FreshWorld and InterMountain Canola joint ventures with DuPont, were $2,065,000 compared to $2,837,000 for the same period in 1992. Total product sales for the third quarter rose 182 percent to $2,500,000 in 1993 from $888,000 in 1992. Branded produce sales, which include sales of the FreshWorld joint venture as well as DNAP's tomato program, rose 246 percent to $1,724,000 in the third quarter of 1993 compared to $498,000 in the third quarter of 1992.
 For the first nine months of 1993, DNAP's net loss was $12,502,000, or $.67 per share, down from $12,625,000 or $.70 per share, for the first nine months of 1992. Revenues for the first nine months of 1993 were $6,651,000 compared to $8,295,000 for the same period in 1992. Total product sales for the nine months in 1993 increased to $6,159,000 from $2,581,000 in the first nine months of 1992. Branded produce sales for the first nine months increased to $3,889,000 from $1,218,000 for the same period in 1992.
 DNAP recently signed an agreement in principle to acquire DuPont's 50 percent ownership interest in FreshWorld, the company's premium fruit and vegetable business, which has until now been a 50-50 joint venture with DuPont. DNAP will gain full ownership of FreshWorld in exchange for its 28 percent minority ownership interest in InterMountain Canola (a DNAP-DuPont joint venture in edible oils), new shares of DNAP stock, and certain other assets.
 Upon completion of this transaction, DNAP will consolidate FreshWorld's financial results with its own. Currently, FreshWorld's sales are not included in DNAP's reported revenues.
 "FreshWorld has been our largest and fastest growing business," said Robert Serenbetz, DNAP president and CEO. "This agreement will provide DNAP with the greatest opportunity for financial success in the short term and long term by focusing its technological, financial, and marketing resources on fresh and processed fruits and vegetables."
 In October, FreshWorld signed a sales and distribution agreement with Fresh Western Marketing, Inc., one of the country's leading produce sales and distribution companies, based in Salinas, Calif. Fresh Western will help in introducing FreshWorld's line of products, including VegiSnax(R) carrot sticks, FreshWorld Farms(TM) whole carrots and carrot bites, and VegiSweet(TM) mini-peppers, to new markets.
 DNAP is a leading agricultural biotechnology company, applying a spectrum of technologies to develop and commercialize value-added plant-based products for consumer and industrial markets. DNAP follows a two-track strategy of using advanced breeding to develop and market improved, premium products today and using genetic engineering to further improve future products.
 DNA PLANT TECHNOLOGY CORPORATION
 Condensed Consolidated Statements of Operations
 (In thousands, except per share amounts)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 (Unaudited) (Unaudited)
 Revenues (excluding revenues
 of the company's branded produce
 and edible oil joint ventures which
 are shown below):
 Product development
 agreements $1,326 $1,833 $4,587 $5,638
 Product sales 252 217 759 573
 Investment and royalty inc. 487 787 1,305 2,084
 Total revenues 2,065 2,837 6,651 8,295
 Operating expenses:
 Research and product
 development 3,128 3,477 8,878 10,361
 Cost of product sales 471 116 853 357
 Selling, general and
 administrative 1,161 1,465 3,885 4,246
 Total operating expenses 4,760 5,058 13,616 14,964
 Total (2,695) (2,221) (6,965) (6,669)
 Gain on sale of assets -- -- 202 1,207
 Loss before equity in loss
 of joint ventures (2,695) (2,221) (6,763) (5,462)
 Equity in loss of joint
 ventures (2,065) (2,604) (5,739) (7,163)
 Net loss (4,760) (4,825) (12,502) (12,625)
 Preferred stock dividends (776) (777) (2,328) (2,329)
 Net loss applicable to common
 stockholders $(5,536) $(5,602) $(14,830) $(14,954)
 Net loss per common share $(.25) $(.26) $(.67) $(.70)
 Weighted average number of
 common shares outstanding 21,998 21,685 21,972 21,491
 Revenues of the company's branded
 produce and edible oil
 joint ventures (A) $2,248 $ 671 $5,400 $2,008
 (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.
 Condensed Consolidated Balance Sheets
 (In thousands)
 Sept. 30, Dec. 31,
 1993 1992
 (Unaudited)
 Assets:
 Cash and temporary investments $12,551 $27,364
 Other current assets 1,892 2,300
 Net property, plant and equipment 2,986 3,383
 Other assets 2,898 3,123
 Total assets $20,327 $36,170
 Liabilities and Stockholders' Equity:
 Current liabilities $ 4,225 $ 5,609
 Stockholders' equity 16,102 30,561
 Total liabilities and stockholders'
 equity $20,327 $36,170
 -0- 11/12/93
 /CONTACT: Robert Borchert or Cara Kiewel of Edelman Worldwide, 212-704-8293, or Morton Sosland of DNA Plant Technology, 609-829-0110/
 (DNAP)


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

GK-LT -- NY021 -- 3615 11/12/93 10:58 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 12, 1993
Words:923
Previous Article:NYTEST ENVIRONMENTAL INC. REPORTS THIRD QUARTER/NINE MONTHS RESULTS
Next Article:MIDWEST EXPRESS AIRLINES EXPANDS FT. MYERS SERVICE
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters