Printer Friendly

ECOGEN REPORTS FOURTH QUARTER AND YEAR-END RESULTS

 ECOGEN REPORTS FOURTH QUARTER AND YEAR-END RESULTS
 LANGHORNE, Pa., March 5 /PRNewswire/ -- Ecogen Inc. (NASDAQ: EECN)


completed its fiscal year ended Dec. 31, 1991 with a significant increase in revenues.
 Total revenues for the quarter were $1,865,000, nearly triple the revenues of $646,000 for the same period in 1990. Net loss for the quarter increased to $4,856,000 or ($0.33) per share on 14,746,000 shares, compared with $2,063,000 or ($0.18) per share on 11,756,000 shares for the same quarter in 1990. The increase in the net loss was attributable to the purchase of new technology during the quarter.
 The current period includes a special charge of $3.156 million or ($0.21) per share for the quarter and $4.567 million or ($0.34) per share for the year relating to the value of technology acquired. The current quarter also includes the operations of FRM Agricultural Sciences Partnership (FASP), the Israeli company specializing in the development of novel biological pesticide products, which was acquired in a series of transactions commencing Sept. 27, 1991.
 Total revenues for the year more than tripled to $6,940,000 from $2,188,000 in 1990. Net loss increased to $10,529,000 or ($0.78) per share on 13,549,000 shares versus $7,968,000 or ($0.88) per share on 9,014,000 shares for the year-ended 1990. Assets increased 180 percent to $25.442 million from $9.087 million in 1990 due primarily to successful fund raising transactions.
 "We finished off the year in excellent shape," said John E. Davies, Ecogen's chairman and chief executive officer. "Not only have we broadened our potential product portfolio substantially in some very large markets, but -- if one excludes the special charge for purchased technology -- we have decreased out net loss for the year."
 Ecogen Inc. is an agricultural biotechnology company specializing in biological pest control. Ecogen's products include Cutlass(R) vegetable bioinsecticide, Foil(R) potato bioinsecticide, Condor(R) forestry and soybean bioinsecticide and Collego(R) rice bioherbicide. The company is also developing products for cotton, corn and home/garden use.
 (Cutlass, Condor, Foil and Collego are registered trademarks of Ecogen Inc.)
 ECOGEN INC. AND SUBSIDIARIES
 Condensed Statements of Operations
 (Amounts in thousands except per share data)
 Period ended Quarter Year
 Dec. 31 1991 1990 1991 1990
 Revenues
 Contract revenue $1,193 $122 $3,647 $814
 Product sales 296 290 1,368 856
 License income 150 94 1,225 144
 Interest income 226 140 700 374
 Total revenues 1,865 646 6,940 2,188
 Costs and expenses
 Cost of products sold 232 210 1,057 608
 Operating expenses 3,333 2,499 11,845 9,548
 Purchased technology 3,156 -- 4,567 --
 Total costs and expenses 6,721 2,709 17,469 10,156
 Net loss (4,856) (2,063) (10,529) (7,968)
 Net loss per common share (0.33) (0.18) (0.78) (0.88)
 Weighted average common
 shares outstanding 14,746 11,756 13,549 9,014
 Assets 12/31/91 12/31/90
 Cash and cash equivalents $12,669 $ 4,953
 Temporary investments 7,403 1,113
 Inventory and other current assets 3,752 1,154
 Furniture, equipment and leasehold
 improvements 1,233 1,423
 Other assets 385 444
 Total assets 25,442 9,087
 Liabilities and Stockholders' equity
 Notes payable, current -- 1,000
 Other current liabilities and
 deferred revenue 3,745 1,922
 Obligation to issue common stock 2,100 --
 Stockholders' equity 19,597 6,165
 Total liabilities and
 stockholders' equity 25,442 9,087
 -0- 3/5/92
 /CONTACT: Peter B. Stevens of Ecogen, 215-757-1590, or Doug Jones of Strategic Growth International, 212-826-9622, or Anthony J. Russo of Noonan/Russo Communications, 212-979-9180, for Ecogen/
 (EECN) CO: Ecogen, Inc. ST: Pennsylvania IN: SU: ERN


SM-OS -- NY049 -- 5494 03/05/92 13:30 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:Mar 5, 1992
Words:646
Previous Article:PENNDOT SECRETARY ANNOUNCES PROMOTIONS
Next Article:FACTORY MERCHANTS MALLS BREAKS GROUND ON EXPANSION OF OSAGE BEACH, MO., OUTLET MALL
Topics:


Related Articles
ECOGEN REPORTS SECOND QUARTER AND SIX MONTH RESULTS
ECOGEN REPORTS FOURTH QUARTER AND YEAR-END RESULTS; COMPANY EXPECTS FIRST QUARTER 1993 REVENUES TO NEARLY TRIPLE
ECOGEN REPORTS FIRST QUARTER RESULTS; REVENUES MORE THAN TRIPLE, PRODUCT SALES UP MORE THAN 700 PERCENT
ECOGEN REPORTS SECOND QUARTER AND SIX MONTHS RESULTS; PRODUCT SALES UP 200 PERCENT; OPERATING LOSS REDUCED 30 PERCENT
ECOGEN REPORTS THIRD QUARTER AND NINE MONTHS RESULTS; COMPANY REVENUES JUMP OVER 50 PERCENT, NET LOSS DECREASES
ECOGEN REPORTS RECORD REVENUES IN FIRST QUARTER AND A SIGNIFICANT REDUCTION OF NET LOSS
Ecogen Inc. Reports Third Quarter and Nine Month Results
Ecogen Inc. Reports Fourth Quarter and Fiscal '96 Results
Ecogen Inc. Reports Third Quarter and Nine-Month Results
Ecogen Inc. Reports Fourth Quarter and Year-End Results

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