EMBREX REPORTS FIRST-QUARTER RESULTS
EMBREX REPORTS FIRST-QUARTER RESULTS RESEARCH TRIANGLE PARK, N.C., May 15 /PRNewswire/ -- Embrex Inc.
(NASDAQ: EMBX, EMBXW) today reported financial results for the first quarter ended March 31, 1992.
Total revenues were $79,023 for the first quarter of 1992 compared with $51,150 for the comparable 1991 quarter. Embrex reported a net loss of $1,118,188 ($0.27 per share) for the first quarter of 1992 compared with a net loss of $914,003 ($0.60 per share) for the first quarter of 1991. The lower per-share loss in the 1992 quarter reflected an increase in the number of shares outstanding as a result of the company's initial public offering in November of 1991. According to Embrex President Randall L. Marcuson, the loss for the 1992 first quarter was slightly less than expected. Total operating expenses for the 1992 quarter were $1,304,690 compared with $867,644 for the first quarter of 1991. Approximately half of the increase in operating expenses is a result of increased staffing of the sales, marketing and field service functions to support the installation of INOVOJECT(a) egg injection systems. Increased expenses associated with being a public company also contributed to the increase in operating expenses. Cash consumption for the first quarter of 1992 was $1.5 million. On March 31, 1992, Embrex had cash and cash equivalents of $13.9 million. Embrex Inc. develops and has recently begun marketing bioscience and bioengineering-based products to increase the productivity and profitability of the poultry industry. SELECTED STATEMENT OF OPERATIONS DATA EMBREX INC. (A Development Stage Company) (Unaudited) Three Months Ended March 31, 1992 1991 Total revenues $79,023 $51,150 Total operating expenses 1,304,690 867,644 Net loss ($1,118,188) ($914,003) Net loss per share of common stock ($0.27) ($0.60) Weighted average shares of common stock outstanding 4,131,370 1,528,671 (a) -- Registered trademark of Embrex Inc. -0- 5/15/92 /CONTACT: John A. Hagan of Embrex Inc., 919-941-5185; or Douglas Johnson of GreenTree Communications, 800-428-8796, for Embrex Inc./ (EMBX) CO: Embrex Inc. ST: North Carolina IN: SU: ERN
SM -- NY032 -- 0645 05/15/92 10:14 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||May 15, 1992|
|Previous Article:||PICKET LINE WEDDING RECEPTION SATURDAY; RALLIES SLATED FOR SEVERAL KROGER STORES|
|Next Article:||ONCOGENE SCIENCE ISSUED PATENT FOR RAS ONCOGENE|