EMBREX REPORTS FOURTH QUARTER AND YEAR-END RESULTS
EMBREX REPORTS FOURTH QUARTER AND YEAR-END RESULTS RESEARCH TRIANGLE PARK, N.C., March 27 /PRNewswire/ -- Embrex Inc.
(NASDAQ: EMBX, EMBXW) today reported financial results for the fourth quarter and year ended Dec. 31, 1991.
For the fourth quarter of 1991, Embrex reported operating expenses of $1,494,207 and a net loss of $1,454,291 (56 cents per share) compared with operating expenses of $1,010,952 and a net loss of $1,031,290 (63 cents per share) for the fourth quarter of last year. For the year 1991, Embrex reported revenues of $96,020, operating expenses of $4,252,818 and a net loss of $4,739,612 ($2.26 per share). For 1990, the comparable figures were revenues of $49,460, operating expenses of $3,771,445, and a net loss of $3,694,000 ($2.22 per share). "The financial results for the quarter and year were in line with our expectations," said Randall L. Marcuson, Embrex operating president and chief executive officer. "The increase in fourth quarter expenses was a result of increased research and product development spending and some increase in administrative expenses associated with becoming a publicly traded company." During the fourth quarter, Embrex closed an initial public offering which netted the company $16.7 million. On Dec. 31, 1991, Embrex had total current assets of $15.6 million, including $15.5 million in cash and cash equivalents. Embrex Inc. develops and has recently begun marketing bioscience and bioengineering-based products to increase the productivity and profitability of the poultry industry. EMBREX INC. (A Development Stage Company) Selected Statement of Operations Data Periods ended Three Months Twelve Months Dec. 31 1991 1990 1991 1990 Total revenues -- $ 20,796 $ 96,020 $ 49,460 Total operating expenses $ 1,494,207 1,010,952 4,252,818 3,771,445 Net loss $(1,454,291) $(1,031,290) $(4,739,612) $(3,694,000) Net loss per shr. of common stock $(0.56) $(0.63) $(2.26) $(2.22) Wtd. aver. shares of common stock outstanding 1,454,291 1,031,290 2,096,325 1,661,610 -0- 3/27/92 /CONTACT: John A. Hagan of Embrex, 919-941-5185, or Douglas Johnson of GreenTree Communications, 800-428-8796, for Embrex/ (EMBX) CO: Embrex Inc. ST: North Carolina IN: FOD SU: ERN
GK-TS -- NY008 -- 2236 03/27/92 08:08 EST
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|Date:||Mar 27, 1992|
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