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ENVIRONMENTAL DIAGNOSTICS ANNOUNCES SIGNIFICANTLY IMPROVED OPERATING RESULTS FOR THE THIRD QUARTER, 1991

 ENVIRONMENTAL DIAGNOSTICS ANNOUNCES SIGNIFICANTLY IMPROVED
 OPERATING RESULTS FOR THE THIRD QUARTER, 1991
 BURLINGTON, N.C., Nov. 14 /PRNewswire/ -- Environmental Diagnostics, Inc. (NASDAQ: EDIT) reported today a significantly reduced operating loss, a reduced net loss and increased revenues for the quarter and nine months ended Sept. 30., 1991.
 The Company's operating loss and net loss for the quarter ended Sept. 30, 1991 was $78,586, a reduction of 86 percent as compared to the operating loss of $546,958 incurred during the same period in 1990. The Company's net loss for the quarter declined to a loss of $.02 per share, compared to a net loss of $.30 per share or $714,762 in the same quarter of the prior year which included a write-down of the value of stock held of $167,804. Revenues for the quarter were $744,785, an increase of 34 percent from the $544,996 reported in the third quarter of 1990.
 For the nine month period ended Sept. 30, 1991, the operating loss was $371,276, a reduction of 73 percent from the operating loss of $1,372,836 reported in the same period in 1990. The net loss of $371,276, or a loss of $.14 per share, also was substantially reduced from the net loss of $1,250,830, or a loss of $.52 per share, for the same nine months in 1990. Revenues for the nine month period in 1991 were $2,157,141, an increase of 13 percent from revenues of $1,903,675 for the same period in 1990.
 "Tightly controlled costs are reflected in the improved gross profit margin of 42 percent while simultaneously tightly controlled spending has contributed to the overall reduction in operating losses. Moreover, the sales mix has shifted to the higher gross margin EZ-SCREEN products from the conventional biodiagnostic products resulting from the Company's acquisition of Granite Technological Enterprises. Several years ago, EDI total revenues were approximately equal to current revenues; however, EZ-SCREEN sales were virtually non-existent. Today, EZ-SCREEN accounts for approximately 50 percent of total revenues," stated James D. Skinner, President and C.E.O.
 Skinner continued: "Qualitative aflatoxin testing of the 1991 corn crop was virtually non-existent resulting in minimal EZ-SCREEN: Aflatoxin sales for the third year in a row. The EZ-SCREEN: Aflatoxin sales disappointment has been offset by continued increases in EZ-SCREEN drugs of abuse sales. Overall unit shipments have been increasing although, as a result of competitive pressures, the average selling price per test received have been declining."
 EDI, with its strongly patented technology, addresses the worldwide market for clinical diagnostics, agridiagnostics and food safety testing, drugs of abuse testing, veterinary diagnostics and military field testing applications.
 ENVIRONMENTAL DIAGNOSTICS, INC.
 STATEMENTS OF OPERATIONS
 (Unaudited)
 Quarters Ending Sept. 30
 1991 1990
 Revenues $744,785 $554,996
 Cost of Goods Sold 434,180 441,598
 Gross Profit 310,605 113,398
 Operating Expenses 389,191 660,356
 Operating Loss (78,586) (546,958)
 Other Income (Expense) 0 (167,804)
 Net Loss ($78,586) ($714,762)
 Loss Per Share of Common
 Stock ($.02) ($.30)
 Weighted Average Number of
 Shares of Common Stock
 Outstanding 3,190,686 2,410,717
 Nine Months Ending Sept. 30
 1991 1990
 Revenues $2,157,141 $1,903,675
 Cost of Goods Sold 1,334,727 1,347,082
 Gross Profit 822,414 556,593
 Operating Expenses 1,193,690 1,929,429
 Operating Loss (371,276) (1,372,836)
 Other Income (Expense) 0 122,006
 Net Loss ($371,276) ($1,250,830)
 Loss Per Share of Common
 Stock ($.14) ($.52)
 Weighted Average Number of
 Shares of Common Stock
 Outstanding 2,632,246 2,409,949
 -0- 11/14/91
 /CONTACT: Peter Heath, Vice President-Finance and Chief Financial


Officer, Environmental Diagnostics, Inc., 919-226-6311/
 (EDIT) CO: Environmental Diagnostics, Inc. ST: North Carolina IN: MTC SU: ERN CM-DF -- CH008 -- 4410 11/14/91 11:54 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 14, 1991
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