Printer Friendly

EPITOPE ANNOUNCES FISCAL 1993 OPERATING RESULTS

 BEAVERTON, Ore., Nov. 5 /PRNewswire/ -- Epitope Inc. (AMEX: EPT) today reported a loss of $14.7 million ($1.67 per share) for the year ended Sept. 30, 1993, as compared to a loss of $7.8 million (90 cents per share) for the preceding fiscal year. Revenues increased 8 percent from $3.0 million to $3.3 million.
 Product revenues were up 17 percent for the year. Sales volumes of the company's FDA-approved EPIblot(R) AIDS confirmatory test increased 10 percent, while sales volumes of the OraSure(R) oral specimen collection device, which is being sold on a limited basis while awaiting FDA approval, declined 15 percent. Sales of Fresche Blossoms packaged fresh flowers by the company's new Agrimax unit increased markedly from $6,000 in 1992 to $482,000 in 1993.
 Research and development costs for the year amounted to $7.0 million, an increase of 38 percent over the preceding fiscal year. Expansion of the company's grape micropropagation program and various projects to extend the post-harvest shelf life of plants and vegetable accounted for the bulk of the increase. Selling, general and administrative expenses totaled $6.9 million for the year, up from $3.8 million in fiscal 1992. The company increased efforts to market OraSure overseas, formed Vinifera Inc. to manage the growing grape plant micropropagation business and increased the sales, marketing and administrative staff at Agrimax in response to growth in sales volumes.
 For the fourth quarter of the year ended Sept. 30, 1993, the company lost $3.7 million (41 cents per share) as compared to a loss of $2.4 million (27 cents per share) for the fourth quarter of 1992.
 A tabulation of results follows:
 EPITOPE INC.
 (in thousands, except per share data)
 Three months ended Fiscal year ended
 Sept. 30, 1993 1992 1993 1992
 Operating highlights
 Revenues $ 673 $ 784 $ 3,283 $ 3,043
 Net loss (3,692) (2,371) (14,729) (7,765)
 Net loss per share (0.41) (0.27) (1.67) (0.90)
 Selected balance sheet data
 Cash and marketable securities $ 8,557 $ 9,145
 Working capital 8,703 9,623
 Total assets 14,145 14,130
 Convertible notes 4,630 5,495
 Shareholders' equity 7,970 7,660
 Epitope Inc. is an Oregon corporation which develops and markets products for the detection of AIDS and other indications and, through its agricultural units, superior new plans and related products.
 -0- 11/5/93
 /CONTACT: Mary Hagen of Epitope, 503-641-6115/
 (EPT)


CO: Epitope Inc.; Agrimax; Vinifera Inc. ST: Oregon IN: MTC SU: ERN

RB-AL -- SE012 -- 1450 11/05/93 19:50 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 5, 1993
Words:431
Previous Article:PUGET SOUND MULTIPLE LISTING ASSOCIATION: LOCAL REALTY OFFICES REPORT 'UNSEASONABLY STRONG' SALES
Next Article:SHOE CARNIVAL OCTOBER SALES UP 29.7 PERCENT
Topics:

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