Printer Friendly

GENETICS INSTITUTE REPORTS SECOND QUARTER 1993 FINANCIAL RESULTS

 CAMBRIDGE, Mass., June 30 /PRNewswire/ -- Genetics Institute, Inc. (NASDAQ: GENIZ) today reported a net loss of $8,810,000, or 41 cents per share (after preferred dividends of $1,146,000), on revenues of $21,445,000 for the second quarter ended May 31, 1993. The second quarter 1993 results compare with a net loss of $4,969,000, or 25 cents per share, (after preferred dividends of $1,147,000), on revenues of $15,856,000 for second quarter 1992.
 For the first six months of 1993, the company reported a net loss of $11,012,000, or 54 cents per share (after preferred dividends of $2,292,000), on revenues of $46,575,000. This is compared with a net loss of $37,461,000, or $1.83 per share (after preferred dividends of $2,297,000), on revenues of $33,858,000 for the first six months of 1992. In the first quarter of fiscal 1992, the company recorded a special charge of $30,000,000 relating primarily to costs associated with a major alliance with American Home Products Corporation (NYSE: AHP) in January, 1992.
 "The second quarter loss was slightly higher than planned, as certain revenue originally projected for the second quarter will now be realized during the last half of fiscal 1993," said Garen Bohlin, Genetics Institute's executive vice president and chief financial officer. "As previously reported, significant expansion in our product development activities and discovery research programs will result in a net loss for fiscal 1993 as a whole. In addition, because collaborative research and development revenue still constitutes a significant portion of our revenue base, financial results will fluctuate quarter to quarter," he continued.
 Genetics Institute is a leading biopharmaceutical firm engaged in the discovery and development of human pharmaceuticals through recombinant DNA and other technologies. The company has a diversified portfolio of licensed and proprietary pharmaceutical products at various stages of development, including treatments for anemia, hemophilia, cancer, bone damage, heart disease, inflammatory conditions and immune system disorders.
 American Home Products Corporation holds a majority interest in Genetics Institute. AHP is a world leader in marketing and manufacturing of prescription drugs, medical supplies, diagnostics, over-the-counter medicines, and food products.
 GENETICS INSTITUTE, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS
 AND SIX MONTHS ENDED MAY 31, 1993 AND 1992
 (unaudited - in thousands except per share data)
 Three Months Six Months
 ended May 31, ended May 31,
 ------------- -------------
 1993 1992 1993 1992
 ---- ---- ---- ----
 REVENUE:
 Product Sales $8,420 $ - $16,809 $ -
 Royalties 6,478 6,438 12,499 12,580
 Collaborative R&D 6,547 9,418 17,267 21,278
 ------ ------ ------ ------
 Total Revenue 21,445 15,856 46,575 33,858
 ------ ------ ------ ------
 OPERATING EXPENSES:
 Cost of Sales 5,360 - 8,145 -
 Research & Development 23,266 19,874 47,101 38,443
 General & Administrative 6,506 4,095 11,589 7,692
 Amortization of Warrants 271 658 684 1,066
 Special Charge (merger-
 related) - - - 30,000
 ------ ------ ------ ------
 Total Operating Expenses 35,403 24,627 67,519 77,201
 ------ ------ ------ ------
 LOSS FROM OPERATIONS (13,958) (8,771) (20,944) (43,343)
 ------ ----- ------ ------
 Other Income, Net 5,148 3,802 9,932 5,882
 ----- ----- ----- -----
 NET LOSS $(8,810)$(4,969) $(11,012) $(37,461)
 ===== ===== ===== =====
 Dividends on Preferred
 Stock $(1,146)$(1,147) $(2,292) $(2,297)
 ----- ----- ----- -----
 Net Loss Applicable
 to Common Shares $(9,956)$(6,116) $(13,304) $(39,758)
 ===== ===== ====== ======
 WEIGHTED AVG COMMON
 SHARES OUTSTANDING 24,440 24,147 24,432 21,770
 ====== ====== ====== ======
 NET LOSS
 PER COMMON SHARE $(.41) $(.25) $(.54) $(1.83)
 ===== ===== ===== ======
 GENETICS INSTITUTE, INC. AND SUBSIDIARIES
 CONDENSED CONSOLIDATED BALANCE SHEETS
 AS OF MAY 31, 1993 AND NOVEMBER 30, 1992
 (unaudited - in thousands)
 May 31, Nov. 30,
 1993 1992
 ---- ----
 ASSETS
 Cash and Marketable Securities $327,019 $354,226
 Other Current Assets 44,046 38,570
 ------ ------
 Total Current Assets 371,065 392,796
 Property, Plant and Equipment, Net 69,596 60,059
 Other Assets 6,091 7,694
 ------ ------
 $446,752 $460,549
 ======== ========
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Accounts Payable &
 Accrued Expenses $30,657 $22,264
 Reserve for Patent-related
 Damages - 11,000
 ------ ------
 Total Current Liabilities 30,657 33,264
 Shareholders' Equity 416,095 427,285
 ------- -------
 $446,752 $460,549
 ======== ========
 -0- 6/30/93
 /CONTACT: Dennis Harp or Gina Brazier, corporate communications, Genetics Institute, 617-876-1170/
 (GENIZ AHP)


CO: Genetics Institute, Inc.; American Home Products Corporation ST: Massachusetts IN: MTC SU: ERN

DJ -- NE004 -- 7009 06/30/93 08:57 EDT
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:Jun 30, 1993
Words:726
Previous Article:SALICK HEALTH CARE POSTS RECORD THIRD QUARTER AND NINE MONTHS 1993 RESULTS
Next Article:BP STATISTICAL REVIEW OF WORLD ENERGY
Topics:


Related Articles
GENETICS INSTITUTE REPORTS THIRD QUARTER 1992 FINANCIAL RESULTS
AMERICAN HOME PRODUCTS CORPORATION REPORTS RECORD SALES AND EARNINGS FOR 1992,
AMERICAN HOME PRODUCTS CORPORATION REPORTS SALES AND EARNINGS FOR THE FIRST QUARTER OF 1993
GENETICS INSTITUTE ANNOUNCES PROCEDURES FOR GUARANTEED DELIVERY OF SHARES WITH REDEMPTION OF CONVERTIBLE EXCHANGEABLE PREFERRED STOCK
GENETICS INSTITUTE ANNOUNCES NEW FISCAL YEAR-END
GENETICS INSTITUTE REPORTS THIRD QUARTER 1994 FINANCIAL RESULTS
GENETICS INSTITUTE REPORTS FIRST QUARTER 1995 FINANCIAL RESULTS
GENETICS INSTITUTE REPORTS 1995 FINANCIAL RESULTS
GENETICS INSTITUTE REPORTS FIRST QUARTER 1996 FINANCIAL RESULTS
GENETICS INSTITUTE REPORTS SECOND QUARTER 1996 FINANCIAL RESULTS

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