Printer Friendly

MYCOGEN ANNOUNCES FOURTH QUARTER AND YEAR-END RESULTS

 MYCOGEN ANNOUNCES FOURTH QUARTER AND YEAR-END RESULTS
 SAN DIEGO, Calif., Feb. 18 /PRNewswire/ -- Mycogen Corp.


(NASDAQ: MYCO) today reported fourth quarter revenues of $6,431,000 for the period ended Dec. 31, 1991, compared to $3,525,000 in the same period last year. Net loss was $1,916,000, or $.14 per share, compared to a net loss of $3,886,000, or $.33 per share, for the same period in 1990.
 For the fiscal year ended Dec. 31, 1991, revenues were $23,642,000, compared to $14,980,000 for the fiscal year ended Dec. 31, 1990. Net loss decreased to $3,305,000, or $.27 per share, compared to a net loss of $4,492,000, or $.44 per share, for the previous fiscal year.
 "Overall, revenues and expenses increased as a result of the acquisition of Soilserv in August of 1991," said James R. Glynn, Mycogen's executive vice president and chief financial officer. "The loss for the year is in line with expectations," added Glynn.
 Cash and short-term cash investments at the end of the fourth quarter totaled $75,835,000 or approximately $5.29 per share.
 Mycogen Corp. provides crop protection products and services. The company develops, manufactures and markets environmentally compatible products based on naturally occurring agents to control insects, parasites, weeds and other pests. Mycogen develops its products through the application of genetic engineering techniques and innovative formulations.
 MYCOGEN CORP.
 Consolidated Statements of Operations
 (Dollars in thousands except share data)
 Three months ended Years ended
 Dec. 31, Dec. 31,
 1991 1990 1991 1990
 (Unaudited)
 Revenues:
 Net operating revenues $3,774 $269 $13,218 $2,512
 Contract revenue 1,354 1,785 5,094 8,212
 Interest and other income 1,303 1,471 5,330 4,256
 Total revenues 6,431 3,525 23,642 14,980
 Costs and expenses:
 Cost of operating revenues 3,588 179 9,547 1,507
 Special charge (inventory
 related) --- 574 --- 574
 Research and development 2,315 2,684 9,768 9,968
 Selling, general
 and administrative 2,176 1,185 7,050 4,500
 Amortization of
 intangible assets and other 268 151 582 285
 Total costs and expenses 8,347 4,773 26,947 16,834
 Write-down of investment --- 2,638 --- 2,638
 Net loss ($1,916) ($3,886) ($3,305) ($4,492)
 Net loss per common share ($0.14) ($0.33) ($0.27) ($0.44)
 Weighted average number
 of shares 13,552,659 11,700,604 12,252,311 10,323,052
 Consolidated Balance Sheets Dec. 31,
 (Dollars in thousands) 1991 1990
 Assets:
 Cash and short-term cash investments $75,835 $68,578
 Other current assets 5,929 2,315
 Net property, plant and equipment 15,882 4,364
 Other assets 16,894 4,490
 Total assets $114,540 $79,747
 Liabilities and Stockholders' Equity:
 Current liabilities $7,529 $2,996
 Stockholders' equity 107,011 76,751
 Total liabilities and
 stockholders' equity $114,540 $79,747
 -0- 2/18/92
 /CONTACT: James R. Glynn, executive VP and CFO, or Marie C. Burke (investors), of Mycogen Corp., 619-453-8030/
 (MYCO) CO: Mycogen Corporation ST: California IN: MTC SU: ERN


CH-JL -- SD001 -- 9733 02/18/92 08:34 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 18, 1992
Words:529
Previous Article:SYNERGEN REPORTS 1991 FINANCIAL RESULTS
Next Article:RESORT INCOME INVESTORS INC. ANNOUNCES COLORADO INVESTMENT
Topics:


Related Articles
MYCOGEN ANNOUNCES FIRST QUARTER EARNINGS
MYCOGEN ANNOUNCES SECOND QUARTER EARNINGS
MYCOGEN ANNOUNCES THIRD QUARTER RESULTS
MYCOGEN TO CHANGE FISCAL YEAR
MYCOGEN REPORTS FINANCIAL RESULTS FOR 8-MONTH 1995 FISCAL YEAR
MYCOGEN REPORTS INCREASED REVENUE FOR THIRD QUARTER
Mycogen Reports First Quarter Financial Results
Mycogen's Revenues Increase; Acquisitions, Legal Fees Impact Earnings
Demegen Reports First Quarter Profit.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters