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MYCOGEN ANNOUNCES FOURTH QUARTER AND YEAR-END RESULTS

 SAN DIEGO Feb. 23 /PRNewswire/ -- Mycogen Corp. (NASDAQ: MYCO) today reported revenues of $38 million for the fiscal year ended Dec. 31, 1992, compared to $23.6 million for the fiscal year ended Dec. 31, 1991. The net loss applicable to common shares for the year increased to $30.5 million, or $2.09 per share, including non- recurring items of $23.7 million, or $1.62 per share. This compared to a net loss of $3.3 million, or $.27 per share, for the previous fiscal year.
 Fourth quarter revenues were $5.8 million, compared to $6.4 million for the same period last year. The net loss applicable to common shares for the fourth quarter was $27.6 million, or $1.80 per share, including a non-recurring write-off of acquired in- process technology of $21.6 million, or $1.41 per share. This compared to a net loss of $1.9 million, or $.14 per share, for the same period in 1991.
 "Year-end results reflect the full-year effect of the Soilserv acquisition in August 1991, and the acquisition of Agrigenetics in December 1992," said James R. Glynn, Mycogen's executive vice president and chief financial officer. "The fourth quarter was impacted by a non-cash charge of $21.6 million relating to the write- off of acquired in-process technology and operating expenses of Agrigenetics. Overall, with the exception of one-time charges and reduced interest rates, the year-end results were within plan."
 Cash and short-term cash investments at the end of the fourth quarter totaled $68.4 million, or approximately $4.05 per share.
 Mycogen is a diversified biotechnology company that develops and markets environmentally compatible biopesticides and improved crop varieties to control pests and increase food production.
 MYCOGEN CORP.
 Condensed Consolidated Statements of Operations
 (Dollars in thousands except per share data)
 Three Months Ended Years Ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 (Unaudited)
 Revenues:
 Net operating
 revenues $4,254 $3,774 $31,043 $13,218
 Contract revenue 748 1,354 2,051 5,094
 License income --- --- 900 ---
 Interest and
 other income 765 1,303 4,038 5,330
 Total revenues 5,767 6,431 38,032 23,642
 Costs and expenses:
 Cost of operating
 revenues 3,593 3,588 21,171 9,547
 Research and
 development 3,615 2,315 10,022 9,768
 Selling,
 general and
 administrative 6,023 2,179 14,289 7,053
 Amortization of
 intangible assets 550 265 1,441 579
 Patent litigation
 settlement --- --- 2,095 ---
 Write-off of
 in-process
 technology 21,632 --- 21,632 ---
 Total costs
 and expenses 35,413 8,347 70,650 26,947
 Loss before
 minority
 interest (29,646) (1,916) (32,618) (3,305)
 Minority
 interest 2,248 --- 2,248 ---
 Net loss (27,398) (1,916) (30,370) (3,305)
 Dividends on
 preferred stock (164) --- (164) ---
 Net loss applicable
 to common
 shares ($27,562) ($1,916) ($30,534) ($3,305)
 Net loss per
 common share ($1.80) ($0.14) ($2.09) ($0.27)
 Weighted average
 number of
 shares 15,322,000 13,553,000 14,643,000 12,252,000
 MYCOGEN CORP.
 Condensed Consolidated Balance Sheets
 (Dollars in Thousands)
 Dec. 31,
 1992 1991
 Assets:
 Cash and short-term investments $68,448 $75,835
 Other current assets 76,336 5,929
 Net property, plant and equipment 46,761 15,882
 Other assets 21,208 16,894
 Total assets $212,753 $114,540
 Liabilities and Stockholders' Equity:
 Current liabilities $33,589 $6,488
 Long-term liabilities 1,256 1,041
 Minority interest 31,378 ---
 Redeemable convertible
 preferred stock 39,564 ---
 Stockholders' equity 106,966 107,011
 Total liabilities and
 stockholders' equity $212,753 $114,540
 -0- 2/23/92
 /CONTACT: James R. Glynn, executive VP and CFO, or Mike Sund, investor relations, of Mycogen, 619-453-8030/
 (MYCO)


CO: Mycogen Corp. ST: California IN: CHM MTC SU: ERN

JB-JL -- SD002 -- 9251 02/23/93 08:35 EST
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Date:Feb 23, 1993
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