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MYCOGEN ANNOUNCES SECOND QUARTER EARNINGS

 SAN DIEGO, July 27 /PRNewswire/ -- Mycogen Corp. (NASDAQ: MYCO) today reported second quarter revenues of $45,156,000 for the period ended June 30, 1993, compared to $11,732,000 in the same period last year. Net income applicable to common shares was $2,342,000, or $.14 per share, compared to net income of $685,000, or $.05 per share, for the same period in 1992.
 For the six months ended June 30, 1993, revenues were $103,614,000, compared to $17,298,000 for the same period last year. Net income applicable to common shares was $4,863,000, or $.29 per share, compared to a net loss of $1,439,000, or $.10 per share last year.
 Compared to last year, expenses also increased as a result of the Agrigenetics acquisition. Selling, general and administrative costs increased, and additional overhead expenses were incurred to provide support to Agrigenetics and other expanding operations.
 "Considering the toll that bad weather and flooding in the Midwest have taken on seed sales, we view this as a relatively successful quarter," said James R. Glynn, Mycogen's executive vice president and chief financial officer. "Mycogen's core businesses are highly seasonal, so we still project declining revenues over the next two quarters and a loss for the full year."
 Cash, cash equivalents and short-term investments at the end of the second quarter totaled $62,588,000 or approximately $3.70 per share.
 "We see tremendous opportunities to build our business, both internally and through acquisitions and other strategic transactions," Glynn said. "Our long-range goal is to build Mycogen into a major agribusiness company."
 Mycogen is a diversified biotechnology company that develops and markets environmentally compatible biopesticides and improved crop varieties to control pests and increase food and fiber production.
 MYCOGEN CORP.
 Condensed Consolidated Statements of Operations
 (Dollars in thousands, except per share data)
 Three months ended Six months ended
 June 30, June 30,
 1993 1992 1993 1992
 (Unaudited) (Unaudited)
 Revenues:
 Net operating
 revenues $43,835 $10,607 $100,907 $15,395
 Contract revenue 1,312 225 2,525 1,003
 Royalty and
 license income 9 900 182 900
 Total revenues 45,156 11,732 103,614 17,298
 Costs and expenses:
 Cost of operating
 revenues 22,884 6,439 53,923 10,741
 Selling, general and
 administrative 12,137 2,822 26,186 5,431
 Research and
 development 5,260 2,191 9,714 4,390
 Amortization of
 intangible assets 650 266 1,134 565
 Total costs
 and expenses 40,931 11,718 90,957 21,127
 Operating income
 (loss) 4,225 14 12,657 (3,829)
 Interest income and
 expense, net 803 671 1,483 2,390
 Minority interest (2,185) --- (8,282) ---
 Net income (loss) 2,843 685 5,858 (1,439)
 Dividends on
 preferred stock (501) --- (995) ---
 Net income (loss)
 applicable to
 common shares $2,342 $685 $4,863 ($1,439)
 Net income (loss)
 per common share $0.14 $0.05 $0.29 ($0.10)
 Weighted average
 number of
 shares 16,929,000 14,854,000 16,918,000 14,397,000
 MYCOGEN CORP.
 Condensed Consolidated Balance Sheets
 (Dollars in thousands)
 June 30, Dec. 31,
 1993 1992
 (Unaudited) (Audited)
 Assets:
 Cash and short-term
 investments $62,588 $68,448
 Other current assets 84,483 76,336
 Net property, plant
 and equipment 47,022 46,761
 Other assets 20,734 21,208
 Total assets $214,827 $212,753
 Liabilities and
 Stockholders' Equity:
 Current liabilities $21,273 $33,672
 Long-term liabilities 1,144 1,256
 Minority interest 39,660 31,378
 Redeemable convertible
 preferred stock 40,559 39,564
 Stockholders' equity 112,191 106,883
 Total liabilities and
 stockholders' equity $214,827 $212,753
 -0- 7/27/93
 /CONTACT: James R. Glynn, executive VP & CFO, or Michael W. Sund, investor relations, 619-453-8030, of Mycogen/
 (MYCO)


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

JL-MF -- SD002 -- 6051 07/27/93 08:31 EDT
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Date:Jul 27, 1993
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