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MYCOGEN ANNOUNCES SECOND QUARTER RESULTS

 MYCOGEN ANNOUNCES SECOND QUARTER RESULTS
 SAN DIEGO, July 27 /PRNewswire/ -- Mycogen Corp. (NASDAQ: MYCO)


today reported second quarter revenues of $12,389,000 for the period ended June 30, 1992 compared to $3,504,000 in the same period last year. Net income was $685,000, or $.05 per share, compared to net loss of $1,103,000, or $.09 per share, for the same period in 1991. For the six months ended June 30, 1992, revenues were $19,752,000 compared to $7,179,000 for the same period last year. The net loss decreased to $1,439,000, or $.10 per share compared to $1,804,000, or $.15 per share last year. Overall revenue and expenses increased due to the acquisition of Soilserv in August 1991, while contract revenue decreased as a result of the expected conclusion of funding for various research contracts. Interest and other income increased despite lower interest rates due to the contribution of revenue from the Kubota/Mycogen joint licensing agreement.
 "The increase in net income reflects the seasonality of our business as well as the expanded commercialization of our biopesticide products, said James R. Glynn, executive vice president of Mycogen. "We are pleased with the commercial progress to date."
 Selling, general and administrative costs increased as a result of the Soilserv transaction, as well as the expanded marketing costs associated with the introduction of MVP(R) and M-Trak(TM) bioinsecticides. Research and development costs decreased as a result of the cost efficiencies obtained from the consolidation of the Ruston, La. research facility, as well as a reduction in Cellcap(R) process development costs.
 The previously announced joint venture partnership with Lubrizol for the acquisition of Agrigenetics Co. is currently expected to close in the fourth quarter.
 Cash and marketable securities at the end of the second quarter totaled $70,278,000 or approximately $4.87 per share.
 Mycogen Corp. develops, manufactures and markets biopesticides as alternatives to chemical pesticides to control a variety of insects, weeds and other pests. Mycogen's biopesticide products are based on natural agents such as microorganisms and fatty acid compounds which are compatible with the environment. The company develops its products through the application of genetic engineering technology and innovative formulations.
 MYCOGEN CORP
 Consolidated Statements of Operations
 (Unaudited)
 (In thousands except shares and per share amounts)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1992 1991 1992 1991
 Revenues:
 Net operating
 revenues $10,607 $799 $15,395 $1,739
 Contract revenue 225 1,244 1,003 2,580
 Interest and other
 income 1,557 1,461 3,354 2,860
 Total revenues 12,389 3,504 19,752 7,179
 Costs and expenses:
 Cost of operating
 revenues 6,439 612 10,741 1,304
 Research and
 development 2,190 2,745 4,390 5,044
 Selling, general and
 administrative 2,787 1,192 5,439 2,501
 Amortization of
 intangible assets
 and other 288 58 621 134
 Total costs and
 expenses 11,704 4,607 21,191 8,983
 Net income (loss) $685 ($1,103) ($1,439) ($1,804)
 Net income (loss)
 per common share $0.05 ($0.09) ($0.10) ($0.15)
 Weighted average
 number of shares 14,854,461 11,802,547 14,396,868 11,774,790
 Consolidated Balance Sheets
 (in thousands)
 June 30, Dec. 31,
 1992 1991
 (unaudited)
 Assets:
 Cash and short-term cash investments $70,278 $75,835
 Other current assets 11,294 5,929
 Net property, plant and equipment 15,682 15,882
 Net intangible assets 15,009 15,008
 Deposits and other assets 2,218 1,886
 Total assets $114,481 $114,540
 Liabilities and Stockholders' Equity:
 Current liabilities $8,000 $7,529
 Stockholders' equity 106,481 107,011
 Total liabilities and stockholders'
 equity $114,481 $114,540
 -0- 7/27/92
 /CONTACT: James R. Glynn, executive VP and CFO, or Marie C. Burke (investors), of Mycogen, 619-453-8030/
 (MYCO) CO: Mycogen Corp. ST: California IN: CHM SU: ERN


KJ-EH -- SD003 -- 3339 07/27/92 08:33 EDT
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