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NORTH AMERICAN VACCINE, INC., ANNOUNCES OPERATING RESULTS FOR THE SECOND QUARTER OF 1993

    BELTSVILLE, Md., Aug. 13 /PRNewswire/ -- North American Vaccine, Inc. (AMEX: NVX), today announced operating results for the three and six months ended June 30, 1993.  Summary results of operations are shown below.
                     NORTH AMERICAN VACCINE, INC.
                    SUMMARY RESULTS OF OPERATIONS
                             (UNAUDITED)
                             Three Months             Six Months
                             Ended June 30,         Ended June 30,
                          1993        1992        1993           1992
    Contract revenue   $        0    $ 445,000  $   41,000   $  920,000
    Operating expenses  3,333,000    3,040,000   6,451,000    5,903,000
    Operating loss     (3,333,000)  (2,595,000) (6,410,000)  (4,983,000)
    Investment income     183,000      324,000     364,000      666,000
    Net loss          $(3,150,000) $(2,271,000) $(6,046,000)$(4,317,000)
    Net loss per share     $(0.11)      $(0.08)     $(0.22)      $(0.16)
    Weighted-average
     number of
     common shares
     outstanding       27,562,000   26,828,000  27,560,000   26,681,000
    The increases in the net losses for both the three and six months ended June 30, 1993, were primarily attributable to the decline in revenues as the NICHD contract was substantially completed, an increase in research and development expenditures related to the conjugate vaccines, and a decrease in interest income due to the combination of reduced cash balances and lower market rates for investments.
    The company's financial position at June 30, 1993, is summarized below:
                   NORTH AMERICAN VACCINE, INC.
                    Summary Balance Sheets
                                   June 30, 1993     Dec. 31, 1992
                                    (unaudited)
    ASSETS
    Cash and cash equivalents      $22,333,000       $28,207,000
    Other current assets               688,000         1,078,000
    Property, plant & equipment,
     net                             8,338,000         8,295,000
    Investments in affiliates        4,874,000         4,874,000
    Other assets                       113,000           121,000
     Total assets                  $36,346,000       $42,575,000
    LIABILITIES AND
    SHAREHOLDERS' EQUITY
    Current liabilities            $ 2,342,000       $ 2,533,000
    Deferred rent credit               399,000           431,000
    Shareholders' equity            33,605,000        39,611,000
     Total liabilities and
      shareholders' equity         $36,346,000       $42,575,000
    The aggregate market value of the investments in affiliates was $34.3 million at June 30, 1993, compared to a value of $47.1 million at Dec. 31, 1992.
    North American Vaccine, Inc., both directly and through its subsidiaries, is engaged in the research, development and production of vaccines to prevent human infectious diseases.
    -0-             08/13/93
    CONTACT:  Lawrence J. Hineline, controller, North American Vaccine, Inc., 301-470-6100
    (NVX) CO:  NORTH AMERICAN VACCINE, INC. IN:  MTC SU:  ERN ST:  MD


-- DC005 -- X502 08/13/93
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Publication:PR Newswire
Date:Aug 13, 1993
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