Portland, Oregon
Aug. 13, 1998Agritope,
Inc. (Nasdaq: AGTO) today reported that, for the third quarter of fiscal 1998 ended
June 30, 1998, revenues were $664,000 compared with $416,000 in the prior year. The net
loss for the quarter was $1.5 million ($0.37 per share) versus a loss of $1.4 million
($0.51 per share) for the third quarter of fiscal 1997, according to Adolph J. Ferro,
Ph.D., president and chief executive officer.
Commenting on recent events, Ferro said, "During the
third quarter, we commenced second stage field trials for cantaloupes which incorporate
the company's ripening control technology. We also received four additional US patents,
three of which cover our technology for extending the post-harvest shelf life of fruits
and vegetables. The fourth patent covers technology outside our current field of
concentration. It has been licensed to a biopesticide company for use in a biofungicide
scheduled for market introduction in 1999."
"During the quarter, Vinifera shipped $664,000 of
grapevines for the 1998 planting season. Shipments to date plus orders on hand call for
sale of $2.8 million of plants in the year ended September 30, 1998. This amount is equal
to twice the value of grapevines shipped in the prior year. Vinifera has already received
orders totaling $1.1 million for the 1999 planting season," Ferro continued.
Ferro noted that Vinifera took steps to strengthen its
capital base in June by completing a private placement of shares of common stock with
minority shareholders for $1.8 million. The private placement was accompanied by an
exchange of $4.0 million of working capital loans from Agritope for Vinifera common stock.
Upon completion of the transactions, Vinifera had 7.9 million shares of capital stock
outstanding, 64% of which was held by Agritope.
Research and development costs in the current fiscal year
reflect increased activity in targeting new fruit and vegetable crops for the company's
ethylene control technology as well as stepped-up research in assessing the potential of
technology obtained from the Salk Institute. Costs and expenses for this year reflected
additional charges incurred in the establishment of Agritope as an independent company,
including a move to a new location that occurred in mid-March.
For the nine months ended June 30, 1998, revenues were
$917,000, as compared to revenues of $668,000 reported in the same period of fiscal 1997.
The net loss for the period was $3.7 million ($1.04 per share), compared to a loss of $6.5
million ($2.40 per share) in the first nine months of fiscal 1997. The improvement in
operating results for the first nine months of the fiscal year is largely due to the fact
that the first quarter of fiscal 1997 included non-recurring charges of $3.1 million.
A tabulation of operating highlights and balance sheet data
follows (in thousands, except per share data):
| Operating
highlights |
Three
months ended |
Nine
months ended |
| 6/30/98 |
6/30/97 |
6/30/98 |
6/30/97 |
| Revenues |
$
664 |
$
416 |
$
917 |
$
668 |
| Loss from
operations |
(1,615) |
(1,337) |
(4,215) |
(3,395) |
| Net loss |
(1,482) |
(1,366) |
(3,738) |
(6,455) |
Per share
Net loss |
$ (0.37) |
$ (0.51) |
$ (1.04) |
$ (2.40) |
| Weighted number
of shares outstanding |
4,037 |
2,691 |
3,592 |
2,691 |
|
| Selected
balance sheet data |
6/30/98 |
9/30/97 |
| Cash and cash
equivalents |
$
5,585 |
$4 |
| Working capital |
$
8,936 |
$
1,659 |
| Stockholders'
equity |
12,401 |
4,763 |
|
Contact:
Matt Kramer
Agritope, inc.
503-670 7702
N1193 |
