NEWS: Ribi Reports Q1 1998 Sales Up 310% Over Q1 1997
biz.yahoo.com
Wednesday April 29, 9:29 am Eastern Time
Company Press Release
SOURCE: Ribi ImmunoChem Research, Inc.
HAMILTON, Mont., April 29 /PRNewswire/ -- A 310% increase in sales was reported today by Ribi ImmunoChem Research, Inc. (Nasdaq: RIBI - news) as part of the first quarter financial results for the period ending March 31, 1998. Sales for the quarter were $799,000 compared to $195,000 for the same period in 1997. Total revenues increased in the first quarter to $1,632,000, a 50% increase over total revenue of $1,087,000 for the same period last year. The increase in sales
was due to the growing demand for Ribi adjuvants for infectious disease vaccines being developed by the Company's marketing partners. The net loss for the first quarter was $1,728,000 or $0.09 per share versus $1,663,000 or $0.08 per share for the comparable 1997 period.
''As Ribi and our marketing partners move closer to commercialization, we expect to see sales of our adjuvants increase to support supply and inventory requirements,'' said Robert E. Ivy, CEO, President and Chairman of Ribi ImmunoChem Research. ''We will also continue to incur costs associated with regulatory filings. This year the increase in revenue for the first quarter was offset by filing fees and costs associated with Ribi submissions to regulatory agencies reviewing Melacine melanoma theraccine for approval in Stage IV melanoma.''
Forward Looking Information Statements in this news release are based on current expectations. Actual results may differ materially based upon various risk factors. Additional information regarding risk factors is contained in the Company's Form 10-K for the year ended 1997, as filed with the U.S. Securities and Exchange Commission.
Ribi ImmunoChem Research Inc. press releases are available through Company News On-Call by fax, 800-758-5804, ext. 752250, or at prnewswire.com. |
