Good earnings, strong Revenue growth
AgriBioTech Inc. announces second-quarter results
BusinessWire, Friday, February 14, 1997 at 14:56
LAS VEGAS--(BUSINESS WIRE)--Feb. 14, 1997--Dr. Johnny R. Thomas,
chief executive officer of AgriBioTech Inc. (NASDAQ/NM:ABTX),
announced that revenues and losses for the second quarter of fiscal
1997 were $13,288,170 and $1,179,299, or 9 cents per share,
respectively, as compared with $4,463,644 and $935,187, or 13 cents
per share, for the comparable quarter of the preceding year.
Revenues increased by 198 percent over the comparable period for
fiscal 1996. Assets and net equity were $49,341,465 and $22,013,032,
respectively, as of Dec. 31, 1996.
Operating results for the first six months of the fiscal year
indicate that the company is on target to achieve fiscal 1997
revenues of $52 million, with a small operating profit for the year.
According to Thomas, the second-quarter losses were larger than
budgeted because of the delayed closing of the W-L/Germain's
acquisition last quarter.
Management is pleased that the company is on target to achieve
fiscal 1997 expectations; however, it is prudent to note that
approximately 60 percent of the company's revenues occur in the
remaining two fiscal quarters because of seasonality of the seed
business. |
