EARNIGS REPORT............
Tuesday September 23 7:00 AM EDT
Company Press Release
Cistron Biotechnology Reports Fiscal '97 Results
PINE BROOK, N.J., Sept. 23 /PRNewswire/ -- Cistron Biotechnology, Inc. (OTC:CIST) today announced increased sales
and earnings for the fiscal year ended June 30, 1997.
Cistron's sales for the 12-month period increased 10 percent to $620,180 compared with $562,161 in fiscal 1996. Net
income was $12,345,954 or 42 cents per share versus a loss of $1,106,166 or a loss of 4 cents last year.
The sales improvement was attributable to increased bulk cytokine protein sales. Worldwide competition, however, continued
to exert pressure on product pricing, the biotechnology firm reported.
Net income and earnings per share increases were primarily the result of litigation settlements. Research expenses increased 59
percent because of increased external research funding for Cistron's periodontal assay kit and vaccine adjuvant programs.
Administrative expenses decreased by five percent.
Cistron's primary product area is immune response regulators known as lymphokines. The company markets its products in
North America, Europe and the Pacific Rim.
FINANCIAL SUMMARY
12 months ended June 30
1997 1996
Net Sales $620,180 $562,161
Net Income (Net Loss) $12,345,954 $(1,106,166)
Earnings (Loss) Per Share $.42 $(.04)
Weighted Average Number
of Shares Outstanding 29,054,308 26,882,990
Certain statements in this discussion and analysis constitute forward- looking statements, are not historical facts, and involve
risks and uncertainties that could cause actual results to differ from those expected and projected. Such risks and uncertainties
include but are not limited to: (a) general economic conditions; (b) conditions specific to the biotechnology industry; (c) the
company's ability to develop or acquire new technology or products through licensing, merger or acquisition and obtain
regulatory approval to commercialize diagnostic or therapeutic products; (d) the effectiveness and ultimate market acceptance
of any such products; (e) limitations on third party reimbursements with respect to any such products; and (f) competition.
These and other risks are described in the company's report on Form 10-K for the period ended June 30, 1997 |
