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Microcap & Penny Stocks : ABTX - Agribiotech

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To: lawrence lerner who wrote (8220)	10/14/1999 12:56:00 AM
From: taxman	of 8359

"likely report a loss"? is he saying he doesn't know? the quarter ended 13 days ago. what "...major financial institution" would lend money to these turkeys? regards Agribiotech sees Q1 loss HENDERSON, Nev., Oct. 13 (Reuters) - Seed company Agribiotech Inc on Wednesday said it expects to report a loss in its fiscal first quarter ended September 30, due to lower sales. In a statement, the company said demand for seed products was strong during the quarter, but lower prices reduced sales by at least 10 percent from the first quarter one year ago in which it reported sales of about $89 million. ``The late harvest created a condensed selling season which is pushing some of our sales from the traditionally strong first quarter into the historically slower second quarter. As a result, we will likely report a loss for the first quarter,' Chief Executive Richard Budd said in a statement. The company also said it had received a commitment from ``a major financial institution' for new long-term debt of $20 million and a credit line of up to $115 million. Copyright ¸ 1999 Reuters Limited.

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