News:
10/28 13:33 AGRIBIOTECH INC. ANNOUNCES A RECORD 429 PERCENT INCREASE IN
FIRST-QUARTER NET SA
( BW)(AGRIBIOTECH-INC)(ABTX) AgriBioTech Inc. Announces a Record 429 Percent Increase in First-Quarter Net
Sales and a Net Profit of 3 Cents Per Share
Business Editors
LAS VEGAS--(BUSINESS WIRE)--Oct. 28, 1997--Dr. Johnny R. Thomas, chief executive officer of AgriBioTech Inc.
(Nasdaq/NM:ABTX), announced first-quarter fiscal 1998 (July 1-Sept. 30) net sales of $40.5 million, as compared with
$7.7 million for the comparable period in fiscal 1997, an increase of 429 percent, with net profit of $784,540, or 3 cents per
share, as compared with a net loss of $1,294,671, or 14 cents per share, in the comparable period in fiscal 1997.
Assets and net equity were increased significantly to $102 million and $53.8 million, respectively; increases of 95 percent
and 154 percent as compared with the comparable quarter of the preceding year. These results of operations include only
the 15 closed acquisitions and, therefore, do not include Lofts Seeds Inc. or Seed Corp. of America, which are pending.
The 429 percent increase in net sales was primarily the result of acquisitions subsequent to the same quarter in fiscal 1997,
as well as continuation of internal growth.
According to Thomas, "This profitable quarter 3 cents vs. a loss of 14 cents is primarily the result of purchasing
turfgrass-seed companies with significant fall business and is not an indication that management has accelerated its timetable
for achieving consolidation efficiencies."
Management is pleased that the company is on target to achieve fiscal 1998 profitability; however, it is prudent to note this
quarter only represents approximately 20 percent of the company's pro forma net sales for fiscal 1998. -0-
AgriBioTech Inc.
July 1-Sept. 30
(In thousands, except net earnings (loss) per share)
1997 1996 Net sales $ 40,458 $ 7,653 Net earnings (loss) 785 (1,295) Net earnings (loss) per share 3 cents (14 cents)
Shares (a) 28,509 9,106 (a) - Shares for 1997 includes average shares outstanding during
the period of 25.1 million and 3.4 million from the dilutive
effects of options, warrants and preferred stock
AgriBioTech is a fully integrated full-service seed company specializing in the forage- and turfgrass-seed sector, complete
with research and development of proprietary seed varieties, seed- processing plants, and a national and international
distribution and sales network.
The company has completed 15 acquisitions since Jan. 1, 1995, and is the largest forage- and cool-season-turfgrass-seed
company in the United States, with annualized net sales of approximately $270 million, including two previously announced
pending acquisitions (Lofts and Seed Corp.) with combined net sales of approximately $115 million. -0-
The statements discussed in this news release include forward- looking statements that involve a number of risks and
uncertainties. These include the company's long-term lack of profitability, need to manage its growth, intense competition in
the seed industry, seasonality of quarterly results and other risks detailed from time to time in the company's Securities and
Exchange Commission reports. |
