I hope someone can "interpret" some good in this earnings release. I cant.
<<http://biz.yahoo.com/prnews/971114/nj_ecoscience_earns_1.html>>
EcoScience Announces Results for the First Quarter of Fiscal 1998
EAST BRUNSWICK, N.J., Nov. 14 /PRNewswire/ -- EcoScience Corporation (Nasdaq: ECSC - news) today
announced results for the first quarter of fiscal 1998 ended September 30, 1997, reporting revenues of $3,993,000
compared to revenues of $4,508,000 for the three months ended September 30, 1996. The Company incurred a net
loss for the first quarter of fiscal 1998 of ($475,000), or ($0.05) per share, as compared to a net loss of ($198,000), or
($0.02) per share for the fiscal 1997 first quarter, after excluding non- recurring amounts from the fiscal 1997 period.
Including the effects of a non-recurring restructuring charge reversal of $77,000, or $0.01 per share in the fiscal 1997
first quarter, the Company had a net loss of ($121,000), or ($0.01) per share.
Commenting on the results for the first quarter, Michael A. DeGiglio, President and CEO, stated, ''The decline in
product sales was due to several factors including seasonality and timing of completion of systems and equipment
installations and shipments of biological products, which differed from the first quarter in the previous year. Although
these factors affected our Postharvest Fruits and Vegetables division and our Biological Insect Control division, we are
pleased with the progress of our Specialty Agriculture division, whose product sales increased from the prior year. In
addition, we have significantly invested in sales and marketing personnel and related costs to position the Company to
increase sales through higher market penetration, and to support the marketing of expanded product lines. We do not
expect these seasonal issues to affect our overall product sales objectives for fiscal year 1998.''
EcoScience is engaged in the development and commercialization of natural pest control products, naturally derived
coatings to preserve food quality and extend the shelf life of fruits and vegetables, and the marketing and distribution of
advanced technologies, products, growing systems and services for the intensive farming, horticulture and produce
packing industries.
This press release may contain forward looking statements that describe the Company's business prospects. Actual
results could differ materially from those described in such forward looking statements because of a number of risk
factors to which the Company is subject. Investors are encouraged to review EcoScience's Form 10-K for the year
ended June 30, 1997 and Forms 10-Q and other documents filed with the Securities and Exchange Commission for a
more complete discussion of factors that could affect EcoScience's performance.
ECOSCIENCE CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three Months Ended September 30,
1997 1996
(Unaudited)
Product sales $3,993 $4,508
Cost of goods sold 3,088 3,405
Gross profit 905 1,103
Operating expenses:
Research and development 100 128
Selling and marketing 731 578
General and administrative 553 562
Reversal of restructuring charge --- (77)
Total operating expenses 1,384 1,191
Operating loss (479) (88)
Other income (expense):
Research, development, licensing
fees and other income --- 7
Investment income 17 34
Interest and other expense (13) (74)
Total other income (expense) 4 (33)
Net loss $(475) $(121)
Net loss per common share $(0.05) $(0.01)
Weighted average number of common
shares outstanding 10,401 9,387
SOURCE: EcoScience Corporation |
