Steve,
Is this what youe expected?
Wednesday February 12 11:24 AM EDT
EcoScience Announces First Quarterly Operating Profit in Company
History Achieved in Fiscal 1997 Second Quarter
Company Reports Second Consecutive Quarter of Record Revenues, Developments
for Bio-Save(TM) PostHarvest BioProtectant
EAST BRUNSWICK, N.J., Feb. 12 /PRNewswire/ -- Ecoscience Corp today announced its first quarterly operating
profit in Company history achieved in its fiscal 1997 second quarter ended December 31, 1996 and its second
consecutive quarter of record revenues. Revenues for the fiscal 1997 second quarter increased 82 percent to $7,753,000
from revenues of $4,262,000 for the same quarter last fiscal year. The Company reported net income of $371,000, or
$0.04 per share for the fiscal 1997 second quarter, compared with a net loss of ($275,000), or ($0.03) per share for the
second quarter of fiscal 1996.
"We are particularly pleased with having achieved our first quarterly operating profit," said Michael A. DeGiglio,
President and Chief Executive Officer. "This accomplishment is primarily attributable to increased sales of high-tech
intensive farming products and technologically advanced sorting, grading and packing systems in the Agro Dynamics
operations. We also experienced contributions from Bio-Save(TM) PostHarvest BioProtectant, one of the Company's
two commercialized ag-biotech products. Furthermore, our performance was enhanced by a $257,000 decrease in
operating expenses for the quarter as compared to the prior year, which is in line with our current strategy to control
costs and focus research and development resources selectively on those products with the greatest near term revenue
and profit contributing potential."
"I am also happy to report that shortly after launching Bio-Save for use on apples, pears, and citrus, EcoScience was
approached by the Environmental Protection Agency (EPA) and the Northwest cherry industry to test Bio-Save for use
on cherries. The test results were favorable and we are now seeking expanded labeling authority for this product from
the EPA," added Mr. DeGiglio.
For the six months ended December 31, 1996, EcoScience reported revenues of $12,261,000, an increase of 47 percent
as compared to revenues of $8,357,000 for the six months ended December 31, 1995. Net income for the fiscal 1997
six month period was $250,000, or $0.03 per share, compared with a net loss of ($891,000), or ($0.10) per share for
the same period in fiscal 1996.
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. 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.
ECOSCIENCE CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three months ended Six months ended
December 31, December 31,
1996 1995 1996 1995
(Unaudited) (Unaudited)
Product sales $7,753 $4,262 $12,261 $8,357
Cost of goods sold 6,049 2,933 9,454 6,080
Gross profit 1,704 1,329 2,807 2,277
Operating expenses:
Research and development 153 274 281 586
Selling and marketing 632 669 1,210 1,263
General and administrative 523 622 1,085 1,123
Reversal of restructuring charge --- --- (77) ---
Total operating expenses 1,308 1,565 2,499 2,972
Operating income (loss) 396 (236) 308 (695)
Other income (expense):
Research, development, licensing
fees and other income --- 106 7 125
Investment income 21 52 55 132
Interest and other expense (46) (197) (120) (453)
Total other expense (25) (39) (58) (196)
Net income (loss) $371 $(275) $250 $(891)
Net income (loss) per common
share $0.04 $(0.03) $0.03 $(0.10)
Weighted average number of common
and common equivalent shares
outstanding 10,460 8,842 9,968 8,842
SOURCE EcoScience Corporation |
