THE WOODLANDS, Texas, May 18 /PRNewswire/ -- Energy BioSystems
Corporation (Nasdaq: ENBC), which is commercializing
biotechnology-based processes for the petroleum refining and production
industries, today reported results for the first quarter of 1999.
For the quarter ended March 31, 1999, the company reported revenues of
$532,019 compared with revenues of $262,306 for the same period a year
ago. The company reported a net loss of $1,616,405, or $1.15 per share,
versus a loss of $2,808,632, or $2.06 per share, for the same period a
year ago. The net loss per share included forty-one cents per share
for periodic accretion and accrued dividends on the company's Series B
Convertible Preferred Stock issued in the first quarter of 1997.
"We have reduced our quarterly loss by approximately 40% versus the
same period last year through personnel reductions and other expense
reduction programs," noted William E. Nasser, chairman and chief
executive officer of EBC.
"At the same time, our stronger focus is on the development of the
company's core biocatalytic desulfurization (BDS) technology to
demonstrate a commercially viable level of catalyst activity, extent of
desulfurization, and increased catalyst longevity. We continue to make
significant progress in these three key critical performance parameters
for the commercialization of this technology, " he continued.
Nasser said increased revenues in the first quarter resulted from
increases in sponsored research revenues offset in part by decreased
interest and investment income.
He also noted that the company is continuing to negotiate business
alliances for commercialization of a potentially new industrial
chemical that is a byproduct of its BDS process. He said that studies
indicate that the substance, hydroxy phenyl benzene sulfinate (HPBS),
can be a lower-cost and potentially biodegradable building-block in the
manufacture of detergents.
Energy BioSystems Corporation is a United States based leading edge
biotechnology company developing biocatalytic processes for commercial
petroleum refining and industrial production. The company has
developed special knowledge in working with Rhodococcus and related
bacterial genera and applied this knowledge to biocatalysis. Expertise
in oxygenase biochemistry, particularly related to complex cellular
pathways; and expertise in multi- phase systems add to our
capabilities. The company's principle focus has been on developing
biocatalytic desulfurization, a proprietary process using enzymes to
remove sulfur from petroleum, including fuels, while operating at mild
temperature and pressure. This process is expected to help refiners
and vehicle manufacturers worldwide meet increasingly stringent
environmental regulations in a more cost effective manner. Additional
information about Energy BioSystems is available at the company's web
site: www.energybiosystems.com.
Energy BioSystems Corporation
Statement of Operations (Unaudited)
Quarter Ended Quarter Ended
March 31, 1999 March 31, 1998
Revenues $532,019 $262,306
Net Loss ($1,616,405) ($2,808,632)
Loss Per Share ($1.15)(A) ($2.06)(B)
Shares Used in Computing
Loss Per Share 2,179,882 1,750,204
(A) Net loss per share includes $0.41 attributable to periodic accretion
and accrued dividends on the Series B Preferred Stock issued in
February and March 1997.
(B) Net loss per share includes $0.46 attributable to periodic accretion
and accrued dividends on the Series B Preferred Stock issued in
February and March 1997.
Energy BioSystems Corporation
Summary Balance Sheet
March 31, 1999 December 31, 1998
(Unaudited)
Assets:
Current Assets $1,736,484 $3,307,916
Long term Assets 2,693,384 2,818,829
Total Assets $4,429,868 $6,126,745
Liabilities & Shareholders' Equity:
Current Liabilities $734,814 $820,286
Stockholders' Equity 3,695,054 5,306,459
Total Liabilities & Stockholders'
Equity $4,429,868 $6,126,745
This document contains forward-looking statements that are subject
to certain risks, uncertainties and assumptions, including but not
limited to, the Company's need for additional funds, the ability to
raise sufficient funds on acceptable terms, its history of operating
issues, the technical uncertainty and risks associated with
commercialization of the Company's technology, the Company's reliance
on environmental regulations and the uncertainty of the adoption of any
newly proposed regulations, the market acceptance of the Company's
technology, the Company's dependence on collaboration partners,
competition, and the ability to enforce and defend the Company's
patents and proprietary technologies. Should one or more of such risks
and uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those indicated in
such forward-looking statements. For a discussion of such risks and
assumptions, see "Risk Factors" included in the Company's annual report
or Form 10-K for the year ended December 31, 1998.
SOURCE Energy BioSystems Corporation
-0- 05/18/99 /CONTACT: investor relations,
Paul G. Brown III, Chief Financial Officer of Energy BioSystems
Corporation, 281-364-6140/
/Web site: energybiosystems.com (ENBC)
CO: Energy BioSystems Corporation ST: Texas IN: OIL SU: ERN
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