Energy BioSystems 1997 Earnings Report
PR News Wire via Dow Jones
THE WOODLANDS, Texas, March 31 /PRNewswire/ -- Energy BioSystems Corporation
(Nasdaq: ENBC) reported a fourth quarter net loss of $2,468,635 (28 cents per
basic and diluted share) on revenues of $681,371. The fourth quarter net loss
decreased $846,503 over the net loss for fourth quarter 1996 due primarily to
the $1 million payment to Petrolite in the fourth quarter of 1996 offset in part
by pilot plant operating expenses. The net loss per share included 7 cents per
share for periodic accretion and accrued dividends on the Series A Convertible
Preferred Stock issued in October 1994 and on the Series B Convertible Preferred
Stock issued in February and March of 1997. Fourth quarter revenues increased
$68,968 over revenues for the fourth quarter of 1996 primarily as a result of an
increase in the sponsored research revenues from the National Institute of
Standards and Technology and the Department of Energy. These results are
consistent with management expectations for 1997.
For the year ended December 31, 1997, the company reported a net loss of
$9,539,061 ($1.09 per basic and diluted share) on revenues of $2,302,225. The
1997 year end revenues decrease of $283,194 over 1996 as a result of a decrease
in revenue recognized under the Petrolite agreement offset in part by an
increase in revenue from other sponsored research. The net loss for the year
ended December 31, 1997, increased $306,281 over the net loss for 1996 due
primarily to costs associated with pilot plant operating costs and increased
catalyst production. The net loss per share included 28 cents per share for
periodic accretion and accrued dividends on the Series A Convertible Preferred
Stock issued in October 1994, and Series B Convertible Preferred Stock issued in
February and March 1997.
Energy BioSystems Corporation of Houston, is commercializing
biotechnology-based processes for the petroleum refining and production
industries. The company's focus to date has been on developing biocatalytic
desulfurization, a proprietary process involving the use of bacteria to remove
sulfur from petroleum. This process is expected to help refiners worldwide meet
environmental regulations in a more cost-effective manner and has the potential
to greatly improve the value of high-sulfur crude oil reserves.
Energy BioSystems Corporation
Statement of Operations
Quarter Ended Quarter Ended Year Ended Year Ended
December 31, December 31, December 31, December 31,
1997 1996 1997 1996
Revenues $681,371 $612,403 $2,302,225 $2,585,419
Net Loss (2,468,635) (3,315,138) (9,539,061) (9,232,780)
Basic & Diluted
Loss Per Share (0.28)(C) (0.34)(A) (1.09)(D) (1.04)(B)
Shares Used in
Computing Loss
Per Share 12,099,412 11,435,704 11,769,458 11,248,029
(A) Net loss per share includes $.05 attributable to periodic accretion
and accrued dividends on the Preferred Stock issued in October 1994
and $.09 attributable to the option payment to the Petrolite
Corporation.
(B) Net loss per share includes $.22 attributable to periodic accretion
and accrued dividends on the Preferred Stock issued in October 1994
and $.09 attributable to the option payment to Petrolite Corporation.
(C) Net loss per share includes $0.07 attributable to periodic accretion
and accrued dividends on the Series B Preferred Stock issued in
February and March 1997.
(D) Net loss per share includes $0.28 attributable to periodic accretion
and accrued dividends on the Series A Preferred Stock issued in
October 1994 and the Series B Preferred Stock issued in February and
March 1997.
Energy BioSystems Corporation
Summary Balance Sheet
December 31, 1997 December 31, 1996
Assets:
Current assets $11,368,461 $9,765,481
Long-term assets 3,596,598 3,945,150
Total assets $14,965,059 $13,710,631
Liabilities & stockholders'
equity:
Current liabilities $1,266,836 $995,158
Stockholders' equity $13,698,223 $12,715,473
Total liabilities &
stockholders' equity $14,965,059 $13,710,631
/CONTACT: MEDIA: Rebecca L. Elliott, APR, Director, Corporate
Communications, 281-364-6132, or INVESTORS: Paul G. Brown, III, Vice President,
Finance & Administration, 281-364-6140, both of Energy BioSystems Corporation/
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