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Microcap & Penny Stocks : ABTX - Agribiotech -- Ignore unavailable to you. Want to Upgrade?

To: Robert Meany who wrote (7693)	3/8/1999 8:01:00 AM
From: Robert Meany	Read Replies (1) \| Respond to of 8359

This release cleans up the two previous ones: Monday March 8, 7:39 am Eastern Time AgriBioTech to cut annual expenses $14 mln HENDERSON, Nev., March 8 (Reuters) - Forage and turfgrass seed maker AgriBioTech Inc. on Monday said it will cut annual expenses by about $14 million by the end of its current fiscal year and expects fiscal 2000 to be profitable as a result. Richard Budd, the company's new chairman and chief executive officer, said demand for AgriBioTech's products appears to be ''very good'' and that, excluding a previously announced restructuring charge, the company can at least break even on the ''pre-tax profit line'' for the remaining sixth months of its fiscal 1999. In November the company said it expected $5-$15 million in restructuring charges in fiscal 1999, which ends June 30, to integrate its acquisitions. AgriBioTech hopes to complete the integration by the first quarter of fiscal 2000 so that it can operate as a single entity before the busy autumn selling season. The company also said Monday that Budd had filed a securities form last week giving notice that he purchased 100,000 shares of the company's common stock on March 1 at $4.70 per share. AgriBioTech shares closed at 3-3/4 in Nasdaq trading Friday.