 |
Welcome to |
|
BEAVERTON, Ore., Feb. 14 /PRNewswire/ -- Epitope, Inc. (Nasdaq: EPTO) today reported its first quarter operating results for fiscal 1997. Revenue for the quarter amounted to $20.6 million, up from $14.2 million in the comparable quarter of the prior year. Prior year results have been restated to include the results of Andrew and Williamson Sales, Co. (A&W) which was acquired on December 12, 1996, in a merger transaction accounted for as a pooling of interests. For the quarter ended December 31, 1996, the Company reported a net loss of $4.5 million, or $0.34 a share, compared with a net loss of $1.9 million, or $.14 a share, in the first quarter of fiscal 1996. Epitope Medical Products The Company's Epitope Medical Products group (EMP) recorded a net loss of $0.4 million on revenues of $2.6 million in the first quarter of fiscal 1997, as compared to a net loss of $1.1 million on revenues of $1.2 million in the quarter ended December 31, 1995. Sales of Western blot HIV-1 confirmatory tests increased 33% to $459,000, reflecting higher sales volumes as compared to the prior year first quarter. Sales of EMP's oral specimen collection device were $1.9 million, almost four-fold the levels achieved in the prior year first quarter. The increase is attributable to increased use of the device for insurance testing purposes. The increased sales volume of oral specimen collection devices also had a favorable impact on EMP's overall gross margins which improved in 1997 to 59% of sales, from 42% in the first quarter of fiscal 1996. Agritope The Company's Agritope group (Agritope) incurred a net loss of $4.1 million on revenues of $17.9 million in the quarter ended December 31, 1996 as compared to a loss of $0.8 million on revenues of $13.0 million for the first quarter of the prior year, which has been restated to reflect the A&W merger and pooling of interests. Current quarter operating results for Agritope include non-cash charges of $1.2 million related to conversion of $3.4 million of convertible notes into common stock of the Company at a reduced exchange price and a $1.9 million write-down of its investment in non-consolidated subsidiaries. The current quarter results also included charges of $0.8 million for costs incurred in connection with the A&W merger and a proposal to re-designate the current class of common stock as Epitope Medical Products stock and to create a second class designated as Agritope common. stock. Shareholders will be asked to approve the proposal at the upcoming annual meeting. Fresh and frozen produce sales increased 39% in the current quarter as compared to the first quarter of fiscal 1996. The prior year first quarter was adversely impacted by significant disease damage at one of A&W's largest growers. Sales in the current quarter were favorably affected by additional volumes of vine ripe tomato and pepper production, partially offset by a decrease in melon sales. Produce sales are affected by seasonality, weather, disease and similar factors and, accordingly, can vary widely from quarter to quarter. Operating Highlights (in thousands, except per share data) Three Months Ended 12/31/96 12/31/95 Epitope Medical Products Revenues $ 2,641 $ 1,225 Loss from operations (610) (1,286) Net loss (381) (1,061) Agritope Revenues $17,928 $12,978 Loss from operations (731) (693) Net loss (4,109) (824) Epitope, Inc. and Subsidiaries Revenues $20,568 $14,202 Loss from operations (1,342) (1,978) Net loss (4,490) (1,886) Net loss per share (.34) (.14) Selected Balance Sheet Data: 12/31/96 9/30/96 Epitope, Inc. and Subsidiaries Cash and marketable securities $19,009 $24,517 Working capital 22,269 21,120 Long-term debt 435 528 Shareholders' equity 28,868 28,684 Epitope, Inc. is an Oregon corporation utilizing biotechnology to develop and market medical diagnostic products through its Epitope Medical Products group and superior new plants and related products through its Agritope group. Agritope is also engaged in the business of growing, marketing, selling, and distributing fresh and frozen produce. Source: EPITOPE Inc. Content of this page is copyright and reprinted here for educational and historical information. |
||
