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BEAVERTON, Ore., Aug. 14 /PRNewswire/ -- Epitope, Inc. (Nasdaq: EPTO) today reported its third quarter operating results for fiscal 1997. Revenues for the quarter ended June 30, 1997 and first nine months of fiscal 1997 were $3.3 million and $8.5 million, respectively, as compared to revenues of $1.3 million and $4.1 million, respectively, for the comparable periods in 1996. The Company reported a net loss of $2.3 million for the third quarter, or $0.17 a share, compared with a net profit of $3.5 million (including a one-time license fee of $5.0 million), or $0.25 a share, in the third quarter of fiscal 1996. For the nine months ended June 30, 1997, the company reported a net loss of $16.9 million (including a loss of $8.2 million from discontinued operations), or $1.25 per share, as compared to a profit of $30 thousand for the first nine months of fiscal 1996. Epitope Medical Products Epitope Medical Products (EMP) recorded a net loss of $1.0 million on revenues of $2.9 million in the third quarter of fiscal 1997, as compared to a profit of $3.9 million (including a one-time license fee of $5.0 million) on revenues of $1.1 million in the quarter ended June 30, 1996. Product sales were $2.5 million, as compared to $1.1 million in the third quarter of fiscal 1996, primarily due to increased purchases of the EpiScreen(TM) oral specimen collection device by the company's distributors for the life insurance testing market plus increased sales in the public health market. Several distributors have recently advised the company that they intend to reduce inventory levels in the fourth quarter of 1997. Accordingly, the company anticipates that fourth quarter sales of the device will be significantly below those for the current quarter. The company recently announced that it has regained marketing rights to its OraSure(R) oral diagnostics product line from SmithKline Beecham (SB) as a result of SB's decision to discontinue pursuit of a plan to develop and market over-the-counter products for disease detection. In connection with the termination of the contract, SB agreed to purchase approximately 200,000 shares of common stock of the company at the closing market price on July 25, 1997. "Our 2-1/2 year relationship with SB has resulted in wide acceptance of OraSure by public health departments, major HIV testing sites and private physicians. At the same time, our in-house sales force has made significant progress in gaining adoption of our related EpiScreen testing system by insurance underwriters," said W. Charles Armstrong, president and chief executive officer. "The SB decision to invest in Epitope not only shows confidence in our future prospects, but provides funding for continued marketing and development of the product line." Agritope Agritope incurred a loss of $1.3 million in the current quarter as compared to a loss of $0.4 million in the third quarter of fiscal 1996. For the nine months ended June 30, 1997, Agritope reported a loss of $14.5 million as compared to a loss of $1.5 million in the first nine months of fiscal 1996. Nine month results include a loss of $0.8 million related to Vinifera, which was not a part of the Agritope group in 1996; a second quarter charge of $8.2 million related to discontinued operations; and two non-recurring first quarter charges totaling $3.1 million. A tabulation of operating highlights and balance sheet data follows (in thousands, except per share data): Three Months Ended Nine Months Ended 6/30/97 6/30/96 6/30/97 6/30/96 Operating Highlights: Epitope Medical Products Revenues $2,884 $1,107 $7,860 $3,539 Loss from operations (1,121) (1,400) (2,969) (4,298) Net income (loss) from continuing operations (991) 3,945 (2,401) (1,490) Net income (loss) (991) 3,945 (2,401) (1,490) Agritope Revenues $416 $165 $668 $514 Loss from operations (1,337) (525) (3,395) (1,541) Loss from continuing operations (1,323) (446) (6,257) (1,460) Net loss (1,323) (446) (14,464) (1,460) Epitope, Inc. and Subsidiaries Revenues $3,299 $1,272 $8,528 $4,053 Loss from operations (2,458) (1,925) (6,364) (5,839) Loss from continuing operations (2,314) 3,500 (8,658) 30 Net loss (2,314) 3,500 (16,864) 30 Per share: Net income (loss) from continuing operations $(.17) $.25 $(.64) $ -- Net income (loss) $(.17) $.25 $(1.25) $ -- Selected Balance Sheet Data: Epitope, Inc. and Subsidiaries 6/30/97 9/30/96 Cash and marketable securities $11,206 $24,517 Working capital 12,530 21,630 Shareholders' equity 18,822 27,967 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. Source: EPITOPE Inc. Content of this page is copyright and reprinted here for educational and historical information. |
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