Crop GeneticsCrop Genetics International, a Hanover-based...

BY THE NUMBERS

November 19, 1991

Crop Genetics

Crop Genetics International, a Hanover-based agricultural biotechnology firm, said that its losses widened during the quarter that ended Sept. 30, fueled by a loss caused by a one-time write-off of $1.7 million of technology acquired in its recent purchase of Espro Inc.

Crop Genetics Chief Executive Officer Joseph W. Kelly said the technology involved, which is designed to create insect viruses that can be used as pesticides, isn't yet commercial because the viruses can't be made cheaply enough.

He said Crop Genetics will continue work to make the technology more cost-effective and added that the write-off was merely a conservative accounting measure that doesn't involve a cash loss. Crop Genetics paid for Columbia-based Espro with stock, he said.

Separately, the company announced results of tests of its InCide on 12 corn hybrids in Nebraska. Mr. Henry said the tests showed InCide reduced crop damage between 26 percent and 72 percent, depending on the type of corn treated. InCide is designed to kill a pest called the corn borer.

"We're still several years away from commercializing this technology, but we're on track," Mr. Kelly said. "Now we can predict which [strains of corn] it will work well in."

Three months ended 9/30/91

..... .....Revenue.... .... Net..... ...... Share

'91..... .....1,835,100...... (2,827,800)... (0.74)

'90..... .....1,528,200...... (1,133,700.... (0.31)

% change .... .... +20.1...... ........ --.... ... --

Nine months ended 9/30/91

..... .....Revenue.... .... Net..... ...... Share

'91..... .....2,862,600...... (6,703,300)... (1.83)

'90..... .....1,795,400...... (4,652,600)... (1.04)

% change..... .... +59.4...... ........ --.... ... --

Westvaco Corp.

The recession pushed fourth-quarter sales of paper goods below last year's record level for Westvaco, the company announced yesterday. Westvaco, which is based in New York and has a large paper mill in Luke, Md., said that profits for the same period fell only slightly, though.

The company took a $25 million charge earlier in the year to cover a cost-cutting program. Capital expenditures for 1991 were $180 million less than the $500 million previously planned.

Westvaco President John A. Luke said that the company is attempting to eliminate its vulnerability to economic cycles by moving away from commodities to more unusual or branded products.

Three months ended 10/31/91

.... ....Revenue..... ..... Net...... ...... Share

'91.... ....605,368,000 ..... 47,602,000..... 0.73

'90.... ....649,398,000 ..... 48,312,000..... 0.75

% change.... ......- 6.8 ..... ......- 1.5..... - 2.7

Year ended 10/31/91

.... ....Revenue..... ..... Net...... ...... Share

'91.... ....2,301,204,000.... 137,398,000.... 2.10

'90.... ....2,410,751,000.... 188,236,000.... 2.90

% change...... ......- 4.5...... ....- 27.0....- 27.6

TC

PharmaKinetics Laboratories Inc.

The company, which does laboratory testing of pharmaceuticals for manufacturers, has suffered some loss of customer trust since it went into reorganization under Chapter 11 of the Federal Bankruptcy Code a year ago, said Bruce Jones, chief executive officer.

"Some customers that don't know us are concerned about our financial security, and that's affected our ability to compete for sales," Mr. Jones said. In addition, the Baltimore-based company's fortunes have been affected by the increasingly active regulatory role played by the U.S. Food and Drug Administration, which has complicated the process of bringing new drugs to market, he said.

Three months ended 9/30/91

.... ....Revenue..... ..... Net...... ...... Share

'91.... ....3,485,482.. ..... (529,158)...... (.05)

'90.... ....4,466,577.. ..... (768,778)...... (.08)

% change.... ...- 22.0.. ..... ...... --.......... --

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