Biosys posts $3.6 million loss for quarter Biotechnology

August 15, 1996|By Mark Guidera | Mark Guidera,SUN STAFF

Biosys Inc., a Columbia-based company that develops and markets biological products for insect control on crops, reported a second-quarter loss yesterday of $3.6 million on sales of $6.3 million.

The results for the quarter, which ended June 30, were 5.4 percent better than for the same period last year, when Biosys reported a net loss of $3.7 million on sales of $8.4 million.

The publicly held company said quarter-to-quarter comparisons were distorted by the fact that a sales contract in Egypt resulted in most of the 1996 revenues occurring in the first quarter, while most of 1995 revenues from the contract occurred in the second quarter.

The company also said operating costs continued to reflect savings from the merger with AgriDyne Technologies Inc.

Operating costs before merger expenses for the second quarter of 1996 were $3.5 million, a reduction of 11.4 percent compared with $4 million for the second quarter of 1995. Biosys' merger with AgriDyne, a competitor, was completed in the first quarter of this year.

The company reported yesterday that its net loss for the six months ended June 30 was $11.5 million on revenues of $14.1 million.

Pub Date: 8/15/96

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