Bothell, Washington
April 25, 2002
EDEN Bioscience Corporation (Nasdaq:EDEN), which develops,
manufactures and markets innovative, natural protein-based
products for improving crop production and protecting plants,
today announced financial results for its first quarter ended
March 31, 2002.
Revenue for the first quarter of 2002 was $555,000, which
compares to revenue of $2.5 million in the first quarter of
2001. Revenue is derived solely from sales of Messenger(R) to
distributors. Net loss in the first quarter was $5.5 million, or
$0.23 per weighted average common share, compared to a net loss
of $2.5 million, or $0.10 per weighted average common share in
the first quarter of 2001. Per-share loss amounts for the
quarter are based on weighted average common shares of 24.2
million in 2002 and 23.9 million in 2001.
The company estimates that distributors sold approximately
144,000 ounces to growers in the first quarter of 2002, compared
with approximately 91,000 ounces in the same period in 2001.
Based on preliminary information, EDEN estimates that 1,039,000
ounces remained in distributors' inventories on March 31, 2002,
compared with 1,016,000 ounces in distributors' inventories at
December 31, 2001.
"While the economy in many agricultural sectors remains
difficult, we have made progress on expanding the use of
Messenger," said Brad Powell, interim president and CFO.
"Although it is still early in the season, the usage of
Messenger is increasing and new users are beginning to adopt the
product in their production programs. We continue to manage our
expenses responsibly, allowing additional time to further the
adoption and sales of Messenger."
Cash and investments as of March 31, 2002 totaled $41.5 million,
compared with $48.3 million at December 31, 2001. The company
believes this balance is sufficient to fund operations for at
least the next 18 months.
EDEN Bioscience is a plant technology company focused on
developing, manufacturing and marketing innovative, natural
protein-based products for agriculture. EDEN believes its
technology and initial product, Messenger, provide growers with
a new tool to improve crop production and plant protection.
Messenger, which received unconditional EPA approval for full
commercial use in April 2002, is based on naturally occurring
proteins called "harpins," which activate natural plant defense
systems to protect against disease and pests, and simultaneously
activate plant growth systems, improving crop yield and quality.
It has been tested in over 1,000 field trials in many countries
and on more than 40 crops including: citrus, cotton, cucumber,
peppers, strawberries, tobacco, tomatoes, grapes and corn.
(c) 2002 EDEN Bioscience
Corporation. Always read and follow label instructions before
buying or using this product.
Messenger(R), EDEN(R), and EDEN Bioscience(R) are registered
trademarks of EDEN Bioscience Corp. Messenger is not
currently registered for sale or use in Colorado. In California,
Messenger is labeled for disease management in strawberries,
grapes, and fruiting vegetables only.
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