Bothell, Washington
July 26, 2005
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
second quarter ended June 30, 2005.
Product sales, net of sales
allowances, for the second quarter of 2005 were $1,677,000,
which compares to net product sales of $290,000 in the same
period of 2005. Net loss in the second quarter of 2005 was $1.4
million, or $0.06 per weighted average common share, compared to
a net loss of $2.0 million, or $0.08 per weighted average common
share, in the second quarter of 2004. Per-share loss amounts for
the quarters are based on weighted average common shares of 24.4
million in 2005 and 2004.
"We are glad to report that our
second quarter sales to distributors have surpassed first
quarter sales. This performance is a result of revenue from new
products and increased sales of our existing product line.
Fifty-eight percent of year-to-date revenue has been derived
from new products. Sales of Messenger products to distributors
increased substantially in both US and non-US markets. Our
second quarter sales are up 479% compared to the same quarter of
last year and our year-to-date sales are up 463% over the
comparable period in 2004. Our second quarter sales in the US
are up over 600% compared to the same quarter of last year and
up 456% year-to-date over the comparable period in 2004. Sales
outside the US are up 200% for the quarter just completed
compared to the same quarter in 2004 and up 494% year-to-date
over the comparable period in 2004. Sales of our Home & Garden
products are up 114% in the second quarter of 2005 compared to
2004 and up 119% for the first six months of 2005 compared to
2004," said Rhett Atkins, President and CEO. "We have had a good
second quarter and first half because we now have a portfolio of
Harp-N-Tek products. Our year-to-date sales among the various
elements of our portfolio were well balanced with Messenger
products contributing 28% of total sales, ProAct 25%, N-Hibit
23%, Home & Garden 12% and other products 12%."
Cash and investments as of June
30, 2005 totaled $9.3 million, compared with $9.9 million at
March 31, 2005 and $11.9 million at December 31, 2004.
Eden Bioscience is a plant
technology company focused on developing, manufacturing and
marketing innovative, natural protein-based products for
agriculture. We believe that our technology and products provide
growers with new tools to improve crop production and plant
protection. Our products are based on naturally occurring
proteins called "harpins," which activate a plant's intrinsic
ability to protect itself through growth and stress-defense
responses. These responses enhance overall plant health, improve
plant vigor and stamina, and result in improved crop quality,
yield, and/or shelf life..
(c) 2005 Eden Bioscience
Corporation. Messenger® and Eden Bioscience® are registered
trademarks of Eden Bioscience Corporation. |
