DNA Plant Technology Corp. said Wednesday that it expectsrevenues from its joint ventures to triple this year from the$3.6 million posted in 1991.
But the company said the increase will not put it in the black.DNAP had a 1991 net loss of $14.9 million, or 75 cents pershare, on revenues of $14.5 million.
Richard Laster, chairman and chief executive of theCinnaminson, N.J., company (NASDAQ:DNAP), made theprojection at the Piper Jaffray & Hopwood AgriculturalBiotechnology Forum in New York.
DNAP has four joint ventures: a 50-50 venture with DuPontcalled FreshWorld, a 40-60 venture with DuPont calledInterMountain Canola Co., a 90-10 venture with Union Carbidecalled Agri-Diagnostics Associates, and a 29 percent interest inFlorigene. The company receives revenues from all exceptFlorigene, a joint venture with a subsidiary of Sandoz Ltd. andother European investors to develop flowers and ornamentalplants. FreshWorld had 1991 revenues of $1.5 million, andmost of the rest came from Agri-Diagnostics, said companyspokesman Fred Spar.
A major contribution to the 1992 increase will come from anagreement between InterMountain and Eagle Snacks Inc., anAnheuser-Busch company, to provide Eagle with heat-stablecanola oil for frying potato chips, said Spar.
The stock rose 38 cents to $7.50. -- KB
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