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Genecor Reports Flat Revenues, Decreased Earnings In 3rd Quarter.(Brief Article)
2001 NOV 21 - (NewsRx.com & NewsRx.net) -- Genencor International, Inc., (GCOR) has reported flat revenues and a dip in earnings for the third quarter.
The company said that, for the quarter ended September 30, 2001, product revenues were $77.8 million, compared with $77.4 million for the third quarter of 2000. The increase in product revenue was driven by a 6% increase in volume, partially offset by a decrease in price and the negative impact of foreign currency conversion. Genencor reported fees and royalty revenues of $2.9 million for the quarter ended September 30, 2001, compared with $3.4 million for the comparable 2000 period.
The company reported that net income available to common shareholders was $1.6 million, or $0.03 per diluted share for the quarter ended September 30, 2001, compared with $2.9 million, or $0.05 per diluted share for the third quarter of 2000. Genencor's fully diluted weighted average shares outstanding increased to 60.7 million for the third quarter of 2001, from 59.5 million for the third quarter of 2000.
"Our bioproducts business serves a broad spectrum of markets which helps mitigate a downturn in any one sector,'' said Raymond J. Land, senior vice president and chief financial officer of Genencor. "In addition, we have long-standing relationships with market leaders. These dynamics helped stabilize our product revenues in difficult economic conditions, and should assist us in pursuing our financial goals in future periods.''
For the nine months ended September 30, 2001, Genencor reported product revenues of $231.6 million, compared with $227.6 million for the same period in 2000. Fees and royalty revenues for the nine months ended September 30, 2001 were $8.2 million, compared with $12.5 million in the 2000 period. The 2000 period included the receipt of $3.5 million for back-payment of royalties. Net income available to common shareholders was $8.3 million, or $0.14 per diluted share, for the nine months ended September 30, 2001, compared with $20.5 million, or $0.37 per diluted share, for the nine months ended September 30, 2000. In the 2000 period, the company had an after-tax gain from the sale of marketable securities of $10.2 million. Excluding this gain, net income available to common shareholders in the 2000 period would have been $10.3 million, or $0.19 per diluted share.
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