REHOVOT, Israel, May 19, 2009 (GLOBE NEWSWIRE) -- Evogene Ltd. (TASE:EVGN) announced today its financial results for the first quarter ended March 31, 2009.
Ofer Haviv, Evogene's president and CEO stated: "We are very pleased to conclude additional quarter of growth and progress in the two main fields of our activity - improved traits for a wide diversity of key commercial crops and improved feedstock for biofuels. In the first quarter of 2009 we continued, as planned, with our R&D activities under our collaborations with leading international ag-biotech companies, including the five year agreement with Monsanto Company, initiated in August 2008. Furthermore, in April this year, we announced a three year agreement with Bayer CropScience for yield improvement in rice." Mr. Haviv continued, "During this quarter we greatly strengthened the capacity of our technology platform for gene discovery and plant validation through significant expansion of our molecular lab, tissue culture rooms, greenhouses and office space."
Revenues for the first quarter of 2009 were $2.4 million, compared to $114 thousand for the same period in 2008. Revenues for the first quarter of 2009 include revenues generated mainly under the collaboration with Monsanto. Profit from ordinary operations for the first quarter of 2009 was $624 thousand, compared to a loss from ordinary operations of $1.2 million in the same period in 2008.
Total comprehensive loss for the first quarter of 2009 was $1.4 million, or $0.06 per share, including financial expenses of $1.7 million due to revaluation of options and obligation to the Office of Chief Scientist. This is compared to a total comprehensive loss of $0.7 million, or $0.06 per share, including financial revenues of $182 thousand due to revaluation of options and obligation to the Office of Chief Scientist in the same period in 2008.
As of March 31, 2009, Evogene had $30 million in cash, cash equivalents, cash deposits and short-term marketable securities.
About Evogene
Evogene is a world leading developer of improved plant traits. The company's proprietary product development platform combines state of the art computational gene discovery technology (The 'ATHLETE'), plant and field validation capabilities and unique selection systems. Evogene's current programs focus on the improvement of key plant traits, such as yield and stress tolerance, and the improvement of plants specifically for biofuel uses. Evogene has collaboration and licensing agreements with world leading companies in the agro-biotech and alternative energy industries. Evogene's headquarters are in Rehovot, Israel, and its stock is traded on the Tel Aviv Stock Exchange (TASE:EVGN). For additional information, please visit Evogene's website at www.evogene.com.
This press release contains "forward-looking statements." These statements include words like "may," "expects," "believes," "scheduled" and "intends," and they describe opinions about future events. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Evogene Ltd. to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
BALANCE SHEETS
---------------------------------------------
Dollar in thousands (except per share data)
As
of
Dec. 31 As of March 31
--------- -------------------
2008 2009 2008
Audited Unaudited Unaudited
--------- --------- ---------
ASSETS
Current assets
--------------
Cash and cash equivalents 14,490 4,905 7,789
Short term bank deposits and
marketable securities 14,883 24,997 1,180
Account receivables 1,890 478 --
Other account receivables
and prepaid expenses 322 303 372
--------- --------- ---------
31,585 30,683 9,341
--------- --------- ---------
Non-current assets
------------------
Investment in an associate company 136 102 --
Long term deposits 22 28 22
Property and equipment, net 1,359 2,178 864
Finance derivative 585 334 --
Intangible assets 261 251 305
--------- --------- ---------
2,363 2,893 1,191
--------- --------- ---------
Total Assets 33,948 33,576 10,532
========= ========= =========
Current liabilities
-------------------
Current maturities of other
long-term liabilities *3,927 3,841 21
Trade payable 403 590 229
Liability related to traded warrants *262 793 --
Other accounts payable and accruals 842 797 691
--------- --------- ---------
5,434 6,021 941
--------- --------- ---------
Long-term Liabilities:
----------------------
Liability related to finance lease 123 122 129
Liability related to traded warrants *2,388 3,133 2,328
Liability related to government grants 2,828 3,052 1,357
Deferred revenues *13,556 12,752 588
Accrued severance pay, net 9 9 12
--------- --------- ---------
18,904 19,068 4,414
--------- --------- ---------
Total shareholders' equity 9,610 8,487 5,177
--------- --------- ---------
Total liabilities and
shareholders' equity 33,948 33,576 10,532
========= ========= =========
* Reclassified
STATEMENTS OF COMPREHENSIVE INCOME
-----------------------------------------
Dollar in thousands (except per share data)
For the
Year
ended For three month
on period ended on
--------- -------------------
Dec. 31, March 31
2008 2009 2008
Audited Unaudited Unaudited
--------- --------- ---------
Revenues 3,426 2,385 114
Cost of revenues 1,414 1,006 29
--------- --------- ---------
Gross profit 2,012 1,379 85
--------- --------- ---------
Operating expenses:
Research and development, net 4,078 340 903
Business development expenses 922 144 137
General and administrative 1,160 271 248
--------- --------- ---------
Profit (loss) from ordinary operation (4,148) 624 (1,203)
Financing (expenses) income 376 (274) (99)
Financing (expenses) income due to
Revaluation of Options and Obligation
to the OCS (922) (1,692) 182
Share of losses of an associate company (114) (34) --
--------- --------- ---------
Net loss (4,808) (1,376) (1,120)
Other Comprehensive income:
Currency translation adjustment of
financial statement 293 -- 451
--------- --------- ---------
Total Comprehensive loss (4,515) (1,376) (669)
========= ========= =========
Loss per share (in dollar) (0.22) (0.06) (0.06)
========= ========= =========