Protein Polymer Technologies Reports Third Quarter 1997 Financial Results
SAN DIEGO, Oct. 30, 1997 -- Protein Polymer Technologies, Inc.
(Nasdaq: PPTI), reports today its financial results for the third quarter
ended September 30, 1997. For the quarter, the Company had a net loss
applicable to common shareholders of $1,268,000 ($.14 a share), versus a net
loss of $719,000 ($.10 a share) for the comparable period a year ago. The net
loss and loss per share amounts include accumulated and distributed dividends
related to the Company's preferred stock. Year-to-date PPTI had a net loss
applicable to common shareholders of $3,570,000 ($.39 a share), versus a net
loss of $2,410,000 ($.37 a share) for the comparable period a year ago. The
Company ended the third quarter with $2,244,000 in working capital, compared
with $840,000 as of December 31, 1996.
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Protein Polymer Technologies, Inc. Condensed Financial Statements (unaudited) Three months ended Nine months ended September 30, September 30, 1997 1996 1997 1996 SUMMARY OPERATIONS Contract revenue $91,510 $310,000 $324,510 $410,000 Interest income 41,151 26,206 162,885 65,263 Product and other income 27,840 21,140 61,744 45,664 Total revenues 160,501 357,346 549,139 520,927 Total expenses 1,311,291 952,872 3,757,851 2,562,680 Net loss $(1,150,790) $(595,526) $(3,208,712) $(2,041,753) Undeclared accumulated and/or paid dividends on Preferred Stock 117,657 123,639 361,569 368,228 Net loss applicable to common shareholders $(1,268,447) $(719,165) $(3,570,281) $(2,409,981) Loss per share $(0.14) $(0.10) $(0.39) $(0.37) Weighted average shares used in computing loss per share 9,332,156 7,008,171 9,173,040 6,445,343 As of As of Sept. 30, 1997 Dec. 31, 1996 BALANCE SHEET INFORMATION (audited) Cash, cash equivalents and short-term investments $ 2,488,644 $1,260,399 Working capital 2,244,001 840,196 Total assets 3,455,527 1,746,581 Total capital invested 25,537,536 20,456,360 Accumulated deficit (22,838,290) (19,207,237)
CONTACT:
Lisa Swann, Director, Investor Relations
619-558-6064
info@ppti.com