Agritope, Inc. today reported that strong product sales and continued increases in research activities contributed to record revenues. For the third fiscal quarter ended June 30, 2000, total revenues increased 121% to $3.4 million compared to $1.5 million in the like quarter a year ago. Research related revenues jumped more than 230% to $1.0 million for the quarter. The net loss for the quarter narrowed significantly to $677,000, or $.16 per share (basic and diluted), compared to a loss of $1.3 million, or $.32 per share, for the quarter ended June 30, 1999.

Revenues for the first nine months of fiscal 2000 rose 133% to $5.1 million compared to $2.2 million in the like period a year ago. Revenues from research activities increased over 260% to $2.3 million in the nine-month period. The net loss for the period was $3.0 million, or $.74 per share (basic and diluted) compared to a net loss of $3.8 million, or $.94 per share, in the first nine months of fiscal 1999.

"We have been increasing the depth and breadth of our research programs over the last several
months," said Adolph J. Ferro, president and chief executive officer. "We’ve added to our scientific staff, been awarded government grants, discovered new technologies, received new patents and filed for others. This activity has contributed significantly to our revenues. This quarter’s revenues alone nearly reached total revenues for all of fiscal 1999." 

"Our investment in R&D increased in support of the projects we have initiated internally and with
our affiliate, Agrinomics, LLC," added Ferro. Research and development expenses in the third
quarter were $1.2 million compared to $814,000 in the like quarter a year ago. Selling, general and administrative expenses were $852,000 for the quarter, compared to $917,000 in the year ago
quarter. The loss from operations narrowed to $864,000 compared to $1.4 million for the third fiscal quarter last year.

"Vinifera’s peak selling season continued into this quarter, as product sales increased nearly 500% from the second quarter and 95% from a year ago," said Ferro. Grapevine shipments are highly seasonal and primarily occur during the spring and summer planting seasons. The revenue
contribution from Vinifera was up 95% to $2.4 million for the quarter and up 81% to $2.8 million for the first nine months of the fiscal year. At June 30, 2000, Vinifera had firm orders totaling $1.7 million for delivery in the remaining months of fiscal 2000, and $1.1 million for delivery in spring and summer of 2001. 

Agritope is an Oregon-based agricultural functional genomics and biotechnology company that
develops improved plant products and provides technology to the agricultural industry. Its fruit and
vegetable division specializes in the development of improved fruit, vegetable and flower varieties.
Agrinomics LLC, its 50% owned joint venture with Aventis CropScience conducts a research, development and commercialization program in the field of plant functional genomics 
Vinifera, Inc., its majority owned subsidiary, offers superior grapevine plants to the premium wine
industry together with disease testing and elimination services.

Company news release
N2925