Tuesday, Nov 2, 1982
South San Francisco, Calif. -- November 2, 1982 --Genentech, Inc., a leading genetic engineering company, reported final third quarter results today. Revenues were $7.2 million for the quarter and, as anticipated in the Company's preliminary announcement of October 19, 1982, there was a net loss of $1.2 million or $0.15 cents per share.
Genentech's revenue for the nine months ending September 30 were $21.2 million. The company showed a net loss of $1.1 million for the nine month period. Despite the loss, Genentech President Robert A. Swanson said the Company still plans to meet its goal of operating at break even for 1982.
"The fluctuation seen this quarter results from the timing of revenue for licensing and research benchmarks, which are at present our major source of income," Swanson said. "Product development does not neatly packaged in quarterly intervals. But, as has been the norm at Genentech, our product development programs are progressing on schedule and a quarterly fluctuation such as this will not affect long-term growth and earnings of the Company."
Genentech, Inc. is a leader in the development, manufacturing and marketing of recombinant DNA products for pharmaceutical, agricultural and industrial chemical markets. Genentech's headquarters are at 460 Point San Bruno Boulevard, South San Francisco, California 94080.
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CONDENSED CONSOLIDATED INCOME STATEMENTS
(in thousands, except per share amounts)
|Quarter Ended September 30||1982||1981|
|Net income (loss)||(1,222)||246|
|Net income (loss)||(0.15)||0.03|
|Nine Months Ended September 30||1982||1981|
|Net income (loss)||(1,092)||454|
|Net income (loss)||(0.13)||0.06|
a - Tax-loss carry-forward