Loss reported by seed company

Monday, May 17, 1999 | 11:35 a.m.

AgriBioTech Inc. of Henderson reported a third-quarter loss of $2.3 million.

Duplicate operations at newly acquired companies and special charges related to the integration of those companies resulted in the loss for the forage and turfgrass seed company.

The $2.3 million loss, 5 cents a share, is based on net sales of $106.4 million. For the same quarter in 1998, the company reported net earnings of $4.9 million, or 15 cents a share, on net sales of $75.9 million.

"The third-quarter results highlight and reinforce what we have been telling investors, analysts and our lenders ever since the new management team at ABT assumed control of the company March 1, 1999," Richard Budd, chairman and chief executive, said in a statement.

Budd said the company in early March began a plan to cut annual operating expenses by $14 million.

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