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Seed company posts loss

Tuesday, Nov. 16, 1999 | 11:47 a.m.

Henderson-based AgriBioTech Inc. reported a net loss for the quarter ending Sept. 30, despite record seed shipments during the period.

The company reported a net loss of $3.6 million, or 7 cents a share. During the year-ago quarter, the company recorded a net profit of $333,000, or 1 cent per share. Net sales fell 18 percent, to $73.5 million.

AgriBioTech blamed the losses on a decline in the selling prices of its seed products caused by a glut in the worldwide seed market. The company said it was also hurt by a late harvest of turfgrass in Oregon, and a shift in strategy designed to focus on the sale of internally produced, higher margin products.

The company, however, expects to achieve profitability by the end of the fiscal year, primarily by increasing its proprietary product line and expense reductions.

AgriBioTech is an agricultural company focused on the sales and development of seeds used for turfgrass and forage grass.

The company announced its earnings late Monday, and the stock closed Monday at $3.47, down 9 cents. The stock fell another 9 cents this morning to $3.38.

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