Planet Polymer Announces Second-Quarter Results

Business Wire,  August 1, 2001  

• E-mail
• Print
• Link

Business Editors & High-Tech Writers

SAN DIEGO--(BUSINESS WIRE)--Aug. 1, 2001

Planet Polymer Technologies Inc. (Pink Sheets:POLY), today reported its financial results for the second quarter ended June 30, 2001.

Planet Polymer revenues for the three months ending June 30, 2001 were $70,816 versus $306,573 for the same period in 2000, and $159,937 versus $539,946 for the six-month periods respectively. Substantially all of the reductions in revenues in the 2001 periods are attributed to the company's EnviroPlastic(R) Z resin sales to Toro Company. Toro advised the company that for cost reasons it has converted away from the biodegradable and compostable material developed for Toro by Planet in 1999. In addition to the above, there was slightly lower Agway development income associated with contract R&D activity.

The quarterly net loss for the period was ($324,740) or ($0.04) per share versus ($302,021) and ($0.04) per share for the like period in 2000. For the six-month period the net loss was ($762,844) or ($0.09) per share versus ($593,740) or ($0.08) per share, respectively. The prime reasons for the slightly higher loss were substantially lower 2001 sales and Agway R&D income.

Richard C. Bernier, CEO and president stated, "We are highly disappointed that our efforts to date have yet to generate levels of sales and profits that we believe will occur as we become an operating entity. The commercialization of the Metal Injection Molding (MIM) feedstock business continues to advance. We were successful in capturing our first substantial volume account in the second quarter. Additionally, progress continues to be made on Agway's FreshSeal(TM) technology. Progress on our other joint agrotechnology product, Optigen(TM) 1200, continues to involve regulatory discussions that suggest we are still some time away from approval and commercialization."

Planet Polymer Technologies Inc. is an advanced materials company that develops and licenses unique water-soluble polymer and biodegradable materials with broad applications in the fields of agriculture, industrial manufacturing and specialty packaging.

Except for the historical information contained herein, this news release contains forward-looking statements which involve risks and uncertainties, including the risk that actual results could differ materially from the results that may be indicated by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the development and market acceptance of new products and technologies, and market conditions as well as other risks detailed from time to time in Planet Polymer's SEC reports, including the report on Form 10-KSB for the year ended December 31, 2000.

COPYRIGHT 2001 Business Wire
COPYRIGHT 2001 Gale Group