BOTHELL – Sales of Eden Bioscience Corp.’s plant growth products jumped 479 percent during the second quarter, giving the small company two consecutive quarters with more than $1 million in revenue.
“Our sales for the first six months of this year are ahead of our sales for 2004 and 2003 combined,” said Brad Powell, Eden’s chief financial officer.
Perhaps anticipating the eye-popping results, which were released after the stock markets closed, investors on Tuesday drove up Eden’s stock by 7 cents to $1 a share.
The Bothell company reported sales of just under $1.68 million in the second quarter, compared with $290,000 in the same period of 2004. The stronger sales cut Eden’s net loss to $1.4 million, or 6 cents a share, compared with $2 million in last year’s second quarter.
As with the first quarter, new products powered Eden’s sales in the latest period, said Rhett Atkins, Eden’s president and chief executive officer. ProAct, a growth enhancer for cotton, rice and corn crops, contributed one-quarter of the company’s sales through June. N-Hibit, a cotton seed treatment, produced 23 percent of sales.
That compares to the company’s original line of Messenger products, which contributed 28 percent of sales during the first half of the year.
Eden’s products sold especially well in the U.S., increasing 456 percent compared to the first half of last year.
Powell cautioned that sales in the second half are likely to slow because of seasonal factors, but he expects them to be higher compared to the third and fourth quarters of last year.
“We’ve learned a lot from where we’ve been,” Powell said. “We feel like we’re got a good foothold into these markets now.”
Eden’s products are based on naturally occurring proteins that protect against disease and pests.
Reporter Eric Fetters: 425-339-3453 or fetters@heraldnet.com.
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