DURHAM … Poultry vaccine maker Embrex (Nasdaq: EMBX) reported second-quarter earnings of $1.7 million, or 21 cents a share, on $10.8 million in revenue, compared with $1.9 million in earnings on $10.8 million in revenue a year ago.

For the six-month period, the company earned $4 million, or 49 cents per share, on $22.2 million in revenue, compared with $4 million in earnings on $21.6 million in revenue during the first half of 2001.

“Our second quarter was challenging as the U.S. poultry industry dealt with an overabundance of all types of meat and an embargo on exports to Russia, which still has not been entirely resolved,” Embrex President and Chief Executive Randall L. Marcuson said in a statement. “Also, as we have stated in the past, Inovoject system sales will continue to show quarter-to-quarter variability, particularly since the Japanese poultry industry recently was negatively impacted by illegally relabeled imported chicken meat. This issue has delayed sales of Inovoject systems into that market. We believe, however, that sales should occur in the fourth quarter and the first half of 2003 as the industry regains its footing.”

Marcuson projected revenue and pretax income growth of 10 to 20 percent in 2003 because of the uncertainties in the international markets.

Embrex: www.embrex.com