UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): June 16, 2003
DONLAR CORPORATION
(Exact name of registrant as specified in its charter)
Illinois 000-11472 36-3683785
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
6502 South Archer Road, Bedford Park, Illinois 60501
Registrant's telephone number, including area code: (708) 563-9200
(Address of principal executive offices) (Zip Code)
(Former name or former address, if changed since last report.)
ITEM 5. OTHER EVENTS
On June 16, 2003, the Company issued the following press release.
DONLAR CORPORATION ANNOUNCES
FIRST QUARTER 2003 RESULTS
BEDFORD PARK, IL -- (JUNE 16, 2003) -- DONLAR CORPORATION (OTC:DLRC) (the
surviving corporation of the merger between the Company and Donlar Biosyntrex
Corporation), a world leader in green chemistry, products and technology, today
announced that the Company reports revenue of approximately $1 million for the
first quarter ended March 31, 2003, up 23% from revenue reported for the first
quarter of 2002.
The Company reports revenue for the first quarter of 2003 of $1,082,115 compared
to $877,684 for the first quarter of 2002, an increase of approximately 23%. The
Company continues to see its main revenue growth in the oil field services
industry and has developed strong sales in the agricultural market. The Company
reports a net loss in the first quarter of 2003 of approximately $4.4 million,
compared to a net loss of $3.7 million for the first quarter of 2002. The
increase in net loss was primarily attributable to expenses relating to the
merger of Donlar Corporation and Donlar Biosyntrex Corporation and the
conversion of debt. Losses from operations for this period decreased from
$891,695 for the first quarter of 2002 to $501,447 for the current quarter.
Larry Koskan, President and CEO of Donlar, stated: "We have started off the 2003
fiscal year with a million dollar quarter and expect to show continued growth in
our sales throughout the year. 2003 started with the merger of Donlar and its
majority owned subsidiary, Donlar Biosyntrex Corporation. This merger allows us
to better control our expenses and operating costs, giving our shareholders
better investment value. As we look to our future, we continue to be very aware
of our business plan targets especially with respect to overall revenues and
expense control. We continue to see growth in all of our business areas as
demand for our products increase. We have also recently retained Lincoln
Partners, LLC, an investment banker, to provide advice concerning strategic
alternatives for Donlar, particularly with respect to obligations to our only
lender."
ABOUT DONLAR
Donlar Corporation is at the forefront of providing a new class of protein
biopolymers that help customers by providing solutions while satisfying
environmental concerns for the creation of non-toxic products for a wide range
of industrial, agricultural and consumer markets. The Company's non-hazardous,
non-toxic, hypoallergenic, environmentally friendly and biodegradable thermal
polyaspartate (TPA) biopolymers are protected by 187 Company-owned patents. The
Company's applications for its products include the markets of oil field
operations, fertilizers, detergents and water treatment. Donlar's beta-protein
biopolymers are manufactured in its 50,000 square foot facility located in Peru,
Illinois. (www.donlar.com)
This press release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Actual results could differ materially from those
projected in the forward-looking statements, which involve a number of risks and
uncertainties. The contents of this release should be considered in conjunction
with the risk factors in Donlar Biosyntrex's most recent filings with the
Securities and Exchange Commission on Forms 10-QSB and 10-KSB and current
reports on Form 8-K.
FORWARD LOOKING STATEMENTS
Except for historical information, this Form 8-K contains certain
forward-looking statements that involve risk and uncertainties, which may cause
actual results to differ materially from the statements made including market
potential, regulatory clearances, business growth, and other risks listed from
time to time in the Company's Securities and Exchange Commission (SEC) filings.
These forward-looking statements represent the Company's judgment, as of the
date of this release, and the Company disclaims any intent or obligation to
update these forward-looking statements.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
DONLAR CORPORATION
Dated: June 16, 2003 By: /s/ Larry P. Koskan
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Larry P. Koskan, Chief Executive Officer