Polydex Pharmaceuticals Provides Year End Financial Report Showing Sales Up 14.8% and Margins Increased to 24%
May 01 2014 - 9:15AM
Polydex Pharmaceuticals Limited (OTC/Pink:POLXF)
(the "Company") reports financial results for its fiscal year ended
January 31, 2014. All figures are reported in U.S. dollars.
|
|
Fiscal Year End 2014 |
Fiscal Year End 2013 |
|
|
|
Sales |
$5,963,784 |
$5,192,969 |
|
|
|
Net Income (Loss) |
658,922 |
(422,849) |
|
|
|
Income (Loss) per common share |
|
|
Basic |
0.21 |
(0.13) |
Diluted |
0.20 |
(0.13) |
|
|
|
EBITDA per common share |
|
|
Basic |
0.26 |
(0.06) |
Diluted |
0.25 |
(0.06) |
|
|
|
Weighted avg. common shares outstanding |
|
|
Basic |
3,186,004 |
3,172,846 |
Diluted |
3,372,369 |
3,172,846 |
Sales increased $770,815.00 or 14.84% and margins increased from
7.8% to 24.3% over those reported at fiscal 2013 year-end. Starting
the year with a strong backlog for product resulted in steadily
growing revenues throughout fiscal 2014. EBITDA reversed from
a loss of $200,463 in fiscal 2013 to a gain of $837,645.
With the increased sales, management directed the enhancement of
several key operating components of the manufacturing facility,
including upgrades to the production equipment and installation of
new purification equipment. A sustained focus on upgrades to
facilities is planned for the current fiscal year 2015 in order to
meet the growing demand.
Continued interest in our products has resulted in several
customer audits of our manufacturing facilities and procedures this
year, resulting in further new business and augmenting the
company's already growing business from long-term customers.
President and CEO George Usher is pleased that continued focus
on high quality production "has resulted in growing sales
throughout the year, as we had expected," adding that "interest in
our products remains strong and we plan to pursue continued growth
in sales in the coming year as well."
The Company's publicly traded shares continue to be quoted on
the OTC Pink platform
(www.otcmarkets.com/stock/POLXF/quote).
Polydex Pharmaceuticals Limited, based in Toronto, Ontario,
Canada, is engaged in the development, manufacture and marketing of
biotechnology-based products for the human pharmaceutical market,
and also manufactures bulk pharmaceutical intermediates for the
worldwide veterinary pharmaceutical industry. Company website:
www.Polydex.com
Note: This press release may contain forward-looking
statements, within the meaning of the United States Securities Act
of 1933, as amended, and the United States Securities Exchange Act
of 1934, as amended, regarding Polydex Pharmaceuticals Limited,
including, without limitation, statements regarding expectations
about future revenues or business opportunities or potential
research projects. These statements are typically identified by use
of words like "may", "could", "might", "expect", "anticipate",
"believe", or similar words. Actual events or results may differ
materially from the Company's expectations, which are subject to a
number of known and unknown risks and uncertainties including but
not limited to changing market conditions, future actions by the
United States Food and Drug Administration or equivalent foreign
regulatory authorities as results of pending or future clinical
trials. Other risk factors discussed in the financial reportings
may also affect the actual results achieved by the Company.
CONTACT: Investor Relations:
North Arm Capital Services
Linda Hughes
1-877-945-1621
(Linda@northarm.com)