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Polydex Reports Growing Sales and Cost Management Initiatives Result in Profitable 2nd Quarter

Date : 09/12/2011 @ 9:15AM
Source : GlobeNewswire Inc.
Stock : Polydex Pharmaceuticals Ltd. (PN) (POLXF)
Quote : 1.0  0.0 (0.00%) @ 2:07PM
Polydex Pharmaceuticals Ltd. (PN) share price Chart

Polydex Reports Growing Sales and Cost Management Initiatives Result in Profitable 2nd Quarter

Polydex Pharmaceuticals Ltd. (PN) (USOTC:POLXF)
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Polydex Pharmaceuticals Limited (Pink Sheets:POLXF) (the "Company") reports financial results for the second quarter of fiscal 2012, the three-month period ending July 31, 2011. All figures are reported in U.S. dollars.

   Q.2, ending 7/31/2011  Q.2, ending 7/31/2010
     
Sales $1,401,283 $986,349
     
Net Income (loss) 66,098 (345,208)
     
Income (loss) per common share .02 (0.11)
     
Weighted avg. common Shares outstanding (basic and diluted) 3,172,846 3,072,846

Earnings before interest, tax, depreciation and amortization (EBITDA) has improved by $631,408, resulting in $384,057 for the six-month period ending July 31, 2011, compared to a loss of ($247,351) during the same period in the previous year. Increased sales and gross margins, as well as a strict focus on reducing expenses, has now resulted in two consecutive profitable quarters.

The gross profit for the beginning six-month period in this fiscal year has also increased to $614,435 from $82,812 in the same six-month period last year. Net income for this six-month period is $213,232 (a profit of $0.07 per share), as compared to the loss for the same period of the previous year of ($0.14) per share.

"We are encouraged to see a return to profitability," says George Usher, President and CEO of the Company. "After weathering a few economically challenging years, we are pleased to be once again filling increased orders from our long-standing customers. We've also increased our interaction with potential new customers, and have recently been exploring innovative uses for some of our dextran-based products."

The Company shares continue to be quoted on the Pink Sheet platform (www.pinksheets.com).

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

The Polydex Pharmaceuticals Limited logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3414

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 Company's filings with the United States Securities and Exchange Commission 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)



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