Polydex Pharmaceuticals Ltd. Reports Continued Quarterly Profitability
December 15 2011 - 9:00AM
Polydex Pharmaceuticals Limited (Pink/OTCBB:POLXF)
reports financial results for its third fiscal quarter, the
three-month period ended October 31, 2011, demonstrating three
consistent quarters of profitability.
POLYDEX PHARMACEUTICALS LIMITED
AND SUBSIDIARIES |
THIRD QUARTER RESULTS, FISCAL
2012 |
QUARTER ENDED: October 31,
2011 |
(Unaudited figures, stated in
US dollars) |
|
|
|
|
Quarter Ended 10/31/11 |
Quarter Ended 10/31/10 |
|
|
|
Sales |
$1,610,631 |
$1,027,792 |
|
|
|
Net Income (loss) |
83,231 |
(21,490) |
|
|
|
Earnings (loss) per common share |
0.03 |
(0.01) |
|
|
|
Weighted avg. common Shares outstanding
(basic and diluted) |
3,172,846 |
3,072,846 |
EBITDA (Earnings before interest, taxes, depreciation and
amortization) improved by $705,295 to $563,823 for the nine months
ended October 31, 2011 compared to negative $141,472 for the same
period in the previous year.
Management's focus on cost reduction and increasing sales has
the Company emerging from the global economic slowdown with a
consistent growth trend of profitability. Competing producers of
dextran-based products have retracted, and in some cases have
become obsolete, providing further opportunity for growth in
established and new markets.
European customer orders have continued to be on the rise during
this past quarter, despite the economic turmoil being experienced
in the region. That trend continues as we approach the calendar and
fiscal year end.
Management has also remained engaged with current and potential
customers in North America, endeavoring to develop new markets and
uses for the company's dextran-based products. Additionally,
several opportunities to increase its supply lines to domestic
pharmaceutical and veterinary pharmaceutical industries are being
explored.
In the coming year, Management intends to explore manufacturing
alliances in order to seek and fulfill orders on a larger scale
than the current maximum production capacity. Developing and
fostering these relationships will help the Company grow in markets
that are now impracticable to supply.
The Company publicly traded shares continue to be quoted on the
Pink Sheet platform (www.pinksheets.com), where the Company is
currently identified as a Pink Quote OTCBB Transparent company, one
that may be quoted both on the Pink Quote system and the Over The
Counter Bulletin Board (OTCBB).
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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