Polydex Reports Growing Sales and Cost Management Initiatives Result in Profitable 2nd Quarter
September 12 2011 - 9:15AM
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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