Polydex Reports Continued Robust Sales and Continued Earnings; Facility Improvements to Reduce Production Costs
September 16 2013 - 9:15AM
Polydex Pharmaceuticals Limited (OTC Pink:POLXF)
(the "Company") reports that it has continued to experience high
demand for product from its customers, resulting in increasing
sales and collaborated investments into production upgrades and
planned capital improvements.
Financial results in the second quarter of fiscal 2014, the
three-month and six-month periods ending July 31, 2013 (together
with comparative figures from the same periods in the previous
fiscal year) are reported in U.S. dollars.
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3 months ended
July 31, 2013 |
3 months ended
July 31, 2012 |
6 months ended
July 31, 2013 |
6 months ended
July 31, 2012 |
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Sales |
$ 1,866,253 |
$ 1,107,708 |
$ 3,306,397 |
$ 2,311,600 |
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Net Income (loss) |
200,792 |
(86,541) |
472,301 |
(226,959) |
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Income (loss) per Common
Share |
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Basic |
.06 |
(.03) |
.15 |
(.07) |
Diluted |
.06 |
(.03) |
.14 |
(.07) |
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Weighted average # Common
Shares |
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Basic |
3,172,846 |
3,172,846 |
3,172,846 |
3,172,846 |
Diluted |
3,492,268 |
3,172,846 |
3,350,952 |
3,172,846 |
Earnings before interest, tax, depreciation and amortization
(EBITDA) increased to $562,868 for the six-month period ending July
31, 2013, compared to ($77,457) during the same period in the
previous year.
During the first six months of the current fiscal year,
Management's commitment to maintaining profitability and to
facility improvements has resulted in investment of $227,122 into
new or upgraded equipment and plans to install a new, efficient
purification system which will improve production quality while
reducing future production costs.
"We are very pleased with our strong customer relationships and
related demand for product," says George Usher, President and CEO
of the Company. "Our partnerships with customers in the development
of new products, combined with collaborated capital funding has
resulted in encouraging financial returns for the first half of
this year and holds great promise for the future."
The Company shares continue to be quoted on the Pink Sheets
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
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 financial reports 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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