Polydex Pharmaceuticals Issues First Quarter Financial Results
June 10 2014 - 9:00AM
Polydex Pharmaceuticals Limited (Pink
Sheets:POLXF) (the "Company") reports financial results for the
first quarter of fiscal 2015, the period ending April 30, 2014. All
figures are reported in U.S. dollars.
|
|
Q.1, ending April 30, 2014 |
Q.1, ending April 30, 2013 |
|
Sales |
1,412,982 |
1,440,144 |
|
Net Income |
74,595 |
271,516 |
|
Income per common share |
- basic |
0.02 |
0.09 |
|
- diluted |
0.02 |
0.08 |
|
Weighted avg. common
shares |
Outstanding |
- basic |
3,225,478 |
3,172,846 |
|
- diluted |
3,420,321 |
3,210,860 |
Sales in the first quarter remained strong, although slightly
below the same period last year due to an extraordinary order from
an ongoing customer in the first quarter of last year. This
customer typically places larger orders every two years.
EBITDA (Earnings before interest, taxes, depreciation and
amortization) for the three months ended April 30, 2014 amounts to
$123,984.
Due to poor water pressure from the Municipality, Management
decided to purchase and install, during the first quarter,
equipment to improve water pressure. Production slowed down
temporarily during this equipment upgrade, but impact on sales was
partially mitigated by available inventories. The new system is
part of Management's overall plan to improve productivity. Further
plant upgrades are expected to continue through the rest of the
year as funds become available, with a focus on remaining
profitable.
"We are looking at ways of expanding our production capacity,"
said George Usher, President and CEO, adding "we have 8 million
dollars in purchase orders currently in the order book and
continued strong interest from new and ongoing customers for
product. We are carefully assessing the costs of further upgrades
to our facility in order to continue to meet the growing demand we
have seen develop in recent years as previous competitors have
moved away from the supply of bulk product that we have remained
focused on delivering."
The Company has also been developing new formulations of product
for potential new market opportunities.
The Company publicly traded shares continue to be quoted on the
OTC Pink Sheet platform (www.otcmarkets.com/stock/POLXF/quote).
The company continues full disclosure of its financial and
operational results, which can be accessed by visiting the company
website at www.Polydex.com. Product information is
available at www.dextran.ca
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.
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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