IBEX Reports Second Quarter Fiscal 2009 Results
12 March 2009 - 8:45AM
Marketwired Canada
IBEX Technologies Inc. (TSX VENTURE:IBT), today reported its financial results
for the second quarter ended January 31, 2009.
Solely for the convenience of the reader, selected financial results expressed
in Canadian dollars on the financial statements, have been translated into U.S.
dollars at the January 31, 2009 month-end rate C$1.00 equals US$ 0.8155. This
translation should not be construed as an application of the recommendations
relating to the accounting for foreign currency translation, but rather as
supplemental information for the reader.
HIGHLIGHTS FOR THE QUARTER:
- Sales increased 81% vs. year ago and 64% vs. previous quarter.
- Net earnings increased 230 % vs. year ago.
- Fifth consecutive profitable quarter since restructuring in Spring 2008
- Working capital increased 11% vs. previous quarter
"IBEX had an excellent first half" said Paul Baehr, IBEX CEO. "driven by real
sales growth and by a favourable exchange rate, as well as some one-time gains
and rigorous cost control"
FINANCIAL RESULTS FOR THE SECOND QUARTER
Sales for the quarter ended January 31, 2009 totaled $995,557 (US$811,877) an
increase of 81% as compared to $549,217 for the same period in the prior year,
and representing an increase of 64% vs. the previous quarter.
Sales of enzymes increased by 93% vs. the previous year, and by 57% vs. the
previous quarter. The Company believes that most of this increase traces to
continued strong demand for the point of care disposables sold by IBEX
customers, but some of the increase may be due to timing differences when
compared to last year.
Sales of arthritis assays decreased by 25% vs. year ago, but increased 97% vs.
the previous quarter, due to the influence in the year-ago quarter of a large
clinical-trial related shipment, that will not be repeated this year.
Net earnings for the quarter ended January 31, 2009 were $289,110 (US$235,769),
or $0.01 per share, compared to net earnings of $87,527, or $0.00 per share, for
the same period year ago, an increase of 230%.
Net earnings for the second quarter declined 14% versus the first quarter
(despite a significant increase in sales), tracing to swings in the recording of
foreign exchange. The first quarter benefited from a $211,619 gain in foreign
exchange, while the current quarter recorded a foreign exchange loss of $43,002.
Excluding the foreign exchange swings, net earnings were up $179,052 (117%)
versus the first quarter.
Expenses during the quarter increased 16% vs. year-ago and 23% vs. the previous
quarter. This increase is mainly attributable to the increase in the level of
business activity.
Cash, Cash Equivalents, and Marketable Securities increased 10% during the
quarter to $1,848,936. The Company's working capital was $2,390,884 as at the
end of the second quarter ended January 31, 2009 and up from $2,163,018 as at
the end of the prior quarter ending October 31, 2008.
Financial Summary for the quarters ending
--------------------------------------------------------------------------
January 31, 2009 January 31, 2008
Revenues $995,557 $549,217
Earning Before Interests,
Tax, Depreciation & Amortization $296,413 $83,618
Depreciation & Amortization $16,818 $17,732
Net Profit $289,110 $87,527
Profit per Share $0.01 $0.00
Cash, Cash Equivalents &
Marketable Securities $1,848,936 $1,066,369
Working Capital $2,390,884 $1,338,625
Outstanding shares at report date
(Common Shares) 24,703,244 24,703,244
LOOKING FORWARD
IBEX has been successful in bringing its existing business to profitability and
is now turning its attention to pursuing growth opportunities, including further
growing its base business, and maximizing shareholder value through strategic
initiatives with companies where increased market strength and synergies might
be obtained.
While the Company expects the second half of Fiscal 2009 to be profitable, it
will not benefit from the same level of foreign exchange gains, nor will it see
the same level of sales (the second quarter was an exceptionally good quarter,
the fourth quarter is typically the smallest quarter).
ABOUT IBEX
The Company manufactures and markets a series of proprietary enzymes
(heparinases and chondroitinases) for use in pharmaceutical research by our
customers, as well Heparinase I, which is used in many leading hemostasis
monitoring devices.
IBEX also manufactures and markets a series of arthritis assays which are widely
used in pharmaceutical research by our customers. These assays are based on the
discovery and increasing role of a number of specific molecular biomarkers
associated with collagen synthesis and degradation.
For more information, please visit the Company's web site at www.ibex.ca.
The TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release
Safe Harbor Statement
All of the statements contained in this news release, other than statements of
fact that are independently verifiable at the date hereof, are forward-looking
statements. Such statements, based as they are on the current expectations of
management, inherently involve numerous risks and uncertainties, known and
unknown. Some examples of known risks are: the impact of general economic
conditions, general conditions in the pharmaceutical industry, changes in the
regulatory environment in the jurisdictions in which IBEX does business, stock
market volatility, fluctuations in costs, and changes to the competitive
environment due to consolidation or otherwise. Consequently, actual future
results may differ materially from the anticipated results expressed in the
forward-looking statements. IBEX disclaims any intention or obligation to update
these statements.
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