Polydex Reports Increasing Production; $4 Million of Product Fills Company Order Book
17 September 2012 - 11:15PM
Polydex Pharmaceuticals Limited (Pink
Sheets:POLXF) (the "Company") reports that its Order Book is
currently full with contracts to produce $4 million of product
through the next 8 months. With added new customers, and increased
orders from a worldwide customer base, the production line is
currently operating around the clock to meet the growing demand for
the Company's high quality dextran based products.
Installation of a new reactor and upgrades to underperforming
equipment affected production during the first and second quarter,
resulting in a retraction of sales during the first and second
quarter. With those equipment issues resolved, the plant is now
operating near capacity and Management is looking forward to a
robust growth in earnings over the next several quarters.
Financial results in the second quarter of fiscal 2013, the
three-month period ending July 31, 2012 are reported in U.S.
dollars.
|
Q.2, ending 7/31/2012 |
Q.2, ending 7/31/2011 |
|
|
|
Sales |
$1,107,708 |
$1,401,283 |
|
|
|
Net Income (loss) |
(86,541) |
66,098 |
|
|
|
Income (loss) per common share |
(.03) |
.02 |
|
|
|
Weighted avg. common |
|
|
Shares outstanding (basic) |
3,172,846 |
3,172,846 |
(diluted) |
3,172,846 |
3,448,268 |
Earnings before interest, tax, depreciation and amortization
(EBITDA) decreased to $(77,457) for the six-month period ending
July 31, 2012, compared to $390,833 during the same period in the
previous year.
"We are working 24/7 to fulfill our very large and growing order
book," says George Usher, President and CEO of the Company. "After
an adjustment in production was necessary when certain replacement
components for our distillation equipment were not readily
available, and upgrades to underperforming equipment were
completed, we resumed full production and shipping orders around
the world. Even with a full order book, we have developed new
dextran based products and continue to engage our customers in
discussions to provide for their future needs. We are also
beginning to consider strategies for production expansion."
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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