Polydex Pharmaceuticals Reports Strong Backlog Resulting From Worldwide Increase in Demand for Product in 2013 Fiscal Year End
01 May 2013 - 3:35PM
Polydex Pharmaceuticals Limited (OTCBB:POLXF) (the
"Company") reports financial results for its fiscal year ended
January 31, 2013. All figures are reported in U.S. dollars.
|
Fiscal Year End 2013 |
Fiscal Year End 2012 |
|
|
|
Sales |
$5,192,969 |
$6,165,754 |
|
|
|
Net Income (Loss) |
(423,549) |
231,668 |
|
|
|
Income (Loss) per common share |
|
|
Basic |
(0.13) |
.07 |
Diluted |
(0.13) |
.07 |
|
|
|
Weighted avg. common shares outstanding |
|
|
Basic |
3,122,846 |
3,122,846 |
Diluted |
3,487,778 |
3,487,768 |
Sales decreased significantly for fiscal year 2013 compared to
fiscal year 2012 primarily due to failures in production equipment,
which are now being closely monitored. Customer demand
remained strong throughout the fiscal year and the order book at
year-end and at present is at unprecedented levels.
The company's reputation for producing high quality, unique
dextran products continues to grow throughout the world. New
customer audits of the company's facilities and practices has led
to a expanding client base, along with the return of customers who
temporarily sourced less expensive but inconsistent dextran
products from China. The company received a number of urgent
requests for product and has responded to the best of its
ability.
President and CEO George Usher is encouraged that the economy
appears to be stabilizing, and more specifically that the global
hog market appears to be rebounding, therefore increasing demand
for iron dextran. "We are experiencing a dramatic increase in
orders and customer audits of our facilities and manufacturing
practices. These audits help assure our customers that they can
rely on us for a consistent supply of the highest grade product
available, reflected in the increased demand across our product
portfolio, with interest in the liquid and the higher margin
powdered products."
The Company shares are traded on the Over the Counter Bulletin
Board (www.otcbb.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 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)
Polydex Pharmaceuticals (PK) (USOTC:POLXF)
Historical Stock Chart
From Jun 2024 to Jul 2024
Polydex Pharmaceuticals (PK) (USOTC:POLXF)
Historical Stock Chart
From Jul 2023 to Jul 2024