Polydex Pharmaceuticals Issues First Quarter Financial Results
10 June 2013 - 11:30PM
Polydex Pharmaceuticals Limited (Pink
Sheets:POLXF) (the "Company") reports financial results for the
first quarter of fiscal 2014, the three-month period ending April
30, 2013. All figures are reported in U.S. dollars.
|
Q.1, ending 4/30/2013 |
Q.1, ending 4/30/2012 |
|
|
|
Sales |
$1,440,144 |
$1,203,892 |
|
|
|
Net Income (loss) |
271,916 |
(140,418) |
|
|
|
Income (loss) per common share |
|
|
- basic |
.09 |
(0.04) |
- diluted |
.08 |
(0.04) |
|
|
|
Weighted avg. common shares outstanding |
|
|
- basic |
3,172,846 |
3,172,846 |
- diluted |
3,210,860 |
3,172,846 |
The Company has emerged as a trusted supplier of high quality
dextran products around the world, resulting in growing sales and a
return to profitability. The plant is operating smoothly, with
Management closely monitoring production processes and equipment to
preempt breakdowns and delays in production, which caused most of
last year's losses.
EBITDA (Earnings before interest, taxes, depreciation and
amortization) improved by $379,007 to $313,779 for the three months
ended April 30, 2013 compared to negative EBITDA of $65,228 for the
same period in the previous year.
In particular, interest in the higher margin powdered products
is growing and sales were especially strong during the first
quarter. Current production includes further orders for powdered
product for shipment in the current quarter and confirms the
potential available from this market.
"Demand for product is steady and our order book is full for
many months to come" said George Usher, President and CEO. "We're
also experiencing an increase in the number of customer audits of
our production facilities, an important step in providing
assurances to new and existing customers that we have the ability
to consistently produce high quality products ".
The Company has also been developing new formulations of product
for potential new market opportunities.
The Company shares are traded on the Over the Counter Bulletin
Board (www.otcbb.com). 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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