IBEX Reports Results for the Third Quarter and the Nine Months Ended April 30, 2014
2014年6月26日 - 5:15AM
Marketwired Canada
IBEX Technologies Inc. (TSX VENTURE:IBT) today reported its financial results
for the nine months ended April 30, 2014.
"While we are pleased to report positive net earnings, improved cash flow and
net earnings in the current quarter, we do not expect this to continue over the
next several quarters due to continued sales shortfalls in the IBEX Pharma and
Bio-Research Products businesses" said Paul Baehr, IBEX President and CEO. "We
expect this situation to continue well into calendar 2015 unless certain
business initiatives come to pass".
THIRD QUARTER FISCAL 2014 FINANCIAL RESULTS
Sales for the quarter ended April 30, 2014 totaled $1,140,228 compared to
$922,007 in the previous quarter and $1,268,908 in the same period of the prior
year.
Earnings for the period were $148,844 compared to a loss of $2,922 in the
previous quarter and a loss of $122,030 in the year-ago period.
Cash and cash equivalents increased by $49,863 during the quarter (as compared
to the previous quarter) while net working capital increased by $224,254.
FINANCIAL RESULTS FOR THE NINE MONTHS ENDED APRIL 30, 2014
Sales for the nine months ended April 30, 2014 totaled $2,941,351, an increase
of 6% compared to the same period in 2013 ($2,764,912). IBEX Pharma sales were
$2,008,337 compared to $2,391,550 in the year-ago period. BRP sales were
$933,014 compared to $373,362 in the year-ago period, however this result
includes nine months of sales from BRP compared to four months of sales for the
same period a year ago.
The Company recorded a net loss of $258,097 compared to a net loss of $521,637
for the same period of the prior year. The principal part of this loss derived
from BRP which had an operating loss of $408,234.
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Operating Summary for the Nine Months April 30, April 30,
Ended 2014 2013
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Revenues $ 2,941,351 $ 2,764,912
Earnings (loss) before interests, tax,
depreciation & amortization $ 68,367 $ (289,191)
Depreciation & amortization $ 297,846 $ 226,794
Net (loss) $ (258,097) $ (521,637)
(Loss) per share basic and diluted $ (0.01) $ (0.02)
Cash and cash equivalents decreased by $140,514 and net working capital
increased by $24,951 during the nine months ended April 30, 2014.
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Balance Sheet Summary as at April 30, July 31,
2014 2013
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Cash and cash equivalents $ 1,439,125 $ 1,579,639
Working capital $ 2,537,858 $ 2,512,907
Outstanding shares at report date
(Common shares) 24,703,244 24,703,244
LOOKING FORWARD
The balance of Fiscal 2014, and Fiscal 2015, will be challenging for the
Company. As previously announced, there is a hiatus in sales from one of our
major customers (due to excess inventory on its side) resulting in a cut back in
its purchases which may well continue into Fiscal 2015. In the event the Company
is not able to replace the sales from this major customer with new contracts, it
is not expected to be cash flow positive in Fiscal 2014, nor possibly in Fiscal
2015.
The Company has been working on a number of projects, some of which it hopes
will result in significant revenue in Fiscal 2015. However, we cannot give any
assurances that any of these projects will come to fruition and produce
revenues.
Management believes that the Company has sufficient funds to meet its
obligations and planned expenditures for the ensuing twelve months as they fall
due. In assessing whether the going concern assumption is appropriate,
management takes into account all available information about the future, which
is at least, but not limited to, twelve months from the end of the reporting
period.
ABOUT IBEX
IBEX, through its wholly owned subsidiaries IBEX Pharmaceuticals Inc. (Montreal,
QC) and Bio-Research Products, Inc. (North Liberty, IA), manufactures and
markets proteins for biomedical use. IBEX Pharmaceuticals Inc. also manufactures
and markets a series of arthritis assays which are widely used in osteoarthritis
research.
For more information, please visit the Company's website at www.ibex.ca.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in policies of the TSX Venture Exchange) accepts 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, as they are based on the current assessment or
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, changes to the competitive
environment due to consolidation or otherwise, IBEX's reliance on a few key
products and customers, the loss of any of which could have a material effect on
its profitability, IBEX's cash position, and its ability to meet its obligations
as they become due. 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, except if
required by applicable laws.
FOR FURTHER INFORMATION PLEASE CONTACT:
Paul Baehr
President & CEO
IBEX Technologies Inc.
514-344-4004 x 143
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