MONTREAL, QUEBEC--(Marketwire -06/27/12)- IBEX Technologies Inc. (IBT.V) today reported its financial results for the nine months ended April 30, 2012.
"We are encouraged by the robust sales in the third quarter and year to date, and the accompanying effect on profitability", said IBEX President & CEO, Paul Baehr. "The fourth quarter however, will be a challenge, with possibly lower sales and higher year end expenses".
"We are also pleased that on May 15, 2012, the Quebec Superior Court allowed the IBEX claim against Jean Francois Gareau and Garvinci Inc. to proceed with a trial date set for April 2014" said Mr. Baehr.
FINANCIAL RESULTS FOR THE THIRD QUARTER OF FISCAL 2012
Sales for the quarter ended April 30, 2012 totaled $794,701, an increase of 33% as compared to $597,074 in the same period of the prior year. The increase in sales can be attributed to a return to a normal ordering pattern for our enzymes products.
The Company recorded net earnings of $217,438 in its third quarter ended April 30, 2012, an increase of 65% compared to net earnings of $131,577 for the same period year ago.
Expenses increased to $577,264 from $465,497. Cash, cash equivalents, and marketable securities remained unchanged during the quarter ended April 30, 2012 at $2,415,874 from $2,436,587 as of January 31, 2012. The Company's working capital increased to $3,238,081 compared to $2,951,373 on January 31, 2012. This increase in net working capital is mainly attributable to an increase in accounts receivable as well as an increase in inventory.
FINANCIAL RESULTS FOR THE YEAR TO DATE
Sales for the nine months ended April 30, 2012 totaled $2,139,593, an increase of 44% as compared to $1,485,699 for the same period in the prior year. As mentioned previously, this increase in sales is principally due to a return to a normal pattern in orders in the enzymes product lines.
Net earnings for the nine months ended April 30, 2012 were $303,624, compared to a net loss of $199,641, for the same period in previous fiscal year. Expenses for the nine months ended April 30, 2012 increased 9%, to $1,835,969 from $1,685,340.
Financial Summary for the nine months ending
April 30, April 30,
Revenues $ 2,139,593 $ 1,485,699
Earnings (Loss) Before Interests, Tax,
Depreciation & Amortization $ 395,726 $ (99,730)
Depreciation & Amortization $ 116,568 $ 117,655
Net earnings (Loss) $ 303,624 $ (199,641)
Earnings (Loss) per Share $ 0.01 $ (0.01)
Cash, Cash Equivalents & Marketable Securities $ 2,415,874 $ 1,986,434
Working Capital $ 3,238,081 $ 2,750,754
Outstanding shares at report date (Common
Shares) 24,703,244 24,703,244
Despite the return to relative normalcy in the enzyme line, sales in the arthritis line remain volatile. In the current quarter IBEX introduced the first of its improved osteoarthritis assays, with more to come over the upcoming quarters. These assays will be more suitable for use by our customers in pre-clinical and clinical osteoarthritis studies. As there is a significant lag time between a product introduction and sales, we do not expect to see financial benefit until the later part of 2012.
The Company manufactures and markets a series of proprietary enzymes (heparinases and chondroitinases). These enzymes are used in pharmaceutical research, quality assurance, and in the case of Heparinase I, in diagnostic devices which measure hemostasis in patients.
IBEX also manufactures and markets a series of arthritis assays which are widely used in pharmaceutical research. These assays enable the measurement of both the synthesis and degradation of cartilage components, and are powerful tools in the study of osteo- and rheumatoid arthritis.
For more information, please visit the Company's web site at www.ibex.ca.
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.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
President & CEO
IBEX Technologies Inc.
514-344-4004 x 143