MONTREAL, QUEBEC--(Marketwire - Oct. 31, 2012) - IBEX Technologies Inc. (IBT.V) today reported its financial results for the year ended July 31, 2012.
"We are extremely pleased to report increased sales and net earnings", said IBEX President & CEO, Paul Baehr. "The increased cash flow has permitted us to invest resources to strengthen our existing business and to advance several new projects which we hope will bear fruit in Fiscal 2014".
FINANCIAL RESULTS FOR THE YEAR TO DATE
Sales for the year ended July 31, 2012 totaled $2,924,700, an increase of 30% as compared to $2,243,902 for the same period in the prior year. This increase in sales is primarily due to a return to a normal sales pattern in the enzymes product lines.
Net earnings for the year ended July 31, 2012 were $229,981, up 122% compared to $103,602, for the same period in previous fiscal year.
Expenses for the year ended July 31, 2012 increased 26%, to $2,694,719 from $2,140,300 in the previous year, an increase of $554,419. The bulk of this change traces to an increase in Cost of Goods (up $304,108), and swing in Financial Expenses (a negative swing of $217,871) due to changes in foreign exchange.
SG&A at $1,071,311 was up modestly (5%) and R&D Expenses remained stable at $245,752 (down 5% vs. the previous year).
Net working capital decreased 1% and Cash, Cash Equivalents & Marketable Securities increased by 21%.
Capital Expenditures for the year were $69,229, down from $482,820 in the previous year.
FINANCIAL RESULTS FOR THE FOURTH QUARTER OF FISCAL 2012
Sales for the quarter ended July 31, 2012 totaled $785,107, an increase of 4% as compared to $758,203 in the same period of the prior year.
The Company recorded net loss of $73,643 in its fourth quarter ended July 31, 2012 compared to net earnings of $303,243 for the same period year ago, tracing to increased expense.
Expenses increased by $402,311 to $857,271 from $454,960 in the same period year ago, of which the major part traces to currency related matters ($217,553), and $101,766 to SGA (including a provision for employee bonuses of $27,900 of which there was no corresponding expense in Fiscal 2011).
Financial Summary for the year ended
July 31, July 31,
Revenues $2,924,700 $2,243,902
Earnings Before Interest, Tax, Depreciation &
Amortization $335,729 $238,169
Depreciation & Amortization $151,026 $158,873
Net earnings $229,981 $103,602
Earnings per Share $0.01 $0.00
Cash, Cash Equivalents & Marketable Securities $2,677,276 $2,213,302
Net Working Capital $2,790,395 $2,818,873
Outstanding shares at report date (Common
Shares) 24,703,244 24,703,244
At this point in time we see some stability in the current enzyme product line. We are also investing time and money in development of new projects in the enzyme line which we expect to bear fruit in the latter part of calendar 2013.
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