IBEX Technologies Inc. (TSX VENTURE: IBT), today reported its
financial results for the second quarter ended January 31, 2009.
Solely for the convenience of the reader, selected financial
results expressed in Canadian dollars on the financial statements,
have been translated into U.S. dollars at the January 31, 2009
month-end rate C$1.00 equals US$ 0.8155. This translation should
not be construed as an application of the recommendations relating
to the accounting for foreign currency translation, but rather as
supplemental information for the reader.
HIGHLIGHTS FOR THE QUARTER:
- Sales increased 81% vs. year ago and 64% vs. previous
quarter.
- Net earnings increased 230 % vs. year ago.
- Fifth consecutive profitable quarter since restructuring in
Spring 2008
- Working capital increased 11% vs. previous quarter
"IBEX had an excellent first half" said Paul Baehr, IBEX CEO.
"driven by real sales growth and by a favourable exchange rate, as
well as some one-time gains and rigorous cost control"
FINANCIAL RESULTS FOR THE SECOND QUARTER
Sales for the quarter ended January 31, 2009 totaled $995,557
(US$811,877) an increase of 81% as compared to $549,217 for the
same period in the prior year, and representing an increase of 64%
vs. the previous quarter.
Sales of enzymes increased by 93% vs. the previous year, and by
57% vs. the previous quarter. The Company believes that most of
this increase traces to continued strong demand for the point of
care disposables sold by IBEX customers, but some of the increase
may be due to timing differences when compared to last year.
Sales of arthritis assays decreased by 25% vs. year ago, but
increased 97% vs. the previous quarter, due to the influence in the
year-ago quarter of a large clinical-trial related shipment, that
will not be repeated this year.
Net earnings for the quarter ended January 31, 2009 were
$289,110 (US$235,769), or $0.01 per share, compared to net earnings
of $87,527, or $0.00 per share, for the same period year ago, an
increase of 230%.
Net earnings for the second quarter declined 14% versus the
first quarter (despite a significant increase in sales), tracing to
swings in the recording of foreign exchange. The first quarter
benefited from a $211,619 gain in foreign exchange, while the
current quarter recorded a foreign exchange loss of $43,002.
Excluding the foreign exchange swings, net earnings were up
$179,052 (117%) versus the first quarter.
Expenses during the quarter increased 16% vs. year-ago and 23%
vs. the previous quarter. This increase is mainly attributable to
the increase in the level of business activity.
Cash, Cash Equivalents, and Marketable Securities increased 10%
during the quarter to $1,848,936. The Company's working capital was
$2,390,884 as at the end of the second quarter ended January 31,
2009 and up from $2,163,018 as at the end of the prior quarter
ending October 31, 2008.
Financial Summary for the quarters ending
--------------------------------------------------------------------------
January 31, 2009 January 31, 2008
Revenues $995,557 $549,217
Earning Before Interests,
Tax, Depreciation & Amortization $296,413 $83,618
Depreciation & Amortization $16,818 $17,732
Net Profit $289,110 $87,527
Profit per Share $0.01 $0.00
Cash, Cash Equivalents &
Marketable Securities $1,848,936 $1,066,369
Working Capital $2,390,884 $1,338,625
Outstanding shares at report date
(Common Shares) 24,703,244 24,703,244
LOOKING FORWARD
IBEX has been successful in bringing its existing business to
profitability and is now turning its attention to pursuing growth
opportunities, including further growing its base business, and
maximizing shareholder value through strategic initiatives with
companies where increased market strength and synergies might be
obtained.
While the Company expects the second half of Fiscal 2009 to be
profitable, it will not benefit from the same level of foreign
exchange gains, nor will it see the same level of sales (the second
quarter was an exceptionally good quarter, the fourth quarter is
typically the smallest quarter).
ABOUT IBEX
The Company manufactures and markets a series of proprietary
enzymes (heparinases and chondroitinases) for use in pharmaceutical
research by our customers, as well Heparinase I, which is used in
many leading hemostasis monitoring devices.
IBEX also manufactures and markets a series of arthritis assays
which are widely used in pharmaceutical research by our customers.
These assays are based on the discovery and increasing role of a
number of specific molecular biomarkers associated with collagen
synthesis and degradation.
For more information, please visit the Company's web site at
www.ibex.ca.
The TSX Venture Exchange does not accept 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, 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.
Contacts: IBEX Technologies Inc. Paul Baehr President & CEO
514-344-4004 x 143
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