Polydex Pharmaceuticals Issues 2010 Fiscal Year End Financial Results
May 03 2010 - 7:55PM
Polydex Pharmaceuticals Limited (Pink Sheets:POLXF) (the "Company")
reports financial results for its fiscal year ended January 31,
2010. All figures are reported in U.S. dollars.
|
Fiscal Year End 2010
|
Fiscal Year End 2009
|
|
|
|
Sales
|
$4,481,174
|
$4,824,906
|
|
|
|
Net Loss
|
(2,144,735)
|
(1,591,470)
|
|
|
|
Loss per common share
|
(0.70)
|
(0.52)
|
|
|
|
Weighted avg. common
|
|
|
Shares outstanding (basic and diluted)
|
3,072,846
|
3,072,846
|
Although management has remained focused on the manufacture and
sales of the core product lines, the continued slowdown in the
worldwide commodity markets, especially lowered production in the
hog markets, has resulted in reduced demand for the range of
products that the Company produces. The company believes that there
are however some indications that of improvement, especially in
Europe and the United States which had suffered the greatest
declines, and sales efforts are showing some hopeful indicators in
the marketplace, especially related to our higher margin powdered
products.
Continued volatility of the currency exchange rate between the
Canadian and U.S. dollars significantly negatively affected cash
flows and profitability in fiscal 2010. The Company's sales
are largely denominated in United States dollars, while its costs
were largely in Canadian dollars.
As a result of the dramatic impact of exchange rates during the
year, the Company has continued to aggressively seek cost
reductions in all areas of its operations. Cost reductions have
been achieved in most areas including raw material pricing, plant
repairs, as well as insurance, legal, audit and reporting costs.
Payroll reductions have been implemented, with reductions in
management compensation and the implementation of shorter plant
hours of work when appropriate. The plant was also shut down for
approximately 3½ weeks in the fourth fiscal quarter, resulting in
cash savings. These cost control initiatives are ongoing and will
continue to be of benefit to the Company.
The Company shares are traded on the Pink Sheet platform
(www.pinksheets.com).
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. Company website:
www.Polydex.com
The Polydex Pharmaceuticals Limited logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=3414
Note: This press release may contain forward-looking
statements, within the meaning of 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: North Arm Capital Services
Investor Relations:
Linda Hughes
1-877-945-1621
Linda@northarm.com
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