Polydex Pharmaceuticals Ltd. Reports 3rd Quarter Financial Results
December 14 2012 - 8:15AM
Polydex Pharmaceuticals Limited (Pink
Sheets:POLXF) (OTCBB:POLXF) reports financial results for its third
fiscal quarter, the three-month period ended October 31, 2012.
POLYDEX PHARMACEUTICALS LIMITED
AND SUBSIDIARIES |
THIRD QUARTER RESULTS, FISCAL
2013 |
QUARTER ENDED: October 31,
2012 |
(Unaudited figures, stated in
US dollars) |
|
|
Quarter Ended 10/31/12 |
Quarter Ended 10/31/11 |
|
|
|
Sales |
$1,385,226 |
$1,610,631 |
|
|
|
Net Income (loss) |
(133,584) |
83,231 |
|
|
|
Earnings (loss) per common share |
(0.04) |
0.03 |
|
|
|
Weighted avg. common |
|
|
Shares outstanding (basic) |
3,172,846 |
3,172,846 |
(diluted) |
3,172,846 |
3,498,268 |
EBITDA (Earnings before interest, taxes, depreciation and
amortization) decreased to negative $144,329 for the nine months
ended October 31, 2012 compared to $563,823 for the same period in
the previous year.
During the 3rd quarter, the company experienced a high demand
for product, putting a strain on the production equipment,
resulting in some unexpected breakdowns. Management has since
increased its scrutiny of production procedures and equipment in an
effort to avoid further breakdowns. These equipment issues
especially affected August, but then September and October improved
greatly, to the point that production returned to normal.
With a continued focus on cost reduction and controls, the
Company has been aggressively pursuing opportunities for growth in
established and new markets, resulting in increased orders and
sales from new and existing customers. At a time when many of the
company's domestic and global competitors have been unable to
produce consistent high-quality dextran based products, with some
even discontinuing production, Polydex has emerged as the leading
dextran producer in North America.
These expanding market opportunities led Management to make
plant refurbishments and the expansion of production capacity a
priority. In the coming year, Management plans to maintain internal
work on improving quality, yields and applications in an effort to
support existing customers and expand production to meet the
growing demand for product. As that demand increases, the newly
installed equipment capable of larger volume will be put into
production.
The Company publicly traded shares continue to be quoted on the
Pink Sheet platform (www.pinksheets.com), where the Company is
currently identified as a Pink Quote OTCBB Transparent company, one
that may be quoted both on the Pink Quote system and the Over The
Counter Bulletin Board (OTCBB).
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 Act
of 1933, as amended, and 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: Investor Relations:
North Arm Capital Services
Linda Hughes
1-877-945-1621
Linda@northarm.com
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