MONTREAL, QUEBEC -- (Marketwire) -- 03/14/13 -- IBEX Technologies Inc. (TSX VENTURE: IBT) today reported its financial results for the six months ended January 31, 2013.
This period includes one month of results for the newly acquired company Bio-Research Products Inc. ("BRP").
"We are extremely pleased with the robust sales performance of the Company during this period", said Paul Baehr, IBEX President and CEO. "The favorable effect on our financial results was however off-set by the one-time transaction costs associated with the acquisition of BRP, and the non-cash accounting treatment of lower production of heparinase in the quarter".
FINANCIAL RESULTS FOR THE SECOND QUARTER OF FISCAL 2013
Sales for the quarter ended January 31, 2013 totaled $741,666, an increase of 25% compared to the same period year ago.
Despite this increase in sales, the Company recorded a net loss of $459,993 in its second quarter ended January 31, 2013 compared to a net loss of $58,566 for the same period year ago, tracing to the factors reported below.
Expenses increased to $1,201,659 from $650,994. This increase is mainly attributable to the inclusion of the operating expenses of the newly acquired BRP ($119,000), to professional fees related to the purchase of BRP ($164,000), to the accounting treatment of lower heparinase production compared to the same period a year ago ($148,000), to an increase in consultant fees related to new projects ($111,000) and to increased compensation expenses ($131,000).
Cash, cash equivalents, and short-term investments totalled $1,721,860 during the quarter ended January 31, 2013 compared to $2,846,909 as of October 31, 2012. The Company's working capital was $2,489,845 versus $2,885,929 as at the end of the prior quarter ending October 31, 2012.
FINANCIAL RESULTS FOR SIX MONTH ENDED JANUARY 31, 2013
Sales for the six months ended January 31, 2013 totaled $1,496,004, an increase of 11% compared the same period in 2012. This result includes one month of sales from the newly acquired BRP.
Net loss for the six months ended January 31, 2013 was $391,323 compared to net earnings of $86,186 in the same period last year. This decrease is mainly attributable to professional fees related to the purchase of BRP ($164,000) to the accounting treatment of lower heparinase production compared to the same period a year ago ($198,000), to an increase in consultant fees related to new projects ($158,000) and to increased compensation expenses ($130,000).
Total Expenses for the six months ended January 31, 2013 increased to $1,887,327 from $1,258,705, principally due to the factors mentioned above.
Financial Summary for the six months ending---------------------------------------------------------------------------- January 31, January 31, 2013 2012 -------------------------------Revenues $1,496,004 $1,344,892Earnings (Loss) Before Interests, Tax, Depreciation & Amortization ($303,995) $147,786Depreciation & Amortization $96,384 $83,692Net (loss) earnings ($391,323) $86,186(Loss) Earnings per Share ($0.02) $0.00Cash, Cash Equivalents & short-term investments $1,721,860 $2,436,587Working Capital $2,489,845 $2,951,373Outstanding shares at report date (Common Shares) 24,703,244 24,703,244
The Company, through its wholly owned subsidiaries, IBEX Pharmaceuticals Inc. (Montreal) and Bio-Research Products Inc. (North Liberty, IA), manufactures and markets a series of proprietary enzymes for use in diagnostic tests and research. IBEX also manufactures and markets a series of arthritis assays which are widely used in osteoarthritis research.
For more information, please visit the Company's website 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.
President & CEO
IBEX Technologies Inc.
514-344-4004 x 143