Some highlights versus prior fiscal year quarter two were as follows:
• Revenue increased by 25% over last year's record Q2• Gross profit increased by 37% over Q2 last year• Operating expenses decreased by 9% compared to last year's Q2• Net income increased by 295% versus last year's Q2• EBITDA increased by 273% compared to last year's Q2• Cash was
Gross profit has tracked higher than revenue with an increase of 37% for the quarter. While most of the increase was due to sales volume, sales price increases and sales mix had a positive impact in Q2. Also, a significant part of the gross profit improvement came from the Company's 2013 investment in production equipment.
Operating expenses decreased 9% as expenses related to our manufacturing expansion were employed for beneficial production. Research and development expenses decreased 11% because of the expansion. The manufacturing expansion is proving its worth in improving the quality and reliability of our manufacturing operations and supporting our new product development program. Our ISO 9001:2008 quality system certification also contributed to operational reliability.
Higher gross profit combined with lower operating expenses to produce a record Q2 net income that was 295% higher than prior year Q2. EBITDA (earnings before interest, taxes, depreciation and amortization) increased 273% over prior year from
|For the Quarter ended |
|Earnings per share||333%|
Epicore continues to generate positive cash flows from operating activities. Cash at the end of the quarter was
The financial statements of the company have been prepared in accordance with International Financial Reporting Standards. Epicore BioNetworks Inc. is a public corporation with a registered office in
This press release contains forward-looking statements that involve significant risks and uncertainties. The actual results, performance or achievements of the company might differ materially from the results, performance or achievements of the company expressed or implied by such forward-looking statements. Such forward-looking statements include, without limitation, those regarding the future growth of the Company, expected improvements in the quality and reliability of manufacturing operations, acceleration of the Company's penetration into new business areas, the development plans of the company, the expected timing and results of such development and the expectation by management that there will be sufficient cash to meet the fiscal year's financial requirements. We can provide no assurance that such development will proceed as currently anticipated, that the expected timing or results of such development will be realized or that the company will be able to generate sufficient cash to meet its obligations. We are subject to various risks, including the uncertainties of product development, markets for our products and regulatory review, our need for additional capital to fund our operations, our reliance on collaborative partners, our history of losses, and other risks inherent in the biotechnology industry.
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