TORONTO, Sept. 9, 2014 (GLOBE NEWSWIRE) -- Polydex Pharmaceuticals Limited
(OTC PINK:POLXF) (the “Company”) reports that it has continued to invest in planned capital improvements for essential equipment which should allow for more consistent production. Customer interest continues to grow as reflected in our strong order book.
Financial results in the second quarter of fiscal 2015, the three-month and six-month periods ending July 31, 2014 (together with comparative figures from the same periods in the previous fiscal year) are reported in U.S. dollars.
| 3 months ended July 31, 2014 | 3 months ended July 31, 2013 | 6 months ended July 31, 2014 | 6 months ended July 31, 2013 | |
| Sales | $ 1,270,223 | $ 1,866,253 | $ 2,683,205 | $ 3,306,397 |
| Net Income | 59,151 | 200,792 | 133,739 | 472,301 |
| Income per Common Share | ||||
| Basic | 0.02 | 0.06 | 0.04 | 0.15 |
| Diluted | 0.02 | 0.06 | 0.04 | 0.14 |
| Weighted average # Common Shares | ||||
| Basic | 3,225,478 | 3,172,846 | 3,225,478 | 3,172,846 |
| Diluted | 3,544,900 | 3,492,268 | 3,453,366 | 3,350,952 |
Earnings before interest, tax, depreciation and amortization (EBITDA) amounted to $238,692 for the six-month period ending July 31, 2014. The Company invested in excess of $340,000 into production equipment upgrades during the period. EBITDA for the fiscal second quarter amounted to $114,715.
In keeping with Management’s commitment to maintain profitability and to ongoing facility improvements, the bulk of equipment replacement was timed for installation during the annual second quarter plant shut down. Other upgrades were necessary during the first quarter, and into the second and third quarters, affecting sales but preserving profitability. These upgrades included a new resin column and reactor, replacement of specialized pumps, and membranes for the ultra filtration system. Management is planning further upgrades and replacements to be implemented over time.
“Although our second quarter has traditionally been slower due to the seasonal decreased demand for product and our annual plant shut down for maintenance, we are pleased that we were able to maintain profitability while implementing long term planned upgrades to equipment this year,” says George Usher, President and CEO of the Company. “We’ve continued to make investments into equipment to ensure production and also carry on development of potential new products. These accomplishments will help us meet our ongoing goals and objectives to increase sales.”
The Company shares continue to be quoted 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
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 financial reports 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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