IBEX Technologies Inc. (TSX VENTURE: IBT), today reported its
financial results for the third quarter ended April 30, 2009.
Solely for the convenience of the reader, selected financial
results expressed in Canadian dollars on the financial statements,
have been translated into U.S. dollars at the April 30, 2009
month-end rate C$1.00 equals US$ 0.8382. This translation should
not be construed as an application of the recommendations relating
to the accounting for foreign currency translation, but rather as
supplemental information for the reader.
HIGHLIGHTS FOR THE QUARTER:
- Record sales of over million dollars in the quarter.
- Sales increased 51% vs. year ago and 8% vs. the previous
quarter.
- Net earnings, exclusive of foreign exchange, increased 18% vs.
year ago.
- Working capital increased 7% vs. previous quarter
"IBEX had another excellent quarter in both profits and sales"
said Paul Baehr, IBEX CEO "with sales driven by real growth and a
favourable foreign currency exchange rate".
FINANCIAL RESULTS FOR THE THIRD QUARTER
Sales for the quarter ended April 30, 2009 totaled $1,072,603
(US$899,056) an increase of 51% as compared to $712,997 to the same
period in the prior year, and representing an increase of 8% vs.
the previous quarter.
Sales of enzymes increased by 30% vs. the previous year,
although down by 6% vs. the very strong previous quarter. Most of
this increase traces to continued strong demand for the point of
care disposables sold by IBEX customers, but gains are also seen in
the use of our enzymes in manufacturing quality control.
Sales of arthritis assays increased by 125% vs. year ago, and
increased 56% vs. the previous quarter.
Net earnings for the quarter ended April 30, 2009 were $242,582
(US$203,332), or $0.01 per share, compared to net earnings of
$259,269, or $0.01 per share, for the same period year ago, (a
decrease of 6%) with increasing revenues offset by a $117,725
negative charge to the foreign exchange account.
Net earnings for the third quarter declined 16% versus the
second quarter, however, excluding foreign exchange swings, net
earnings were $360,307, up 18% over year ago, 8% versus the second
quarter and up 135% when compared with first quarter. The two first
quarters benefited from a $168,617 gain in foreign exchange due to
the increased strength of the US currency, while the current
quarter recorded a foreign exchange loss of $117,725 due to a
decline in the value of the US dollar vs. the last quarter.
Expenses during the quarter increased 22% vs. year-ago but
decreased by 11% vs. the previous quarter. This increase is mainly
attributable to the increase in the level of business activity vs.
year ago.
Cash, Cash Equivalents, and Marketable Securities increased 15%
during the quarter to $2,118,086. The Company's working capital was
$2,557,888 as at the end of the third quarter ended April 30, 2009
and up from $2,390,884 as at the end of the prior quarter ending
January 31, 2009.
Financial Summary for the quarters ending
April 30, April 30,
2009 2008
Revenues $1,072,603 $712,997
Earning Before Interests, Tax, Depreciation
& Amortization $265,103 $266,932
Depreciation & Amortization $26,470 $15,763
Net Earnings $242,582 $259,269
Profit per Share $0.01 $0.01
Cash, Cash Equivalents & Marketable Securities $2,118,086 $1,398,745
Working Capital $2,557,888 $1,629,408
Outstanding shares at report date (Common
Shares) 24,703,244 24,703,244
LOOKING FORWARD
IBEX has been successful in bringing its existing business to
profitability and is now turning its attention to pursuing growth
opportunities, including further growing its base business, and
maximizing shareholder value through strategic initiatives with
companies where increased market strength and synergies might be
obtained.
While the Company expects the last quarter of Fiscal 2009 to be
profitable, it will not benefit from the same level of foreign
exchange gains, nor will it see the same level of sales (the third
quarter was an exceptionally good quarter, the fourth quarter is
typically the smallest quarter).
ABOUT IBEX
The Company manufactures and markets a series of proprietary
enzymes (heparinases and chondroitinases) for use in pharmaceutical
research by our customers, as well Heparinase I, which is used in
many leading hemostasis monitoring devices.
IBEX also manufactures and markets a series of arthritis assays
which are widely used in pharmaceutical research by our customers.
These assays are based on the discovery and increasing role of a
number of specific molecular biomarkers associated with collagen
synthesis and degradation.
For more information, please visit the Company's web site at
www.ibex.ca.
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.
CONSOLIDATED BALANCE SHEETS
April 30 July 31,
UNAUDITED 2009 2008
-------------------------------------------------------------------------
$ $
ASSETS
Current assets
Cash and cash equivalents 2,118,086 372,096
Marketable securities (note 3) - 1,195,168
Accounts receivable 792,302 337,621
Inventories 235,403 292,755
Prepaid expenses 96,186 90,206
-------------------------------------------------------------------------
Sub-total current assets 3,241,977 2,287,846
Property and equipment 383,773 238,809
-------------------------------------------------------------------------
Total assets 3,625,750 2,526,655
-------------------------------------------------------------------------
-------------------------------------------------------------------------
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities 680,042 455,354
-------------------------------------------------------------------------
Total liabilities 680,042 455,354
-------------------------------------------------------------------------
SHAREHOLDERS' EQUITY
Capital stock 52,660,078 52,660,078
Contributed surplus 401,553 396,252
Deficit (50,115,923) (50,985,029)
-------------------------------------------------------------------------
Total shareholders' equity 2,945,708 2,071,301
-------------------------------------------------------------------------
Total liabilities and shareholders' equity 3,625,750 2,526,655
-------------------------------------------------------------------------
-------------------------------------------------------------------------
-------------------------------------------------------------------------
CONSOLIDATED STATEMENTS OF DEFICIT
-------------------------------------------------------------------------
For the nine months ended April 30 (unaudited) 2009 2008
-------------------------------------------------------------------------
$ $
Balance - Beginning of period (50 985 029) (51,328,637)
Transition adjustment on adoption of financial
instrument standard (note 2) - (4,711)
-------------------------------------------------------------------------
Restated balance - Beginning of period (50,985,029) (51,333,348)
Net earning for the period 869,106 158,622
-------------------------------------------------------------------------
Balance - End of period (50,115,923) (51,174,727)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
CONSOLIDATED STATEMENTS OF EARNING AND COMPREHENSIVE INCOME
Three months ended Nine months ended
UNAUDITED April 30 April 30
-------------------------------------------------------------------------
2009 2008 2009 2008
-------------------------------------------------------------------------
$ $ $ $
Revenue 1,072,603 712,997 2,680,591 1,816,800
-------------------------------------------------------------------------
Operating expenses
Net research and
development
expenditure
(note 7) - 39,427 - 39,427
Selling, general
and
administrative
expenses and
cost of goods
sold (688,335) (466,525) (1,825,255) (1,661,519)
Amortization of
property and
equipment (26,470) (15,763) (58,488) (49,677)
Other interest
and bank charges (3,223) (3,266) (14,434) (7,703)
Foreign exchange
gain (loss) (117,725) (15,749) 50,892 (22,646)
Gain on sale of
assets 1,783 - 12,172 -
Investment income 3,949 8,124 23,628 36,857
-------------------------------------------------------------------------
Total operating
expenses (830,021) (453,752) (1,811,485) (1,665,261)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Net earning before
Income tax 242,582 259,245 869,106 151,540
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Current income tax - (24) - (7,082)
-------------------------------------------------------------------------
Net earning and
other comprehensive
income 242,582 259,269 869,106 158,622
-------------------------------------------------------------------------
Net earning and other
comprehensive income
per share
Basic and diluted $0.01 $0.01 $0.04 $0.01
-------------------------------------------------------------------------
-------------------------------------------------------------------------
See accompanying notes
CONSOLIDATED CASH FLOW STATEMENTS
Three months ended Nine months ended
April 30 April 30
-------------------------------------------------------------------------
UNAUDITED 2009 2008 2009 2008
-------------------------------------------------------------------------
$ $ $ $
-------------------------------------------------------------------------
Cash flows provided by
(used in):
Operating activities
Net profit for the
period 242,582 259,269 869,106 158,622
Items not affecting
cash -
Amortization of
property and
equipment 26,470 15,763 58,488 49,678
Stock-based
compensation costs 349 17,150 5,300 24,824
Gain on disposal
of property and
equipment (1,783) - (12,172) -
-------------------------------------------------------------------------
Cash flow relating
to operating
activities 267,618 292,182 920,722 233,124
-------------------------------------------------------------------------
Net changes in
non-cash working
capital items -
Decrease (increase)
in accounts
receivable (6,637) 26,770 (454,687) 155,371
Decrease (increase)
in inventories 93,307 (58,963) 57,353 (8,737)
Decrease (increase)
in prepaid expenses (30,460) (45,903) (5,979) 1,949
Increase (decrease)
in accounts payable
and accrued
liabilities 41,888 119,689 224,693 (429,061)
-------------------------------------------------------------------------
Net changes in
non-cash working
capital balances
relating to operations 98,098 41,593 (178,620) (280,478)
-------------------------------------------------------------------------
Cash flow relating
to operating
activities 365,716 333,775 742,102 (47,354)
-------------------------------------------------------------------------
Investing activities
Additions to
marketable securities - - (209,207) 1,099,673
Proceeds on disposal
of marketable
securities - (1,400) 1,404,375 (2,326)
Additions to
property and
equipment (98,349) - (203,452) -
Proceeds on disposal
of property and
equipment 1,783 - 12,172 -
-------------------------------------------------------------------------
Cash flow relating
to financing
activities (96,566) (1,400) 1,003,888 1,097,347
-------------------------------------------------------------------------
Increase in cash and
cash equivalents
during the quater 269,150 332,375 1,745,990 1,049,993
-------------------------------------------------------------------------
Cash and cash
equivalents
- Beginning of
period 1,848,936 1,066,370 372,096 348,752
-------------------------------------------------------------------------
Cash and cash
equivalents
- End of period 2,118,086 1,398,745 2,118,086 1,398,745
-------------------------------------------------------------------------
-------------------------------------------------------------------------
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release
Contacts: IBEX Technologies Inc. Paul Baehr President & CEO
514-344-4004 x 143
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