IBEX Technologies Inc. (TSX VENTURE: IBT), today reported its
financial results for the year ended July 31, 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 July 31, 2009
month-end rate C$1.00 equals US$ 0.9280. 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 YEAR END:
- Earnings per share increased from $0.01 to $0.05
- Net earnings increased 285% to $1.3 million
- Sales increased 52% to $3.5 million
- Working capital increased 57% to $2.9 million
"IBEX had an excellent year with EPS increasing fivefold to
$0.05, driven by strong product-demand as well as a positive
currency environment" said Paul Baehr, IBEX CEO.
FINANCIAL RESULTS FOR THE FISCAL YEAR
Sales for the year ended July 31, 2009 reached $3,544,282
(US$3,289,094) compared to $2,326,744 for the same period in the
prior year, representing an increase of 52%. The net increase in
sales vs. year ago was $1,217,538, of which $630,463 can be
attributed to real growth and $587,075 to a favourable currency
environment.
Enzymes sales increased by 66% vs. the previous year. The
increase in enzymes products 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 20% vs. year ago, driven
by strong sales to the pharmaceutical research community.
Net earnings for the year ended July 31, 2009 were $1,343,738
(US$1,246,989), or $0.05 per share, compared to net earnings of
$348,319, or $0.01 per share, for the previous fiscal year (an
increase of 285%).
Net earnings benefited from increasing sales, a reduction in
operating costs, and a positive foreign exchange gain of
$200,651.
Expenses for the year ended July 31, 2009 totaled $2,200,544 an
increase of 7% vs. year-ago. Excluding the gain to the foreign
exchange account, expenses increased by 16% which is attributable
to the increase in the level of business activity and also to the
fact that in year ended July 31, 2008, the Company recorded a gain
on disposal assets due to the sale of some licenses for certain
cancer technologies.
The Company's Cash, Cash Equivalents, and Marketable Securities
improved 44% over the year to $2,260,344 from $1,567,264. Working
capital improved to $2,881,146 as at July 31, 2009 from $1,832,492
as at July 31, 2008.
Financial Summary for the year ending
----------------------------------------------------------------------
July 31, 2009 July 31, 2008
Revenues $3.544.282 $2,326,744
Earning Before Interests, Tax,
Depreciation & Amortization $1,409,367 $367,185
Depreciation & Amortization $83,810 $70,148
Net Earnings $1,343,738 $348,319
Net Earnings per Share $0.05 $0.01
Cash, Cash Equivalents & Marketable
Securities $2,260,344 $1,567,264
Working Capital $2,881,146 $1,832,492
Outstanding shares at report date
(Common Shares) 24,703,244 24,703,244
FINANCIAL RESULTS FOR THE FOURTH QUARTER
Sales for the quarter ended July 31, 2009 totaled $863,691
(US$801,505) an increase of 69% as compared to $509,944
(US$498,011) in the same period year ago, Sale decreased 19% versus
the very robust previous quarter (which was 30% higher than the
average of the first and second quarters).
Enzymes sales increased 72% versus the same quarter year ago,
although slightly down (6%) versus the very strong previous
quarter.
Sales of arthritis assays were up 61% versus the same quarter
year ago, although down (49%) vs. the previous quarter (an unusual
quarter in which the Company actually shipped more than it did in
the first half).
Net earnings for the quarter ended July 31, 2009 were $474,632
(US$440,459), or $0.02 per share, compared to net earnings of
$189,696, or $0.01 per share, for the fourth quarter of fiscal year
2008.
The increase in reported net earnings in the fourth quarter of
Fiscal 2009 as compared to the fourth quarter of Fiscal 2008 is
largely attributable to a gain of $149,761 to the foreign exchange
account (see below for more details).
Excluding the foreign exchange impact, net earnings for the
quarter were $324,871, up 106% versus $157,459 in the same quarter
of Fiscal 2008.
As compared to previous quarter: reported net earnings of
$474,632 for the fourth quarter of Fiscal 2009 were up $232,062
versus the net earnings of $242,570 ($0.01 per share) seen in third
quarter of Fiscal 2009. Excluding foreign exchange, net earnings
for the fourth quarter of Fiscal 2009 were $324,871, down $35,423
from the third quarter of Fiscal 2009.
Expenses as compared to year ago: total expenses in the fourth
quarter of Fiscal 2009 increased to $389,058 from $349,590 in the
same quarter a year ago. Excluding the foreign exchange gain and
the gain on disposal of assets, expenses increased 30%. The
increase in expenses was due primarily to the increase in the level
of business activity. The foreign exchange gain during the quarter
ended July 31, 2009,is due mainly to two factors, first a change in
the fair value of the embedded derivatives related to sales
contracts in the amount of $107,207 (which is recorded as a loss in
foreign exchange and an offset is recorded in accrued liabilities)
and the second is a foreign exchange gain, in the amount of
$408,710, recorded on the forward foreign exchange contracts held
by IBEX at July 31, 2009 (the Company has taken out forward foreign
exchange contracts in fiscal 2009 as economic hedges for future
sales). In the previous year, the Company recorded a gain on
disposal of assets, due to the sale of some licenses for certain
cancer technologies, as well as a gain of $32,237 in foreign
exchange.
Cash, Cash Equivalents, and Marketable Securities increased 7%
during the quarter to $2,260,344. The Company's working capital was
$2,881,146 as at the end of the fourth quarter ended July 31, 2009
and up from $2,557,888 as at the end of the prior quarter ending
April 30, 2009.
LOOKING FORWARD
IBEX has had an extraordinarily good year with increases in
product demand and a favourable currency environment.
For fiscal year 2010 we expect continued growth in product
demand, , but, on average, currency rates will likely be less
favourable for the Company.
In addition to growing the base business, IBEX is seeking to
acquire additional product lines while also seeking appropriate
strategic M&A opportunities.
ABOUT IBEX
The Company manufactures and markets a series of proprietary
enzymes (heparinases and chondroitinases). These enzymes are used
in pharmaceutical research, quality assurance, and in the case of
Heparinase I, in diagnostic devices which measure hemostasis.
IBEX also manufactures and markets a series of arthritis assays
which are widely used in pharmaceutical research. These assays
enable the measurement of both the synthesis and degradation of
cartilage components, and are powerful tools in the study of osteo-
and rheumatoid arthritis.
For more information, please visit the Company's web site 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.
Contacts: IBEX Technologies Inc. Paul Baehr President & CEO
514-344-4004 x 143
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