IBEX Technologies Inc. (TSX VENTURE: IBT), today reported its
financial results for the first quarter ended October 31, 2009.
HIGHLIGHTS FOR THE QUARTER:
- Sales increase of 6% vs. year ago.
- Continued profitability.
- Cash increase of 18% vs. previous quarter and 59% vs. year
ago.
- Working capital increase of 3% vs. previous quarter and 36%
vs. year ago.
"We are pleased to see continued positive results in the first
quarter of Fiscal 2010, with both sales and cash increasing vs.
year ago" said Paul Baehr, IBEX CEO.
"As expected, this quarter did not compare favourably with the
robust previous quarter, which contained a significant one-time
gain related to our successful currency hedging, and which also
typically has higher sales than the first quarter.
"Looking forward, we expect full-year operational profitability
(which excludes currency or hedging effects) at about the same
level as last year", said Mr. Baehr.
FINANCIAL RESULTS FOR THE FIRST QUARTER
Sales for the quarter ended October 31, 2009 totaled $646,656,
an increase of 6% as compared to $612,430 to the same period in the
prior year, but representing a decrease of 25% vs. the
exceptionally strong previous quarter.(on average the 4th quarter
of the years is significantly higher than the first quarter.
Sales of arthritis assays increased by 125% vs. year ago, and
increased 56% vs. the previous quarter. Sales of enzymes decreased
by 5% vs. the previous year, and were down by 31% vs. the strong
previous quarter. This result was due to shipment-timing, rather
than a decrease in orders, as orders for enzyme related devices
continues to grow.
Net earnings for the quarter ended October 31, 2009 were $71,877
($0.00 per share), compared to net earnings of $337,414, ($0.01 per
share) for the same period year ago. The decrease in net earning is
mainly due to a negative $256,331 currency swing, as the
strengthening of the Canadian dollar versus the US dollar produced
a currency loss of $44,712 versus a gain of $211,619 a year
ago.
Excluding the foreign exchange swings, expenses during the
quarter increased 9% vs. year-ago. This increase is mainly
attributable to the increase in employee-related cost and the
increase of the level of business activity vs. year ago.
Cash, Cash Equivalents, and Marketable Securities increased 18%
during the quarter to $2,661,569. The Company's working capital was
$2,930,953 as at the end of the first quarter ended October 31,
2009 and up from $2,838,635 as at the end of the prior quarter
ending July 31, 2009.
Financial Summary for the quarters ending
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October 31, October 31,
2009 2008
Revenues $646,656 $612,430
Earning Before Interests, Tax,
Depreciation & Amortization $103,350 $338,165
Depreciation & Amortization $32,708 $15,200
Net Earnings $71,877 $337,414
Profit per Share $0.00 $0.01
Cash, Cash Equivalents &
Marketable Securities $2,661,569 $1,676,039
Working Capital $2,930,953 $2,163,018
Outstanding shares at report
date (Common Shares) 24,703,244 24,703,244
LOOKING FORWARD
IBEX has been successful in bringing its existing business to
profitability and is now turning its attention to pursuing growth
opportunities, including further growing its base business, and
maximizing shareholder value through strategic initiatives with
companies where increased market strength and synergies might be
obtained.
The Company expects to see increasing sales volume, and a
healthy profit margin, due to robust orders for its enzymes and
arthritis assays, however, the declining value of the US$ (our
currency- of-sale) will have a negative impact on recorded sales
and profits when compared to Fiscal 2009 in which the company
booked a $408,710 hedging gain.
ABOUT IBEX
The Company manufactures and markets a series of proprietary
enzymes (heparinases and chondroitinases) for use in pharmaceutical
research by our customers, as well Heparinase I, which is used in
many leading hemostasis monitoring devices.
IBEX also manufactures and markets a series of arthritis assays
which are widely used in pharmaceutical research by our customers.
These assays are based on the discovery and increasing role of a
number of specific molecular biomarkers associated with collagen
synthesis and degradation.
For more information, please visit the Company's web site at
www.ibex.ca.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release
Safe Harbor Statement
All of the statements contained in this news release, other than
statements of fact that are independently verifiable at the date
hereof, are forward-looking statements. Such statements, based as
they are on the current expectations of management, inherently
involve numerous risks and uncertainties, known and unknown. Some
examples of known risks are: the impact of general economic
conditions, general conditions in the pharmaceutical industry,
changes in the regulatory environment in the jurisdictions in which
IBEX does business, stock market volatility, fluctuations in costs,
and changes to the competitive environment due to consolidation or
otherwise. Consequently, actual future results may differ
materially from the anticipated results expressed in the
forward-looking statements. IBEX disclaims any intention or
obligation to update these statements.
CONSOLIDATED BALANCE SHEETS
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October 31, July 31,
UNAUDITED 2009 2009
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$ $
ASSETS
Current assets
Cash and cash equivalents 2,661,569 2,260,344
Accounts receivable 686,443 996,830
Inventories 297,237 321,922
Prepaid expenses 43,352 63,258
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Sub-total current assets 3,688,601 3,642,354
Long term deposit 8,650 8,650
Property and equipment 561,264 530,544
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Total assets 4,258,515 4,181,548
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LIABILITIES
Current liabilities
Accounts payable and accrued
liabilities 766,298 761,208
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Total liabilities 766,298 761,208
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SHAREHOLDERS' EQUITY
Capital stock 52,660,078 52,660,078
Contributed surplus 401,553 401,553
Deficit (49,569,414) (49,641,291)
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Total shareholders' equity 3,492,217 3,420,340
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Total liabilities and
shareholders' equity 4,258,515 4,181,548
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CONSOLIDATED STATEMENTS OF DEFICIT October 31, October 31,
2009 2008
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$ $
Balance - Beginning of period (49 641 291) (50,985,029)
Net profit for the period 71,877 337,414
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Balance - End of period (49,569,414) (50,647,615)
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CONSOLIDATED STATEMENTS OF EARNING AND COMPREHENSIVE INCOME
UNAUDITED
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For the three months ended October 31st 2009 2008
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$ $
Revenue 646,656 612,430
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Operating expenses
Selling, general and
administrative expenses
and cost of goods sold (495,125) (488,910)
Amortization of property and
equipment (32,768) (15,200)
Other interest and bank charges (3,468) (3,078)
Foreign exchange (loss) gain (44,712) 211,619
Gain on sale of assets - 6,104
Investment income 1,294 14,449
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Total operating expenses (574,779) (275,016)
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Net profit and other comprehensive
income 71,877 337,414
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Net profit and other comprehensive
income per share
Basic and diluted $- $0.01
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See accompanying notes
CONSOLIDATED CASH FLOW STATEMENTS
UNAUDITED
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For the three months ended
October 31st 2009 2008
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$ $
Cash flows provided by (used in):
Operating activities
Net profit for the period 71,877 337,414
Items not affecting cash -
Amortization of property and equipment 32,768 15,200
Stock-based compensation costs - 2,351
Gain on disposal of property and
equipment - (6,104)
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Cash flow relating to operating
activities 104,645 348,861
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Net changes in non-cash working
capital items -
Decrease (increase) in accounts
receivable 310,387 (274,028)
Decrease in inventories 24,686 24,882
Decrease in prepaid expenses 19,905 40,910
Increase (decrease) in accounts
payable and accrued liabilities 5,089 (13,514)
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Net changes in non-cash working
capital balances relating to
operations 360,067 (221,750)
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Cash flow relating to operating
activities 464,712 127,111
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Investing activities
Additions to marketable securities - (209,207)
Proceeds on disposal of marketable
securities - 204,462
Additions to property and equipment (63,487) (24,440)
Proceeds on disposal of property
and equipment - 6,104
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Cash flow relating to financing
activities (63,487) (23,081)
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Increase in cash and cash equivalents
during the quater 401,225 104,030
Cash and cash equivalents
- Beginning of period 2,260,344 372,096
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Cash and cash equivalents
- End of period 2,661,569 476,126
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Contacts: IBEX Technologies Inc. Paul Baehr President & CEO
514-344-4004 x 143
Ibex Technologies (TSXV:IBT)
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