IBEX Reports Results for the Second Quarter and the Six Months Ended January 31, 2014

IBEX Technologies Inc. (TSX VENTURE:IBT) today reported its financial results
for the six months ended January 31, 2014.


"Business conditions continue to be challenging for IBEX, due primarily to one
major customer's purchasing hiatus and the on-going post-acqusition investment
in Bio-Research Products" said Paul Baehr, IBEX President and CEO, "but our
financial position continues to be sound. The effect of cost containment
measures at BRP should begin to materialize in the upcoming quarters". 


SECOND QUARTER FISCAL 2014 FINANCIAL RESULTS 

Sales for the quarter ended January 31, 2014 totaled $922,007 compared to
$741,666 in the same period of the prior year. The current period included IBEX
Pharma sales of $745,250 (compared to $635,026 in the year ago period) and
Bio-Research Products Inc. (BRP) sales of $176,757 (compared to $106,640 in the
year ago period, which included only one month of BRP sales). 


The loss for the period was $2,922 compared to a loss of $468,277 in the year
ago period. The reduction in loss is mainly attributable to IBEX Pharma which
had net earnings of $168,273, offset by a loss in BRP of $171,195. The BRP
operating loss for this period included three months' activity compared to one
month's activity for the same period year ago. 


FINANCIAL RESULTS FOR THE SIX MONTHS ENDED JANUARY 31, 2014 

Sales for the six months ended January 31, 2014 totaled $1,801,123, an increase
of 20% compared to the same period in 2013 ($1,496,004). IBEX Pharma sales were
$1,342,245 compared to $1,389,364 in the year ago period. BRP sales were
$458,878 compared to $106,640 in the year ago period, however this result
includes six months of sales from BRP compared to one month of sales for the
same period year ago. 


The Company recorded a net loss of $406,941 compared to a net loss of $399,607
for the same period year ago. The principle part of this loss derived from BRP
which had an operating loss of $375,604.




----------------------------------------------------------------------------
Operating Summary for the Six Months Ended       January 31,    January 31, 
                                                        2014           2013 
----------------------------------------------------------------------------
Revenues                                          $1,801,123     $1,496,004 
(Loss) before interests, tax, depreciation &                                
 amortization                                      ($184,603)     ($305,753)
Depreciation & amortization                         $202,992       $102,910 
Net (loss)                                         ($406,941)     ($399,607)
(Loss) per share basic and diluted                    ($0.02)        ($0.02)



Cash and cash equivalents decreased $190,377 during the six months ended January
31, 2014 as compared to the year ended July 31, 2013. The Company's net working
capital decreased by $199,303 during the six months ended January 31, 2014 as
compared to same period year ago.




----------------------------------------------------------------------------
Balance Sheet Summary as at                       January 31,       July 31,
                                                         2014           2013
----------------------------------------------------------------------------
Cash and cash equivalents                          $1,389,262     $1,579,639
Working capital                                    $2,313,604     $2,512,907
Outstanding shares at report date (Common                                   
 shares)                                           24,703,244     24,703,244



LOOKING FORWARD

Fiscal 2014 and Fiscal 2015 will be challenging years for the Company. As
previously announced, there is a hiatus in sales from one of our major customers
(due to excess inventory on their side) resulting in a cut back in their
purchases over the next two years. In the event the Company is not able to
replace the sales from this major customer with new contracts, it will not be in
a cash flow positive position in Fiscal 2014, and possibly in Fiscal 2015.


The Company has been working on a number of projects with major customers, some
of which it hopes will result in significant revenue in Fiscal 2015. However, we
cannot be certain that any of these projects will in fact come to fruition.


Management believes that the Company has sufficient funds to meet its
obligations and planned expenditures for the ensuing twelve months as they fall
due. In assessing whether the going concern assumption is appropriate,
management takes into account all available information about the future, which
is at least, but not limited to, twelve months from the end of the reporting
period. 


ABOUT IBEX 

IBEX, through its wholly owned subsidiaries IBEX Pharmaceuticals Inc. (Montreal,
QC) and Bio-Research Products, Inc. (North Liberty, IA), manufactures and
markets proteins for biomedical use. IBEX Pharmaceuticals Inc. also manufactures
and markets a series of arthritis assays which are widely used in osteoarthritis
research.


For more information, please visit the Company's website at www.ibex.ca. 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in policies of the TSX Venture Exchange) accepts 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, as they are based on the current assessment or
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, except if required by applicable laws.


In addition to the risk factors identified above, IBEX is, and has been in the
past, heavily reliant on a few key products and customers, the loss of any of
which could have a material effect on profitability.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Paul Baehr
President & CEO
IBEX Technologies Inc.
514-344-4004 x 143
Ibex Technologies (TSXV:IBT)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024