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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ibex Technologies Inc | TSXV:IBT | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.44 | 1.25 | 1.45 | 0 | 01:00:00 |
IBEX Technologies Inc. (TSX VENTURE:IBT) today reported its financial results for the nine months ended April 30, 2011. FINANCIAL RESULTS FOR THE THIRD QUARTER OF FISCAL 2011 Sales for the quarter ended April 30, 2011 totaled $597,074, an increase of 27% as compared to $469,502 in the same period of the prior year. The increase in sales can be attributed to a return to a normal ordering pattern by one of our major customers. "We are pleased to see a return to more normal selling patterns, however the strong Canadian dollar continues to have a negative impact on our business profitability when compared to year-ago", said Paul Baehr, IBEX President and CEO. Excluding financial and R&D expenses, operating expenses for the third quarter ended April 30, 2011 decreased 22% from $659,431 to $451,558. A significant portion of this reduction was due to an inventory related accounting gain which will be reversed in the next quarter. The Company recorded net earnings of $131,577 compared to net earnings of $137,927 for the same period year ago. This decrease in net earnings is principally due to several factors such as: -- lower currency gains related to forward contracts -- increase in R&D expenses -- increase in amortization expenses related to investments in new equipment Due primarily to investment in inventory and capital assets, cash, cash equivalents, and marketable securities decreased 11% during the quarter ended April 30, 2011 to $1,986,434 from $2,231,287 as of January 31, 2011. The Company's working capital was $2,750,754 as at the end of the third quarter ended April 30, 2011 up from $2,598,828 as at the end of the prior quarter ending January 31, 2011. This increase in working capital traces to an increase in current assets such as inventory and accounts receivable. FINANCIAL RESULTS FOR THE YEAR TO DATE Reported sales for the nine months ended April 30, 2011 totaled $1,485,699, a decrease of 25% as compared to $1,987,196 for the same period in the prior year. This decrease in sales is principally due to a reduction in orders in both the enzymes and arthritis product lines. The reduction in the enzymes line was due to a temporary adjustment of inventories by our key customers, whose ordering pattern has now returned to normal. The reduction in arthritis assays stemmed from a decrease in the number of arthritis trials conducted by our key customers. Research and development expenses for the nine months ended April 30, 2011 totaled $225,021 compared to $7,980 in the nine months ending April 31, 2010. In the third quarter of fiscal 2010, the Company hired new scientific specialists to work on its arthritis assays product line and should introduce new assays with financial benefits in Fiscal 2012. Net loss for the nine months ended April 30, 2011 was $199,641, compared to net earnings of $634,797, for the same period in previous fiscal year. This net loss is mainly due to lower currency gains made on hedging against the US dollar, lower sales, and to the increase in R&D expenses. Excluding R&D and financial expenses, operating costs for the nine months ended April 30, 2011 decreased to $1,503,945 from $1,762,712, principally due to a higher inventory allocation (the transfer of expenses to the balance sheet as a result of producing in current quarters for sale in future quarters), as well as reduced compensation costs. Owing primarily to increased investment in inventory and capital assets, cash, cash equivalents, and marketable securities decreased 34% over the nine months ended April 30, 2011 to $1,986,434 from $3,033,556 on July 31, 2010. Working capital decreased to $2,750,754 on April 30, 2011 from $3,278,875 as at July 31, 2010. Financial Summary for the nine months ending -------------------------------------------------------------------------- April 30, 2011 April 30, 2010 Revenues $1,485,699 $1,987,196 (Loss) Earnings Before Interests, Tax, Depreciation & Amortization ($99,730) $717,180 Depreciation & Amortization $117,655 $93,676 Net (Loss) Earnings ($199,641) $634,797 (Loss) Profit per Share ($0.01) $0.03 Cash, Cash Equivalents & Marketable Securities $1,986,434 $2,973,894 Working Capital $2,750,754 $3,482,086 Outstanding shares at report date (Common Shares) 24,703,244 24,703,244 LOOKING FORWARD Fiscal 2011 looks to be a difficult year for IBEX due to softness in the US business environment and the strong Canadian dollar. Despite a difficult outlook for Fiscal 2011, we have made two important investments in our future. IBEX has recently completed a project to add additional enzyme-related manufacturing capacity, and has also re-established a small R&D group with the object of adding to our line of arthritis immunoassays and also improving our existing assays. We expect to introduce new assays in calendar 2011, with financial benefits accruing in the second half of Fiscal 2012. 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 in patients. 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. 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 2011 2010 -------------------------------------------------------------------------- $ $ ASSETS Current assets Cash and cash equivalents 1,286,434 2,333,556 Marketable securities - 300,000 Accounts receivable 410,154 422,761 Inventories 452,229 226,364 Prepaid expenses 101,730 68,236 -------------------------------------------------------------------------- Sub-total current assets 2,250,547 3,350,917 Long term deposit 10,500 8,650 Marketable securities 700,000 400,000 Property and equipment 1,128,007 760,384 -------------------------------------------------------------------------- Total assets 4,089,054 4,519,951 -------------------------------------------------------------------------- -------------------------------------------------------------------------- LIABILITIES Current liabilities Accounts payable and accrued liabilities 199,793 472,042 -------------------------------------------------------------------------- Total liabilities 199,793 472,042 -------------------------------------------------------------------------- SHAREHOLDERS' EQUITY Capital stock 52,660,078 52,660,078 Contributed surplus 563,753 522,760 Deficit (49,334,570) (49,134,929) -------------------------------------------------------------------------- Total shareholders' equity 3,889,261 4,047,909 -------------------------------------------------------------------------- Total liabilities and shareholders' equity 4,089,054 4,519,951 -------------------------------------------------------------------------- -------------------------------------------------------------------------- -------------------------------------------------------------------------- CONSOLIDATED STATEMENTS OF DEFICIT April 30, April 30, 2011 2010 -------------------------------------------------------------------------- $ $ Balance - Beginning of period (49,134,929) (49,641,291) Net (loss) earnings for the period (199,641) 634,797 -------------------------------------------------------------------------- Balance - End of period (49,334,570) (49,006,494) -------------------------------------------------------------------------- -------------------------------------------------------------------------- CONSOLIDATED STATEMENTS OF EARNING AND COMPREHENSIVE INCOME UNAUDITED Three months ended Nine months ended April 30 April 30 -------------------------------------------------------------------------- 2011 2010 2011 2010 -------------------------------------------------------------------------- $ $ $ $ Revenue 597,074 469,502 1,485,699 1,987,196 -------------------------------------------------------------------------- Operating expenses Research and Development expenses (84,263) (7,980) (225,021) (7,980) Selling, general and administrative expenses and cost of goods sold (401,562) (633,496) (1,385,840) (1,669,035) Amortization of property and equipment (49,996) (25,935) (117,655) (93,676) Other interest and bank charges (2,370) (3,161) (7,331) (9,796) Foreign exchange gain 60,207 353,029 32,763 437,989 Writteoff of property and equipment - (21,194) - (21,194) Investment income 12,487 7,162 17,744 11,293 -------------------------------------------------------------------------- Total operating expenses (465,497) (331,575) (1,685,340) (1,352,399) -------------------------------------------------------------------------- -------------------------------------------------------------------------- Net earnings (loss) and other comprehensive income 131,577 137,927 (199,641) 634,797 -------------------------------------------------------------------------- Net earnings (loss) and other comprehensive income per share Basic and diluted $ 0.01 $ 0.01 ($0.01) $ 0.03 -------------------------------------------------------------------------- -------------------------------------------------------------------------- See accompanying notes -------------------------------------------------------------------------- CONSOLIDATED CASH FLOW STATEMENTS Three months ended Nine months ended April 30 April 30 ------------------------------------------------ UNAUDITED 2011 2010 2011 2010 -------------------------------------------------------------------------- $ $ $ $ -------------------------------------------------------------------------- Cash flows provided by (used in): Operating activities Net earnings (loss) for the period 131,577 137,927 (199,641) 634,797 Items not affecting cash - Amortization of property and equipment 49,996 25,935 117,655 93,676 Stock-based compensation costs - 9,375 40,993 70,155 Gain on disposal of property and equipment - - -------------------------------------------------------------------------- Cash flow relating to operating activities 181,573 173,237 (40,993) 798,628 -------------------------------------------------------------------------- Net changes in non-cash working capital items - (Increase) decrease in accounts receivable (101,014) (37,327) 12,607 443,184 (Increase) decrease in inventories (162,241) 37,046 (225,865) (5,405) (Increase) in prepaid expenses (73,615) (92,826) (35,344) (39,470) (Decrease) increase in accounts payable and accrued liabilities (61,757) 104,662 (272,249) (285,700) -------------------------------------------------------------------------- Net changes in non-cash working capital balances relating to operations (398,627) 11,555 (520,851) 112,609 -------------------------------------------------------------------------- Cash flow relating to operating activities (217,054) 184,792 (561,844) 911,237 -------------------------------------------------------------------------- Investing activities Additions to property and equipment (27,799) (115,788) (485,280) (197,688) - - -------------------------------------------------------------------------- Cash flow relating to financing activities (27,799) (115,788) (485,280) (197,688) -------------------------------------------------------------------------- (Decrease) Increase in cash and cash equivalents during the quater (244,853) 69,004 (1,047,124) 713,549 -------------------------------------------------------------------------- Cash and cash equivalents - Beginning of period 2,231,287 2,904,890 3,033,558 2,260,345 -------------------------------------------------------------------------- Cash and cash equivalents - End of period 1,986,434 2,973,894 1,986,434 2,973,894 -------------------------------------------------------------------------- --------------------------------------------------------------------------
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