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Share Name | Share Symbol | Market | Type |
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Pgnx Capital Corporation | TSXV:PGN | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
Paragon Pharmacies Limited ("Paragon" or "the Company") (TSX VENTURE:PGN) today reported its financial results for the second quarter ended February 28, 2010. Revenue for the three-month period was $20.785 million compared to $22.204 million in the same period last year. The majority of the 6.4% decrease was a result of front store revenue being influenced by challenging economic conditions and increased competitive pressure from larger retailers in the industry. This decline also included a drop in pharmacy revenue which was impacted by reductions to dispensing fees along with the continuing shift to lower priced generic drugs from brand products. Operating income, as defined, was $2.008 million compared to $2.084 million in the same period last year, a decrease of 3.6%. This decrease is a result of declining sales, offset by increased margin percentages and cost containment initiatives that were implemented in fiscal 2009 which reduced labour and product distribution expense. EBITDA, as defined, was $0.976 million in the second quarter compared to $1.110 million in the same period last year, a decrease of $0.134 million or 12.1%. The decrease in EBITDA was primarily the result of the reduction in pharmacy and front store revenue. The net loss for the second quarter was $0.464 million compared to a net loss of $0.401 million in the same period last year, a decrease of 15.7%. R. Gordon Gooding, Chief Executive Officer, said, "Since being appointed CEO of Paragon effective April 1, 2010, I have taken the opportunity to visit the stores and meet with many of the staff throughout the Company. My firm belief is that, while the quarter results are less than anticipated, Paragon has the right combination of professional, capable and caring staff as well as a strong capital position and the aggressiveness necessary to profitably grow its business. All of these factors will enable the Company to move ahead with its objectives and I look forward to being a part of this dynamic organization." During the three month period ended February 28, 2010, Paragon opened a new medical clinic adjacent to its Airdrie, Alberta store, finalized its new point-of-sale vendor and began the implementation phase of the project, and continued the process of expanding and enhancing its long term care operations through the use of technology and efficient work flow improvements. The Company also continued with its unified pharmacy platform conversion within its Alberta and Manitoba locations. The Company is closely monitoring regulatory changes that may impact the Company's industry including the latest developments in Ontario's overhaul of its public drug program as more fully outlined in the Company's Management's Discussion & Analysis dated April 22, 2010. At the same time, the Company continues to seek out opportunities to explore additional pharmacy-related revenue streams to offset the inevitable decline in financial support from generic drug suppliers. The Company has secured a new three year credit facility with a $5.0 million operating line, $5.0 million term loan and $15.0 million acquisition facility effective April 6, 2010. These replacement facilities will provide financing to fund future acquisitions on reasonable terms and conditions. The Company commenced a Normal Course Issuer Bid on October 9, 2009. To date, the Company has purchased 2.844 million shares for cash consideration of $0.953 million. The Company's unaudited consolidated financial statements and Management's Discussion and Analysis for the three month period ended February 28, 2010 are available at the Investor Relations section of Paragon's website at www.paragonpharmacies.com or under the Company's profile on SEDAR at www.sedar.com. Paragon Pharmacies Limited is building a pharmacy with our customers in mind. Headquartered in Kelowna, BC and employing over 400 staff, Paragon currently owns and operates 19 retail pharmacies and three central fill pharmacies throughout British Columbia, Alberta and Manitoba. Paragon is a leading mid-market pharmacy, providing premier pharmacy services in a friendly, community-focused environment. FORWARD LOOKING STATEMENTS This press release contains forward-looking statements regarding, among other things, the Company's beliefs, plans, objectives, strategies, estimates, intentions and expectations, including as they relate to its operating and financial results, capital expenditures and the ability to execute on its operating, investing and financing strategies. Consequently, actual results and events may differ materially from those included in, contemplated or implied by such forward looking statements for a variety of reasons. Forward-looking statements are subject to inherent risks and uncertainties including, but not limited to, market and general economic conditions, certain property and casualty risks, the ability to attract and retain pharmacists, the availability and terms of financing, changes in the Company's relationship with its key suppliers, competitive factors, changes in regulatory environments affecting the Company's business, and the accuracy in management's assumptions (see "RISKS AND RISK MANAGEMENT" as noted in the Company's Management's Discussion & Analysis posted on SEDAR at www.sedar.com). This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. Investors and others should carefully consider these and other factors and not place undue reliance on these forward-looking statements. In addition, these forward-looking statements relate to the date on which they were made and the Company disclaims and has no intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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