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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 third quarter ended May 31, 2010. Revenue for the three-month period was $20.947 million compared to $21.615 million in the same period last year. This 3.1% decrease was a result of a 0.3% decline in comparable store pharmacy revenue and a 7.3% decline in comparable front store revenue. Pharmacy revenue was impacted by regulatory changes to pricing structures of generic drugs in Alberta, along with the increased availability of lower priced generic drugs in the marketplace. "The current challenging regulatory, competitive and economic environment has impacted the Company's third quarter results", said R. Gordon Gooding, appointed Chief Executive Officer effective April 1, 2010. "However, Paragon's capital position, together with the recently secured three-year credit facility will allow the Company to move forward with its plan to improve existing stores, and continue to search for new business development opportunities throughout Western Canada. The Company has also strengthened its senior management team who, together with the managers and employees in both the retail and pharmacy segments of our stores, are working on a significant number of initiatives to improve store operations." Operating income, as defined, was $2.151 million compared to $2.685 million in the same period last year, a decrease of 19.9%. EBITDA, as defined, was $0.890 million in the third quarter compared to $1.529 million in the same period last year, a decrease of $0.639 million or 41.8%. The decrease in operating income and EBITDA in the third quarter was a result of the reduction in front store and pharmacy revenue and an increase in operating expenses of $0.274 million over the same period in the prior year. The net loss for the third quarter was $0.584 million compared to a net income of $0.171 million in the same period last year, an increase in net loss of $0.755 million. This change is primarily due to a decline in revenue over the same period the previous year. The pharmacy industry continues to face ongoing regulatory change which will alter the way generic drugs are priced and pharmacy allowances are charged. The Company's assessment of these changes is more fully described in Management's Discussion & Analysis for the three and nine month periods ended May 31, 2010 in the section entitled Regulatory Changes That Impact the Company's Industry. The Company's unaudited consolidated financial statements and Management's Discussion and Analysis for the three and nine month periods ended May 31, 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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