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
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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.
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CONSOLIDATED BALANCE SHEETS
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April 30, July 31,
UNAUDITED 2011 2010
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$ $
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
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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
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Total assets 4,089,054 4,519,951
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LIABILITIES
Current liabilities
Accounts payable and accrued liabilities 199,793 472,042
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Total liabilities 199,793 472,042
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SHAREHOLDERS' EQUITY
Capital stock 52,660,078 52,660,078
Contributed surplus 563,753 522,760
Deficit (49,334,570) (49,134,929)
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Total shareholders' equity 3,889,261 4,047,909
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Total liabilities and shareholders' equity 4,089,054 4,519,951
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CONSOLIDATED STATEMENTS OF DEFICIT April 30, April 30,
2011 2010
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$ $
Balance - Beginning of period (49,134,929) (49,641,291)
Net (loss) earnings for the period (199,641) 634,797
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Balance - End of period (49,334,570) (49,006,494)
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CONSOLIDATED STATEMENTS OF EARNING AND COMPREHENSIVE INCOME
UNAUDITED
Three months ended Nine months ended
April 30 April 30
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2011 2010 2011 2010
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$ $ $ $
Revenue 597,074 469,502 1,485,699 1,987,196
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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
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Total operating expenses (465,497) (331,575) (1,685,340) (1,352,399)
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Net earnings (loss) and
other comprehensive
income 131,577 137,927 (199,641) 634,797
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Net earnings (loss) and
other comprehensive
income per share
Basic and diluted $ 0.01 $ 0.01 ($0.01) $ 0.03
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See accompanying notes
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CONSOLIDATED CASH FLOW
STATEMENTS Three months ended Nine months ended
April 30 April 30
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UNAUDITED 2011 2010 2011 2010
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$ $ $ $
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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 - -
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Cash flow relating to
operating activities 181,573 173,237 (40,993) 798,628
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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)
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Net changes in non-cash
working capital balances
relating to operations (398,627) 11,555 (520,851) 112,609
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Cash flow relating to
operating activities (217,054) 184,792 (561,844) 911,237
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Investing activities
Additions to property and
equipment (27,799) (115,788) (485,280) (197,688)
- -
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Cash flow relating to
financing activities (27,799) (115,788) (485,280) (197,688)
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(Decrease) Increase in
cash and cash equivalents
during the quater (244,853) 69,004 (1,047,124) 713,549
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Cash and cash equivalents
- Beginning of period 2,231,287 2,904,890 3,033,558 2,260,345
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Cash and cash equivalents
- End of period 1,986,434 2,973,894 1,986,434 2,973,894
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Ibex Technologies (TSXV:IBT)
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Ibex Technologies (TSXV:IBT)
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