IBEX Reports Results for the Third Quarter and the Nine Months Ended April 30, 2013

IBEX Technologies Inc. (TSX VENTURE:IBT) today reported its financial results
for the nine months ended April 30, 2013. These results include four months of
the newly acquired Bio-Research Products ("BRP").


"While I'm pleased to report that sales have increased 60% for the quarter and
29% for the nine month period, due in part to our acquisition of BRP our
operating profit is below expectation, primarily due to higher than expected
professional fees associated with the acquisition, and to a temporary disruption
in manufacturing of one of BRP's major products", said Paul Baehr, President and
CEO of IBEX. "We do however expect to be back on track in the fourth quarter"
said Mr. Baehr. 


FINANCIAL RESULTS FOR THE THIRD QUARTER OF FISCAL 2013 

Sales for the quarter ended April 30, 2013 totaled $1,268,908, an increase of
60% compared to the same period year ago. These results include a 26% increase
in sales from IBEX Pharmaceuticals and the remaining increase derives from BRP. 


Despite this increase in sales, the Company recorded a net loss of $63,812 in
the quarter. This compares to a gain of $217,438 for the same period year ago,
and a loss of $459,993 in the previous quarter. The loss for this period traces
to expenses attributable to the acquisition and to the temporary disruption in
manufacturing at BRP with regard to one of its major products (sales of this
product have now resumed). 


Expenses increased to $1,332,720 in the quarter compared to $577,263 in the
year-ago quarter. This increase is mainly attributable to the inclusion of the
operating expenses of the newly acquired BRP ($516,253) and professional fees
related to the purchase of BRP (approximately $89,000). 


FINANCIAL RESULTS FOR NINE MONTH ENDED APRIL 30, 2013 

Sales for the nine months ended April 30, 2013 totaled $2,764,912, an increase
of 29% compared to the same period in 2012. This result includes a 12% increase
in sales for IBEX Pharmaceuticals with the remaining increase deriving from BRP.



Net loss for the nine months ended April 30, 2013 was $455,135 compared to net
earnings of $303,624 in the same period last year. This year-on-year change is
mainly attributable to professional fees related to the purchase of BRP
(approximately $253,000), an operating loss at the newly acquired BRP ($261,000)
due to a now-resolved production interruption with a major product, and a swing
in the capitalization of inventory (approximately $240,000). 


Total Expenses for the nine months ended April 30, 2013 increased to $3,220,047
from $1,835,969, principally due to the inclusion of BRP expenses and the
factors mentioned above. 




Financial summary for the nine months ending                                
----------------------------------------------------------------------------
                                                      April 30,    April 30,
                                                           2013         2012
                                                   -------------------------
Revenues                                             $2,764.912   $2,139,593
Earnings (Loss) Before Interests, Tax, Depreciation                         
 & Amortization                                       ($248,352)    $395,726
Depreciation & Amortization                            $200,884     $116,568
Net (loss) earnings                                   ($455,135)    $303,624
(Loss) Earnings per Share                                ($0.02)       $0.01
Cash, Cash Equivalents & short-term investments      $1,367,333   $2,145,874
Working Capital                                      $2,570,941   $3,238,080
Outstanding shares at report date (Common Shares)    24,703,244   24,703,244



ABOUT IBEX 

The Company, through its wholly owned subsidiaries, IBEX Pharmaceuticals Inc.
(Montreal, QC) and Bio-Research Products Inc. (North Liberty, IA), manufactures
and markets enzymes for biomedical use. IBEX 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, 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Paul Baehr
President & CEO
IBEX Technologies Inc.
514-344-4004 x 143
Ibex Technologies (TSXV:IBT)
과거 데이터 주식 차트
부터 11월(11) 2024 으로 12월(12) 2024