IBEX Reports its Fiscal 2010 Results
27 Ottobre 2010 - 2:00PM
Marketwired Canada
IBEX Technologies Inc. (TSX VENTURE:IBT), today reported its financial results
for the year ended July 31, 2010.
FINANCIAL RESULTS FOR THE FISCAL YEAR
"As expected, the Company strengthened its balance sheet during Fiscal 2010,
while sales and profits decreased due to changes in currency and a tough US
economy which affected some of our major customers' ordering patterns" said Paul
Baehr, IBEX President and CEO. "We expect the weak business environment in our
respective markets to continue in Fiscal 2011 before recovering in Fiscal 2012",
said Baehr.
Our total cash, cash equivalents, and marketable securities improved 34% over
the year to $3,033,556 from $2,260,344. Working capital improved to $3,287,875
as at July 31, 2010 from $2,881,146 as at July 31, 2009.
Sales for the year ended July 31, 2010 were $2,628,746 compared to $3,544,282
for the same period in the prior year, representing a decrease of 26%. The net
decrease of $915,536 in sales vs. year ago was mainly due to changes in
currency, ($586,105) and to a downturn in volume ($329,432) stemming from a
reduction in orders from one of our major customers who apparently has an excess
inventory due to reduced sales in the US hospital market.
Expenses for the year ended July 31, 2010 decreased $78,160 (4%) to $2,122,384.
Expenses did not decline in proportion to sales due to the fixed cost nature of
the IBEX business.
Net earnings for the year ended July 31, 2010 were $506,362, compared to net
earnings of $1,343,738, for the previous fiscal year. It is worth mentioning
that, Fiscal 2009 was an unusual year, benefitting from a high US dollar,
profits from our successful currency hedging program ($386,534) along with
strong sales, a combination of events which was not forecasted to repeat in
Fiscal 2010).
Financial Summary for the year ending:
--------------------------------------------------------------------------
July 31, July 31,
2010 2009
Revenues $2,628,746 $3,544,282
Earning Before Interests, Tax, Depreciation &
Amortization $624,367 $1,409,367
Depreciation & Amortization $131,161 $83,810
Net Earnings $506,362 $1,343,738
Net Earnings per Share $0.02 $0.05
Cash, Cash Equivalents & Marketable Securities $3,033,556 $2,260,344
Working Capital $3,278,875 $2,881,146
Outstanding shares at report date (Common
Shares) 24,703,244 24,703,244
FINANCIAL RESULTS FOR THE FOURTH QUARTER
Cash, cash equivalents, and marketable securities increased 2% during the
quarter to $3,033,556. The Company's working capital decreased 6% during the
quarter to $3,278,875 (down from $3,482,086 as at the end of the prior quarter
ending April 30, 2010) due to accrued expenses (which increased the current
liabilities) and impact of lower sales (which reduced receivables).
Sales for the quarter ended July 31, 2010 totaled $641,550, a decrease of 26% as
compared to $863,691 in the same period year ago. Excluding the currency
impacts, enzymes sales increased 26% versus the previous quarter but have
decreased 13% versus the same quarter year ago. Sales of arthritis assays were
equal to last year's same quarter, although down 24% vs. the previous quarter.
Expenses excluding the foreign exchange gain, write-off and gain on asset
disposal, as compared to year ago, increased to $736,115 from $543,678 in the
same quarter a year ago. The increase in expenses is due to several factors such
as a non-cash entry related to the grant of stock options, higher amortization
expense, higher inventory allocation and expenses related to new R&D projects.
Included in the Q4 expenses was a reversal of a reserve the Company had taken
some years ago in connection with a disposal of assets.
Net loss for the quarter ended July 31, 2010 was $128,436, compared to net
earnings of $474,632, for the fourth quarter of fiscal year 2009.
Despite lower sales and the weakness of the US dollar, the decrease in reported
net earnings for the fourth quarter of Fiscal 2010 when compared to the same
period a year ago, is largely attributable to a non-cash calculation related to
granted stock options ($51,052) and a higher inventory allocation cost
($100,963) as well as higher amortization expenses ($37,534) due to the
purchases of equipment and to the commencement of new R&D projects ($42,367).
LOOKING FORWARD
Fiscal 2011 looks to be a difficult year for IBEX's major US customers, and
therefore for IBEX. Additionally, the Canadian dollar is forecast to remain
strong against the US dollar, which does not work in our favour. We therefore do
not expect to have positive net earnings in Fiscal 2011, but expect to return to
profitability in Fiscal 2012, as the US economy improves.
Despite difficult outlook for Fiscal 2011 we will continue to invest in the
future. IBEX will add additional manufacturing capacity, and will continue with
the development of our improved immuno- assays, which are scheduled for
introduction in calendar 2011, with benefits accruing in 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.
The TSX Venture Exchange does not accept 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.
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