×

Polydex Pharmaceuticals Ltd. Reports 3rd Quarter Financial Results

Polydex Pharmaceuticals Limited Logo

TORONTO, Dec. 11, 2013 (GLOBE NEWSWIRE) -- Polydex Pharmaceuticals Limited (Pink Sheets:POLXF) has published its third quarter financial report, and is pleased to announce another profitable quarter this fiscal year as a result of continued high demand from customers and increased sales, despite traditionally lower sales during the third quarter and some production downtime for equipment improvements. Management remains committed to maintaining profitability while implementing equipment upgrades to handle larger volumes.

Financial results for the third quarter of fiscal 2014, including the three-month and nine-month periods ended October 31, 2013, are shown together with comparative figures from the same periods in the previous fiscal year, and reported in U.S. dollars. The full quarterly report is available on the Company website. www.Polydex.com

3 months ended
October 31, 2013
3 months ended
October 31, 2012
9 months ended
October 31, 2013
9 months ended
October 31, 2012
Sales $ 1,319,100 $ 1,385,226 $ 4,625,497 $ 3,696,826
Net Income (loss) 46,300 (133,584) 518,594 (360,550)
Income (loss) per Common Share
Basic .01 (.04) .16 (.11)
Diluted .01 (.04) .15 (.11)
Weighted average # Common Shares
Basic 3,172,846 3,172,846 3,172,846 3,172,846
Diluted 3,492,268 3,172,846 3,395,664 3,172,846

EBITDA (Earnings before interest, taxes, depreciation and amortization) increased to $656,530 for the nine months ended October 31, 2013 compared to negative $144,329 for the same period in the previous year.

During the first nine months of the fiscal year 2014, the company continued to experience a high demand for product resulting in increasing sales during the first two quarters. An investment into production equipment became necessary in the third quarter, which resulted in some production downtime and a decrease in sales for that period. Management plans to continue further upgrades to equipment capable of larger volume production through late fiscal 2014 and early 2015 but remains committed to maintaining profitability despite possible short-term negative impact on production and sales during installation periods.

"Our order book remains very strong, in part due to our customers who have really supported us through equipment replacement periods with their patience and willingness to invest in assuring long term availability of the consistently high quality products they have come to expect from us," said George Usher, President and CEO of Polydex.

The Company's publicly traded shares continue to be quoted on the OTC Pink platform (www.otcmarkets.com/stock/POLXF/quote).

Polydex Pharmaceuticals Limited, based in Toronto, Ontario, Canada, is engaged in the development, manufacture and marketing of biotechnology-based products for the human pharmaceutical market, and also manufactures bulk pharmaceutical intermediates for the worldwide veterinary pharmaceutical industry. Company website: www.Polydex.com

Note: This press release may contain forward-looking statements, within the meaning of the United States Securities Act of 1933, as amended, and the United States Securities Exchange Act of 1934, as amended, regarding Polydex Pharmaceuticals Limited, including, without limitation, statements regarding expectations about future revenues or business opportunities or potential research projects. These statements are typically identified by use of words like "may", "could", "might", "expect", "anticipate", "believe", or similar words. Actual events or results may differ materially from the Company's expectations, which are subject to a number of known and unknown risks and uncertainties including but not limited to changing market conditions, future actions by the United States Food and Drug Administration or equivalent foreign regulatory authorities. Other risk factors discussed in the Company's financial reports may also affect the actual results achieved by the Company.

CONTACT: Investor Relations: North Arm Capital Services, Linda Hughes 1-877-945-1621, Linda@northarm.com

Source:Polydex Pharmaceuticals Limited