TORONTO, June 10, 2015 (GLOBE NEWSWIRE) -- Polydex Pharmaceuticals Limited (Pink Sheets:POLXF) (the "Company") reports financial results for the first quarter of fiscal 2016, the period ending April 30, 2015. All figures are reported in U.S. dollars.
| Q.1, ending April 30, 2015 | Q.1, ending April 30, 2014 | ||
| Sales | 1,561,177 | 1,412,982 | |
| Net Income | 319,727 | 74,595 | |
| Income per common share | - basic | 0.10 | 0.02 |
| - diluted | 0.09 | 0.02 | |
| Weighted avg. common shares | |||
| Outstanding | - basic | 3,305,478 | 3,225,478 |
| - diluted | 3,509,683 | 3,420,321 | |
Profit increased compared to the first quarter of fiscal 2015 due to an increase in powdered product sales. This was facilitated by minimal production breakdowns, which in turn resulted primarily from the significant investment in equipment in previous periods.
Management is committed to maintaining and improving productivity, and will continue to invest in equipment that will allow for increased production and enable the Company to meet the substantial customer demand it continues to experience.
EBITDA (Earnings before interest, taxes, depreciation and amortization) for the three months ended April 30, 2015 amounts to $368,505, a significant increase over the same period last year of $120,875.
"We are pleased with the strong earnings results for this first quarter," said George Usher, President and CEO, adding "the investments we made in equipment upgrades really helped increase our production capacity and fill orders. Customer audits of our facility allow them to see the benefits of the upgrades and appreciate our focus on consistent production of the high quality products they have come to expect from us." When asked about the 329% increase in profits over last quarter, Mr. Usher replied, "That's remarkable. We experienced quite a significant slowdown in the first quarter last year due to low water pressure, but our previous investments are now showing their worth, especially in this quarter. Our profit increase has been further augmented by an increase in sales of higher margin powdered products. We expect this trend to continue as long as we don't experience any unplanned production interruptions."
The Company has also been developing new formulations of product for potential new market opportunities.
The Company publicly traded shares continue to be quoted on the OTC Pink Sheet platform (www.otcmarkets.com/stock/POLXF/quote).
The company continues full disclosure of its financial and operational results, which can be accessed by visiting the company website at www.Polydex.com. Product information is available at www.dextran.ca
Polydex Pharmaceuticals Limited, based in Toronto, Ontario, Canada, is engaged in the manufacture of bulk pharmaceutical intermediates for the worldwide veterinary pharmaceutical industry and also the development, manufacture and marketing of biotechnology-based products for the human pharmaceutical market. 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 as results of pending or future clinical trials. Other risk factors discussed in the Company's filings with the United States Securities and Exchange Commission may also affect the actual results achieved by the Company.