Click here to close now.

SYS-CON MEDIA Authors: Kevin Jackson, Peter Silva, Greg Wind, Glenn Rossman, Michael Jannery

News Feed Item

IBEX Reports Results for the Third Quarter and the Nine Months Ended April 30, 2014

MONTREAL, QUEBEC -- (Marketwired) -- 06/25/14 -- IBEX Technologies Inc. (TSX VENTURE: IBT) today reported its financial results for the nine months ended April 30, 2014.

"While we are pleased to report positive net earnings, improved cash flow and net earnings in the current quarter, we do not expect this to continue over the next several quarters due to continued sales shortfalls in the IBEX Pharma and Bio-Research Products businesses" said Paul Baehr, IBEX President and CEO. "We expect this situation to continue well into calendar 2015 unless certain business initiatives come to pass".

THIRD QUARTER FISCAL 2014 FINANCIAL RESULTS

Sales for the quarter ended April 30, 2014 totaled $1,140,228 compared to $922,007 in the previous quarter and $1,268,908 in the same period of the prior year.

Earnings for the period were $148,844 compared to a loss of $2,922 in the previous quarter and a loss of $122,030 in the year-ago period.

Cash and cash equivalents increased by $49,863 during the quarter (as compared to the previous quarter) while net working capital increased by $224,254.

FINANCIAL RESULTS FOR THE NINE MONTHS ENDED APRIL 30, 2014

Sales for the nine months ended April 30, 2014 totaled $2,941,351, an increase of 6% compared to the same period in 2013 ($2,764,912). IBEX Pharma sales were $2,008,337 compared to $2,391,550 in the year-ago period. BRP sales were $933,014 compared to $373,362 in the year-ago period, however this result includes nine months of sales from BRP compared to four months of sales for the same period a year ago.

The Company recorded a net loss of $258,097 compared to a net loss of $521,637 for the same period of the prior year. The principal part of this loss derived from BRP which had an operating loss of $408,234.


----------------------------------------------------------------------------
Operating Summary for the Nine Months            April 30,        April 30,
 Ended                                                2014             2013
----------------------------------------------------------------------------
Revenues                                   $     2,941,351  $     2,764,912
Earnings (loss) before interests, tax,
 depreciation & amortization               $        68,367  $      (289,191)
Depreciation & amortization                $       297,846  $       226,794
Net (loss)                                 $      (258,097) $      (521,637)
(Loss) per share basic and diluted         $         (0.01) $         (0.02)

Cash and cash equivalents decreased by $140,514 and net working capital increased by $24,951 during the nine months ended April 30, 2014.


----------------------------------------------------------------------------
Balance Sheet Summary as at                      April 30,          July 31,
                                                      2014              2013
----------------------------------------------------------------------------
Cash and cash equivalents                  $     1,439,125   $     1,579,639
Working capital                            $     2,537,858   $     2,512,907
Outstanding shares at report date
 (Common shares)                                24,703,244        24,703,244

LOOKING FORWARD

The balance of Fiscal 2014, and Fiscal 2015, will be challenging for the Company. As previously announced, there is a hiatus in sales from one of our major customers (due to excess inventory on its side) resulting in a cut back in its purchases which may well continue into Fiscal 2015. In the event the Company is not able to replace the sales from this major customer with new contracts, it is not expected to be cash flow positive in Fiscal 2014, nor possibly in Fiscal 2015.

The Company has been working on a number of projects, some of which it hopes will result in significant revenue in Fiscal 2015. However, we cannot give any assurances that any of these projects will come to fruition and produce revenues.

Management believes that the Company has sufficient funds to meet its obligations and planned expenditures for the ensuing twelve months as they fall due. In assessing whether the going concern assumption is appropriate, management takes into account all available information about the future, which is at least, but not limited to, twelve months from the end of the reporting period.

ABOUT IBEX

IBEX, through its wholly owned subsidiaries IBEX Pharmaceuticals Inc. (Montreal, QC) and Bio-Research Products, Inc. (North Liberty, IA), manufactures and markets proteins for biomedical use. IBEX Pharmaceuticals Inc. 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, as they are based on the current assessment or 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, changes to the competitive environment due to consolidation or otherwise, IBEX's reliance on a few key products and customers, the loss of any of which could have a material effect on its profitability, IBEX's cash position, and its ability to meet its obligations as they become due. 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, except if required by applicable laws.

Contacts:
Paul Baehr
President & CEO
IBEX Technologies Inc.
514-344-4004 x 143

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Plutora, Inc., the leading global provider of enterprise release management and test environment management SaaS solutions, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Headquartered in Mountain View, California, Plutora provides enterprise release management and test environment SaaS solutions to clients in North America, Europe and Asia Pacific. Leading companies ...
SYS-CON Events announced today that kintone has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. kintone promotes cloud-based workgroup productivity, transparency and profitability with a seamless collaboration space, build your own business applic...
SYS-CON Events announced today that Akana, formerly SOA Software, has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Akana’s comprehensive suite of API Management, API Security, Integrated SOA Governance, and Cloud Integration solutions helps businesses accelerate digital transformation by securely extending their reach across multiple channels – mobile, cloud and Internet of Thi...
SYS-CON Events announced today that CommVault has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. A singular vision – a belief in a better way to address current and future data management needs – guides CommVault in the development of Singular In...
SYS-CON Events announced today that SafeLogic has been named “Bag Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. SafeLogic provides security products for applications in mobile and server/appliance environments. SafeLogic’s flagship product CryptoComply is a FIPS 140-2 validated cryptographic engine designed to secure data on servers, workstations, appliances, mobile devices, and in the Cloud....
SYS-CON Events announced today that FierceDevOps will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. FierceDevOps keeps software developers and IT operations personnel updated on the latest news and trends around the rapidly evolving role of the traditional IT worker.
SYS-CON Events announced today that QTS Realty Trust, one of the nation’s largest and fastest-growing providers of data center facilities and cloud services and a leader in security and compliance, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. QTS Realty Trust, Inc. (NYSE: QTS) is a leading national provider of data center solutions and fully managed services, and a leader in security and compliance...
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the...
SYS-CON Events announced today that IndependenceIT, a leading software provider of simplified IT management solutions for workspaces, applications and desktops-as-a-service, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. IndependenceIT's Cloud Workspace® Suite combines application, end-user and infrastructure management into a seamless, easy-to-manage platform, with a unified management interface an...
SYS-CON Events announced today that StorPool Storage will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. StorPool is distributed storage software that allows service providers, enterprises and other cloud builders to run data storage on standard x86 servers, instead of using expensive and inefficient storage arrays (SAN).
SYS-CON Events announced today that WSM International (WSM), the world’s leading cloud and server migration services provider, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. WSM is a solutions integrator with a core focus on cloud and server migration, transformation and DevOps services.
SYS-CON Events announced today that that Innodisk, the service-driven provider of industrial embedded flash and DRAM storage products and technologies, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Innodisk is a service-driven provider of industrial embedded flash and DRAM storage products and technologies. With satisfied customers across the embedded, aerospace and defense, cloud storage markets an...
SYS-CON Events announced today that Site24x7, the cloud infrastructure monitoring service, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Site24x7 is a cloud infrastructure monitoring service that helps monitor the uptime and performance of websites, online applications, servers, mobile websites and custom APIs. The monitoring is done from 50+ locations across the world and from various wireless carr...
SYS-CON Events announced today that Intelligent Systems Services will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Established in 1994, Intelligent Systems Services Inc. is located near Washington, DC, with representatives and partners nationwide. ISS’s well-established track record is based on the continuous pursuit of excellence in designing, implementing and supporting nationwide clients’ mission-cri...
SYS-CON Events announced today that B2Cloud, a provider of enterprise resource planning software, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. B2cloud develops the software you need. They have the ideal tools to help you work with your clients. B2Cloud’s main solutions include AGIS – ERP, CLOHC, AGIS – Invoice, and IZUM