|By Marketwired .||
|June 25, 2014 04:15 PM EDT||
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
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.
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.
President & CEO
IBEX Technologies Inc.
514-344-4004 x 143
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com...
Nov. 23, 2014 07:45 AM EST Reads: 1,353
We are all here because we are sold on the transformative promise of The Cloud. But what good is all of this ephemeral, on-demand infrastructure if your usage doesn't actually improve the agility and speed of your business? How must Operations adapt in order to avoid stifling your Cloud initiative? In his session at DevOps Summit, Damon Edwards, co-founder and managing partner of the DTO Solutions, will highlight the successful organizational, process, and tooling patterns of high-performing c...
Nov. 23, 2014 02:00 AM EST Reads: 1,039
The definition of IoT is not new, in fact it’s been around for over a decade. What has changed is the public's awareness that the technology we use on a daily basis has caught up on the vision of an always on, always connected world. If you look into the details of what comprises the IoT, you’ll see that it includes everything from cloud computing, Big Data analytics, “Things,” Web communication, applications, network, storage, etc. It is essentially including everything connected online from ha...
Nov. 22, 2014 10:00 PM EST Reads: 1,120
Software-driven innovation is becoming a primary approach to how businesses create and deliver new value to customers. A survey of 400 business and IT executives by the IBM Institute for Business Value showed businesses that are more effective at software delivery are also more profitable than their peers nearly 70 percent of the time (1). DevOps provides a way for businesses to remain competitive, applying lean and agile principles to software development to speed the delivery of software that ...
Nov. 22, 2014 08:00 PM EST Reads: 1,450
Docker offers a new, lightweight approach to application portability. Applications are shipped using a common container format and managed with a high-level API. Their processes run within isolated namespaces that abstract the operating environment independently of the distribution, versions, network setup, and other details of this environment. This "containerization" has often been nicknamed "the new virtualization." But containers are more than lightweight virtual machines. Beyond their small...
Nov. 22, 2014 06:45 PM EST Reads: 1,192
The move in recent years to cloud computing services and architectures has added significant pace to the application development and deployment environment. When enterprise IT can spin up large computing instances in just minutes, developers can also design and deploy in small time frames that were unimaginable a few years ago. The consequent move toward lean, agile, and fast development leads to the need for the development and operations sides to work very closely together. Thus, DevOps become...
Nov. 22, 2014 05:45 PM EST Reads: 1,309
ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ -- IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and asse...
Nov. 22, 2014 05:30 PM EST Reads: 1,135
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Ar...
Nov. 21, 2014 09:15 PM EST Reads: 1,280
Leysin American School is an exclusive, private boarding school located in Leysin, Switzerland. Leysin selected an OpenStack-powered, private cloud as a service to manage multiple applications and provide development environments for students across the institution. Seeking to meet rigid data sovereignty and data integrity requirements while offering flexible, on-demand cloud resources to users, Leysin identified OpenStack as the clear choice to round out the school's cloud strategy. Additional...
Nov. 21, 2014 08:45 PM EST Reads: 1,232
Technology is enabling a new approach to collecting and using data. This approach, commonly referred to as the "Internet of Things" (IoT), enables businesses to use real-time data from all sorts of things including machines, devices and sensors to make better decisions, improve customer service, and lower the risk in the creation of new revenue opportunities. In his General Session at Internet of @ThingsExpo, Dave Wagstaff, Vice President and Chief Architect at BSQUARE Corporation, discuss the ...
Nov. 21, 2014 08:00 PM EST Reads: 1,353
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, a...
Nov. 21, 2014 08:00 PM EST Reads: 1,294
SYS-CON Media announced today that Aruna Ravichandran, VP of Marketing, Application Performance Management and DevOps at CA Technologies, has joined DevOps Journal’s authors. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. DevOps Journal brings valuable information to DevOps professionals who are transforming the way enterprise IT is done. Aruna's inaugural article "Four Essential Cultural Hacks for DevOps Newbies" discusses how to demonstrate the...
Nov. 21, 2014 07:00 PM EST Reads: 1,274
"BSQUARE is in the business of selling software solutions for smart connected devices. It's obvious that IoT has moved from being a technology to being a fundamental part of business, and in the last 18 months people have said let's figure out how to do it and let's put some focus on it, " explained Dave Wagstaff, VP & Chief Architect, at BSQUARE Corporation, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Nov. 21, 2014 07:00 PM EST Reads: 1,230