|By Marketwired .||
|January 14, 2014 08:31 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/14/14 -- Pyng Medical Corp. (TSX VENTURE: PYT) today announced financial and operating results for the fiscal year ended September 30, 2013. All amounts are in Canadian dollars unless stated otherwise.
The Company reported total sales of $5,073,964 for fiscal 2013, up $533,565 or 12% compared to $4,540,399 reported a year ago. T-POD® sales of $1,215,647, an increase of 29% over fiscal 2012, were a major contributor to this growth, as was increased demand from the USA military market combined with international sales growth. During fiscal 2013, the Company made significant efforts to expand market penetration and improve the distribution network. As a result, both USA and international sales increased by 11% and 14% respectively, compared to the sales reported in fiscal 2012. Gross margin as a percentage of sales declined from 61% for fiscal 2012 to 46% for fiscal 2013 which was driven by several factors, including a large one-time production transfer cost for FAST1®
The Company also reported a net loss of $691,979 for fiscal 2013, a decrease of $357,473, or 34% compared to a net loss of $1,049,452 last year. The reduced loss was mainly due to the net amount of $323,965 that the Company accrued for refundable investment tax credits and related interest earned based on the finalization of an appeal process with Canada Revenue Agency on qualified product development expenditures in fiscal 2000. The loss per share reduced to $0.04 for fiscal year 2013 compared to net loss of $0.07 per share for last year. Earnings before interest, depreciation, amortization and taxes ("EBITDA") from continuing operations decreased to $107,865 during the year (2% of sales) compared with EBITDA of $488,637, (11% of sales) for fiscal year 2012.
For the fourth quarter ended September 30, 2013, the Company recorded total sales of $1,743,945, up $786,913 or 82% compared to $957,032 reported for the comparative quarter of last year. Gross margin increased from $521,142 to $743,284 due to the sales increase. Net income was $129,552 in the fourth quarter of fiscal 2013, compared to a net loss of $1,042,510 for fiscal 2012, which included the net one-time write-down of $1,229,440 related to the CRIC product.
As of September 30, 2013, the Company had a working capital deficiency of $947,852, which worsened by $751,389, compared with the amount $196,463 as at September 30, 2012. The increase in working capital deficiency was primarily attributable to the reclassification of convertible debentures to current liabilities, which come due in August 2014, and the increased accounts payable and accrued liabilities resulting from costs associated with product development, higher production costs, office relocation, and production transfer costs incurred during the year. To improve its working capital position, the Company initiated discussions with its largest manufacturer to transfer a significant portion of past due accounts payable into a term loan. The transaction was closed in November, 2013. The Company is also actively working on financing options to fulfill its debt obligations, including issuing additional debt or equity financing to pay back or refinance the current convertible debt on maturity. There can be no assurance that these initiatives will be successful.
During fiscal 2013, the Company completed the FASTx re-launch project (initiated after the recall of 2010) and obtained regulatory approval for the new FASTResponder product from Health Canada, Europe (CE Mark), and USA (Food and Drug Administration- "FDA"). The Company also successfully completed the manufacturing outsourcing process of FAST1®. With the launch of new products, various organizational changes, and enhanced marketing strategies, management believes the Company is well-positioned to achieve a stronger performance in fiscal 2014.
Full audited financial results for fiscal year ended September 30, 2013 are available on SEDAR at www.sedar.com.
About Pyng Medical Corp.
Pyng Medical Corp. commercializes award-winning trauma and resuscitation products for front-line critical care personnel. Pyng's expanded product portfolio includes a variety of innovative, lifesaving tools. With growing markets in North America, Europe and Asia, Pyng offers user-preferred medical devices for use by hospital staff, emergency medical services and military forces worldwide.
Safe Harbour Statement; Forward-Looking Statements: This release may contain forward-looking statements based on management's expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the Company's strategy for growth, product development, market position, expected expenditures and financial results are forward-looking statements. Some of the forward-looking statements may be identified by words like "expects", "anticipates", "plans", "intends", "projects", "indicates", and similar expressions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, including those discussed more fully elsewhere in this release and in documents which may be filed with the British Columbia Securities Commission, the Alberta Securities Commission, the Ontario Securities Commission, the TSX Venture Exchange, as well as other USA Commissions, could cause results to differ materially from those stated. These factors include, but are not limited to changes in the laws, regulations, policies and economic conditions, including inflation, interest and foreign currency exchange rates, of countries in which the Company does business; competitive pressures; successful integration of structural changes, including restructuring plans, acquisitions, divestitures and alliances; cost of raw material, research and development of new products, including regulatory approval and market acceptance; and seasonality of sales in some products.
Neither the TSX Venture Exchange nor its Regulatory Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Pyng Medical Corp.
Chief Financial Officer
(604) 303-7964 x219
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
Mar. 25, 2017 06:45 AM EDT Reads: 986
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
Mar. 25, 2017 06:45 AM EDT Reads: 658
SYS-CON Events announced today that HTBase will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. HTBase (Gartner 2016 Cool Vendor) delivers a Composable IT infrastructure solution architected for agility and increased efficiency. It turns compute, storage, and fabric into fluid pools of resources that are easily composed and re-composed to meet each application’s needs. With HTBase, companies can quickly prov...
Mar. 25, 2017 06:45 AM EDT Reads: 2,641
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
Mar. 25, 2017 06:30 AM EDT Reads: 1,445
What if you could build a web application that could support true web-scale traffic without having to ever provision or manage a single server? Sounds magical, and it is! In his session at 20th Cloud Expo, Chris Munns, Senior Developer Advocate for Serverless Applications at Amazon Web Services, will show how to build a serverless website that scales automatically using services like AWS Lambda, Amazon API Gateway, and Amazon S3. We will review several frameworks that can help you build serverle...
Mar. 25, 2017 06:15 AM EDT Reads: 1,566
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Mar. 25, 2017 05:30 AM EDT Reads: 1,329
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership abi...
Mar. 25, 2017 05:00 AM EDT Reads: 10,817
The essence of cloud computing is that all consumable IT resources are delivered as services. In his session at 15th Cloud Expo, Yung Chou, Technology Evangelist at Microsoft, demonstrated the concepts and implementations of two important cloud computing deliveries: Infrastructure as a Service (IaaS) and Platform as a Service (PaaS). He discussed from business and technical viewpoints what exactly they are, why we care, how they are different and in what ways, and the strategies for IT to transi...
Mar. 25, 2017 05:00 AM EDT Reads: 5,916
After more than five years of DevOps, definitions are evolving, boundaries are expanding, ‘unicorns’ are no longer rare, enterprises are on board, and pundits are moving on. Can we now look at an evolution of DevOps? Should we? Is the foundation of DevOps ‘done’, or is there still too much left to do? What is mature, and what is still missing? What does the next 5 years of DevOps look like? In this Power Panel at DevOps Summit, moderated by DevOps Summit Conference Chair Andi Mann, panelists l...
Mar. 25, 2017 05:00 AM EDT Reads: 9,618
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
Mar. 25, 2017 03:00 AM EDT Reads: 5,651
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Mar. 25, 2017 02:00 AM EDT Reads: 2,787
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
Mar. 25, 2017 01:45 AM EDT Reads: 1,425
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
Mar. 25, 2017 12:15 AM EDT Reads: 1,571
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, will discuss the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information,
Mar. 25, 2017 12:00 AM EDT Reads: 504
Historically, some banking activities such as trading have been relying heavily on analytics and cutting edge algorithmic tools. The coming of age of powerful data analytics solutions combined with the development of intelligent algorithms have created new opportunities for financial institutions. In his session at 20th Cloud Expo, Sebastien Meunier, Head of Digital for North America at Chappuis Halder & Co., will discuss how these tools can be leveraged to develop a lasting competitive advanta...
Mar. 24, 2017 11:15 PM EDT Reads: 2,498