Welcome!

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
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
Digital transformation has increased the pace of business creating a productivity divide between the technology haves and have nots. Managing financial information on spreadsheets and piecing together insight from numerous disconnected systems is no longer an option. Rapid market changes and aggressive competition are motivating business leaders to reevaluate legacy technology investments in search of modern technologies to achieve greater agility, reduced costs and organizational efficiencies. ...
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
DXWorldEXPO LLC announced today that Kevin Jackson joined the faculty of CloudEXPO's "10-Year Anniversary Event" which will take place on November 11-13, 2018 in New York City. Kevin L. Jackson is a globally recognized cloud computing expert and Founder/Author of the award winning "Cloud Musings" blog. Mr. Jackson has also been recognized as a "Top 100 Cybersecurity Influencer and Brand" by Onalytica (2015), a Huffington Post "Top 100 Cloud Computing Experts on Twitter" (2013) and a "Top 50 C...
In his session at 20th Cloud Expo, Mike Johnston, an infrastructure engineer at Supergiant.io, discussed how to use Kubernetes to set up a SaaS infrastructure for your business. Mike Johnston is an infrastructure engineer at Supergiant.io with over 12 years of experience designing, deploying, and maintaining server and workstation infrastructure at all scales. He has experience with brick and mortar data centers as well as cloud providers like Digital Ocean, Amazon Web Services, and Rackspace. H...
Dion Hinchcliffe is an internationally recognized digital expert, bestselling book author, frequent keynote speaker, analyst, futurist, and transformation expert based in Washington, DC. He is currently Chief Strategy Officer at the industry-leading digital strategy and online community solutions firm, 7Summits.
Digital Transformation is much more than a buzzword. The radical shift to digital mechanisms for almost every process is evident across all industries and verticals. This is often especially true in financial services, where the legacy environment is many times unable to keep up with the rapidly shifting demands of the consumer. The constant pressure to provide complete, omnichannel delivery of customer-facing solutions to meet both regulatory and customer demands is putting enormous pressure on...
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
DXWorldEXPO LLC, the producer of the world's most influential technology conferences and trade shows has announced the 22nd International CloudEXPO | DXWorldEXPO "Early Bird Registration" is now open. Register for Full Conference "Gold Pass" ▸ Here (Expo Hall ▸ Here)
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smart...
IoT is rapidly becoming mainstream as more and more investments are made into the platforms and technology. As this movement continues to expand and gain momentum it creates a massive wall of noise that can be difficult to sift through. Unfortunately, this inevitably makes IoT less approachable for people to get started with and can hamper efforts to integrate this key technology into your own portfolio. There are so many connected products already in place today with many hundreds more on the h...
"We were founded in 2003 and the way we were founded was about good backup and good disaster recovery for our clients, and for the last 20 years we've been pretty consistent with that," noted Marc Malafronte, Territory Manager at StorageCraft, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Here are the Top 20 Twitter Influencers of the month as determined by the Kcore algorithm, in a range of current topics of interest from #IoT to #DeepLearning. To run a real-time search of a given term in our website and see the current top influencers, click on the topic name. Among the top 20 IoT influencers, ThingsEXPO ranked #14 and CloudEXPO ranked #17.
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will discuss how customers are able to achieve a level of transparency that e...