|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
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, pane...
Apr. 30, 2017 10:30 PM EDT Reads: 2,628
Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the USA and Europe, we work with a variety of customers from emerging startups to Fortune 1000 companies.
Apr. 30, 2017 10:00 PM EDT Reads: 2,669
SYS-CON Events announced today that Grape Up will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company specializing in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the U.S. and Europe, Grape Up works with a variety of customers from emergi...
Apr. 30, 2017 09:45 PM EDT Reads: 2,520
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
Apr. 30, 2017 09:45 PM EDT Reads: 2,710
@ThingsExpo has been named the Most Influential ‘Smart Cities - IIoT' Account and @BigDataExpo has been named fourteenth by Right Relevance (RR), which provides curated information and intelligence on approximately 50,000 topics. In addition, Right Relevance provides an Insights offering that combines the above Topics and Influencers information with real time conversations to provide actionable intelligence with visualizations to enable decision making. The Insights service is applicable to eve...
Apr. 30, 2017 09:30 PM EDT Reads: 3,197
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...
Apr. 30, 2017 09:15 PM EDT Reads: 2,349
Building a cross-cloud operational model can be a daunting task. Per-cloud silos are not the answer, but neither is a fully generic abstraction plane that strips out capabilities unique to a particular provider. In his session at 20th Cloud Expo, Chris Wolf, VP & Chief Technology Officer, Global Field & Industry at VMware, will discuss how successful organizations approach cloud operations and management, with insights into where operations should be centralized and when it’s best to decentraliz...
Apr. 30, 2017 08:45 PM EDT Reads: 1,187
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.
Apr. 30, 2017 08:30 PM EDT Reads: 1,451
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Apr. 30, 2017 08:15 PM EDT Reads: 3,560
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Apr. 30, 2017 08:00 PM EDT Reads: 1,763
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Apr. 30, 2017 07:45 PM EDT Reads: 7,478
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
Apr. 30, 2017 07:30 PM EDT Reads: 1,779
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Analytic. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
Apr. 30, 2017 07:15 PM EDT Reads: 1,632
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
Apr. 30, 2017 07:00 PM EDT Reads: 1,440
Developers want to create better apps faster. Static clouds are giving way to scalable systems, with dynamic resource allocation and application monitoring. You won't hear that chant from users on any picket line, but helping developers to create better apps faster is the mission of Lee Atchison, principal cloud architect and advocate at New Relic Inc., based in San Francisco. His singular job is to understand and drive the industry in the areas of cloud architecture, microservices, scalability ...
Apr. 30, 2017 07:00 PM EDT Reads: 3,767