TORONTO, Sept. 14, 2007 (PRIME NEWSWIRE) -- Polydex Pharmaceuticals Limited (Nasdaq:POLXF) reports on financial results of operations for the second quarter of fiscal 2008, ending July 31, 2007.
Q 2, ending 7/31/2007 Q 2, ending 7/31/2006
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Sales $ 1,504,365 $ 1,856,718
Net Loss before income taxes (228,353) (219,814)
Loss per common share - basic (0.07) (0.07)
Loss per common share - diluted (0.07) (0.07)
Weighted average common
shares outstanding - basic 3,072,846 3,060,396
- diluted 3,072,846 3,060,396
Sales are typically slower in the second quarter each year, due to the seasonal reduction in demand for some of the Company's best selling products. Also, the plant is regularly scheduled to close for a brief period during this quarter each year to accommodate maintenance programs, which further impacts production and revenue during the second quarter.
A number of other factors also impacted the bottom line, such as higher repair costs and a sales mix that did not favor higher margin products. In addition, the continued increase of the Canadian dollar compared to the United States dollar had a significant impact on costs. Management continues to combat these factors with prudent cost management and increased pricing.
Ongoing refurbishment of the powdered production facility is nearing completion, expected to be substantially completed by the end of the third quarter of fiscal 2008 (October of 2007), with production of higher quantities of a higher quality product beginning soon after completion. A larger production capacity will facilitate fulfillment of increased demand for products that the Company has been receiving from its long-standing and increasing international customer base.
The Company's Annual Report, previous news releases, and access to securities law filings can be found by visiting the website (www.Polydex.com), or by contacting Investor Relations at 1-877-945-1621.
Polydex Pharmaceuticals Limited, based in Toronto, Ontario, Canada, is engaged in the research, development, manufacture and marketing of biotechnology-based products for the human pharmaceutical market, and also manufactures bulk pharmaceutical intermediates for the worldwide veterinary pharmaceutical industry.
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Note: This press release may contain forward-looking statements, within the meaning of the United States Securities Act of 1933, as amended, and the United States Securities Exchange Act of 1934, as amended, regarding Polydex Pharmaceuticals Limited, including, without limitation, statements regarding expectations about future revenues or business opportunities or potential research projects. These statements are typically identified by use of words like "may," "could," "might," "expect," "anticipate" or similar words. Actual events or results may differ materially from the Company's expectations, which are subject to a number of known and unknown risks and uncertainties including but not limited to changing market conditions, future actions by the United States Food and Drug Administration or equivalent foreign regulatory authorities as well as results of pending or future clinical trials. Other risk factors discussed in the Company's filings with the United States Securities and Exchange Commission may also affect the actual results achieved by the Company.