TORONTO, Sept. 12, 2008 (GLOBE NEWSWIRE) -- Polydex Pharmaceuticals Limited reports on financial results of operations for the second quarter of fiscal 2009, ending July 31, 2008, as follows:
Q 2, ending Q 2, ending
7/31/2008 7/31/2007
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Sales $ 1,296,704 $ 1,504,365
Net Loss before income taxes (112,394) (228,353)
Loss per common share - basic (0.04) (0.07)
Loss per common share - diluted (0.04) (0.07)
Weighted average common
shares outstanding - basic 3,072,846 3,072,846
- diluted 3,072,846 3,072,846
Gross margins have increased during this second fiscal quarter and in the year to date of fiscal year 2009, compared to the second quarter and year to date of fiscal year 2008, primarily due to several factors throughout both quarters of fiscal year 2009. First, management increased sales pricing and, second, the Company experienced increased sales of higher margin powder products during the first quarter of fiscal year 2009. Third, management has been successful in continuing to reduce various direct production costs, especially in the cost of raw materials, equipment repairs and supplies, and waste removal. Although sales are slightly lower during this fiscal second quarter over the same period last year, the net losses have been reduced.
Increasing production of the core product line has been a clear focus of management as the installation of the new spray dryer equipment neared completion and production ready status.
"As we move toward the second half of our fiscal year, we are hopeful that we will continue to see a strong demand for our diverse line of dextran-based products," said George Usher, Company President and CEO. "Large pharmaceutical companies in the U.S. have been contacting us with a view to developing future business relationships involving our potential supply of key basic raw components for many existing pharmaceutical products. We are looking forward to solidifying these relationships, as well as maintaining consistent strong sales from our long-standing customer base, in the coming months and years."
Mr. Usher also added, "Our continued focus on fiscal responsibility, reduction of expenses, long-term debt and accrued liabilities has contributed to improving our bottom line which we believe is not currently reflected in the recent stock price."
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", "believe" 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.