TORONTO, Dec. 15, 2009 (GLOBE NEWSWIRE) -- Polydex Pharmaceuticals Limited (OTCBB:POLXF) reports financial results for its third fiscal quarter, the three-month period ended October 31, 2009.
POLYDEX PHARMACEUTICALS LIMITED AND SUBSIDIARIES
THIRD QUARTER RESULTS, FISCAL 2010
QUARTER ENDED: October 31, 2009
(Unaudited figures, stated in US dollars)
Quarter Ended Quarter Ended
10/31/09 10/31/08
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Sales $ 1,153,776 $ 1,373,963
Net Income (loss) (216,442) (418,680)
Earnings (loss) per common share (0.07) (0.14)
Weighted avg. common Shares
outstanding (basic and diluted) 3,072,846 3,072,846
Management has been focusing on methods to improve profitability at a time when global economic conditions have resulted in decreased demand, particularly for the Company's higher margin product line. Although overall sales in the third quarter are 12% less than sales from the same period last year, a strict application of cost-reduction measures, tighter controls in plant management, and a conscious effort to reduce exposure to currency fluctuation has resulted in a decrease of the net loss.
Management continues to explore interest from potential new customers in Europe and elsewhere for the higher margin powdered products that the Company's investment in the plant refurbishment was intended to service. As well, efforts are being devoted toward increasing the profitability of the Company's line of liquid products, and recent improvements to production processes are already showing positive results.
Long-term debt of the Company has been regularly reduced with consistent payments, and as interest rates have decreased, so has the interest expense due on the long-term obligations.
The Company shares continue to be quoted on the Pink Sheet platform (www.pinksheets.com), where the Company is currently identified as a Pink Quote OTCBB Transparent company, one that may be quoted both on the Pink Quote system and the Over The Counter Bulletin Board (OTCBB).
Polydex Pharmaceuticals Limited, based in Toronto, Ontario, Canada, is engaged in the 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. Company website: www.Polydex.com
The Polydex Pharmaceuticals Limited logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3414
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 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.