TORONTO, Ontario, Sept. 17, 2012 (GLOBE NEWSWIRE) -- Polydex Pharmaceuticals Limited (Pink Sheets:POLXF) (the "Company") reports that its Order Book is currently full with contracts to produce $4 million of product through the next 8 months. With added new customers, and increased orders from a worldwide customer base, the production line is currently operating around the clock to meet the growing demand for the Company's high quality dextran based products.
Installation of a new reactor and upgrades to underperforming equipment affected production during the first and second quarter, resulting in a retraction of sales during the first and second quarter. With those equipment issues resolved, the plant is now operating near capacity and Management is looking forward to a robust growth in earnings over the next several quarters.
Financial results in the second quarter of fiscal 2013, the three-month period ending July 31, 2012 are reported in U.S. dollars.
| Q.2, ending 7/31/2012 | Q.2, ending 7/31/2011 | |
| Sales | $1,107,708 | $1,401,283 |
| Net Income (loss) | (86,541) | 66,098 |
| Income (loss) per common share | (.03) | .02 |
| Weighted avg. common | ||
| Shares outstanding (basic) | 3,172,846 | 3,172,846 |
| (diluted) | 3,172,846 | 3,448,268 |
Earnings before interest, tax, depreciation and amortization (EBITDA) decreased to $(77,457) for the six-month period ending July 31, 2012, compared to $390,833 during the same period in the previous year.
"We are working 24/7 to fulfill our very large and growing order book," says George Usher, President and CEO of the Company. "After an adjustment in production was necessary when certain replacement components for our distillation equipment were not readily available, and upgrades to underperforming equipment were completed, we resumed full production and shipping orders around the world. Even with a full order book, we have developed new dextran based products and continue to engage our customers in discussions to provide for their future needs. We are also beginning to consider strategies for production expansion."
The Company shares continue to be quoted on the Pink Sheet platform (www.pinksheets.com).
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
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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 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.