IBEX Technologies Inc.
TSX VENTURE : IBT

IBEX Technologies Inc.

November 05, 2015 08:00 ET

IBEX Reports Results for the Year Ended July 31, 2015

MONTREAL, QUEBEC--(Marketwired - Nov. 5, 2015) - IBEX Technologies Inc. ("IBEX" or the "Company") (TSX VENTURE:IBT) today reported its financial results for the year ended July 31, 2015.

"We are pleased to report the strong results for the fourth quarter tracing primarily to the favourable settlement of our outstanding lawsuits, and to an increase in sales over year ago" said Paul Baehr, IBEX President and CEO. "This positive fourth quarter result has contributed to an increase in full-year earnings and cash flow."

Note: All figures are in Canadian dollars unless otherwise stated. The Company's audited consolidated financial statements for the year ended July 31, 2015 and the accompanying notes and the related management's discussion and analysis can be found on the Company's website at www.ibex.ca or under the Company's profile on SEDAR at www.sedar.com.

FINANCIAL RESULTS FOR THE YEAR

Sales for the year ended July 31, 2015 totaled $3,491,130 compared to $3,943,144 in the prior year. Sales were down by $257,740 in our IBEX Pharma subsidiary and by $194,274 in our Bio-Research Products ("BRP") subsidiary.

The Company sustained net earnings for the year ended July 31, 2015 of $209,628, as compared to net loss of $480,734 in the prior Fiscal year. The favourable change in earnings can be primarily traced to the settlement of certain lawsuits which, net of expense, amounted to $536,870.

FINANCIAL RESULTS FOR THE FOURTH QUARTER OF FISCAL 2015

Sales for the quarter ended July 31, 2015 totaled $1,249,362 compared to $1,001,793 in the same period of the prior year. Sales in the IBEX Pharma subsidiary were up by $166,164 and by $81,405 in the BRP subsidiary.

The Company recorded net earnings of $930,502 compared to a net loss of $222,637 for the same period a year ago. The positive change of net earnings can be primarily traced to the settlement of outstanding lawsuits as mentioned above ($536,870), the sales increase ($247,569), a reduction in professional fees ($129,443), and the fact that the prior period contained a one-time impairment of property and equipment ($163,430).

Financial Summary for the years ended
July 31,
2015
July 31,
2014
Revenues $3,491,130 $3,943,144
Earnings before interest, tax, depreciation & amortization $601,734 $127,660
Depreciation $351,509 $406,723
Net earnings (loss) $209,628 ($480,734 )
Earnings (loss) per share $0.01 ($0.02 )

Cash and cash equivalents increased by $397,914 during the year ended July 31, 2015 as compared to the year ended July 31, 2014. Net working capital increased by $632,256 during the year ended July 31, 2015 as compared to the year ended July 31, 2014.

Balance Sheet Summary as at
July 31,
2015
July 31,
2014
Cash and cash equivalents $2,084,826 $1,686,912
Net working capital $3,192,333 $2,560,077
Outstanding shares at report date (common shares) 24,703,244 24,703,244

LOOKING FORWARD

We see an improving picture and expect to be cash positive in the 2016 Fiscal Year if current customer purchase projections hold, and if we continue to benefit from the favourable US/CAN exchange rate.

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.

ABOUT IBEX

IBEX manufactures and markets proteins for biomedical use through its wholly owned subsidiaries IBEX Pharmaceuticals Inc. (Montreal, QC) and the recently acquired Bio-Research Products, Inc. (North Liberty, IA). IBEX Pharmaceuticals 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, and changes to the competitive environment due to consolidation or otherwise. 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.

In addition to the risk factors identified above, IBEX is, and has been in the past, heavily reliant on three products and five customers, the loss of any of which could have a material effect on its profitability.

Contact Information

  • Paul Baehr
    President & CEO
    IBEX Technologies Inc.
    514-344-4004 x 143