Philom Bios announces positive second quarter results.Saskatoon-based Philom Bios is pleased to report its results for the six months ended March 31, 2005. The company derives the majority of its sales and earnings in its second and third quarters, which cover the spring seeding/planting period in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . Accordingly, the significant increase in second quarter sales and earnings, as compared to the first quarter and prior year, may not be indicative of final net earnings outcomes due to variability in timing of shipments and uncertainty as to sales returns. Gross profit margins Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. in the quarter increased over the prior year due to an increase in production volume through-put on stable production and related overhead costs overhead costs see fixed costs. . Increased operating costs operating costs npl → gastos mpl operacionales for the year to date of $3.4 million (2004 - $3.0 million) is primarily attributable to increased investment in market expansion, ongoing product development, and legal fees incurred in defense of the Dow AgroSciences Dow AgroSciences LLC is a wholly owned subsidiary of the Dow Chemical Company specializing in not only agricultural chemicals such as pesticides, but also seeds and biotechnology solutions. The company is based in Indianapolis, Indiana, in the United States. claim/counterclaim. An offset in costs is realized by accrual accrual, n continually recurring short-term liabilities. Examples are accrued wages, taxes, and interest. of investment tax credits of $0.225 million (2004 - $0.069 million) that are estimated to be available to reduce taxes otherwise payable. Company president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Calvin Sonntag comments, "The nature of our business and inherent risks in regards to actual seeded/planted acres and product returns, which are only known after seeding/planting is done, remind us to be cautious about forecasting net earnings this early in our fiscal year. However, we are encouraged by early results and anticipate double-digit revenue growth in key markets which indicates a range of annual net earnings between $0.30 and $0.50 per share." RELATED ARTICLE
Quarter Year to Date
2005 2004 2005 2004
Sales 6,820 5,278 6,820 5,284
Earnings 2,426 1,532 1,164 199
Basic Earnings per share $0.70 $0.47 $0.34 $0.06
($000's, except earnings per share)
Second Quarter Highlights: * Significant increase in sales and earnings over prior year * Improved gross margins on production efficiency gains * Operating costs in line with increased sales volumes and market expansion activities * Net cash flow increase in quarter of $3.4 million on strength of successful early order incentive programs * Payout pay·out n. 1. The act or an instance of paying out. 2. A percentage of corporate earnings that is paid as dividends to shareholders. of $1.8 million "return of capital," first distribution in company history * Construction activities commenced on new facilities |
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