Polydex Pharmaceuticals Reports Record 2d Qtr Net Income and EPS.SCARBOROUGH, Ontario--(BUSINESS WIRE)--Sept. 9, 1998-- Sees Strong Sales and Margins Continuing in 3d Qtr Polydex Pharmaceuticals Limited (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : POLXF) today reported sales of $2,847,015 for the three months ended July 31, 1998, up 21% from $2,343,259 in the corresponding quarter of the previous year. For the three months ended July 31, 1998 the company reported net income of $102,913 or three cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , a record for its second fiscal quarter. In the previous year, the company reported a net loss of $64,117 or two cents per share for the same period. For the six months ended July 31, 1998 the company reported sales of $5,777,979, up 26% from $4,579,594 in the prior year. For the six months ended July 31, 1998 the company reported net income of $278,926 or nine cents per share compared to a net loss of $70,593 or two cents per share for the same period in the previous year. President George G. Usher said that sales for the quarter increased by $338,368 in the Veterinary Laboratories subsidiary due to greater market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" in all product lines and by $165,388 in the Dextran dextran /dex·tran/ (dek´stran) a high-molecular-weight polymer of d-glucose, produced by enzymes on the cell surface of certain lactic acid bacteria. Products unit due to increased demand for iron dextran iron dextran Cosmofer (UK), DexFerrum, InFeD Pharmacologic class: Trace element Therapeutic class: Iron supplement Pregnancy risk category C FDA Boxed Warning."We are pleased by the unexpectedly strong sales and margins for the summer months at Vet Labs, a period when farm animals are put to pasture pasture, land used for grazing livestock. Land unsuited for cultivation, e.g., hilly or stony land, may be used as pasture. Tilled land and meadow may be pastured after the crops are removed. and normally have less need for our supplements. We are forecasting continued higher sales levels in the third quarter with good margins at both Vet Labs and Dextran," Usher stated. Polydex Pharmaceuticals Limited researches, develops, manufactures and markets biotechnology based products for veterinary, human pharmaceutical and cosmetics industries worldwide. -0-
Polydex Pharmaceuticals Limited and Subsidiaries
Second Quarter and Six Months Results
(Unaudited Figures, Stated in U.s. Dollars)
Quarter Quarter 6 months 6 months
ended 7/31/98 ended 7/31/97 ended 7/31/98 ended 7/31/97
Sales $ 2,847,015 $ 2,343,259 $ 5,777,979 $ 4,579,594
Net income
(loss) 102,913 (64,117) 278,926 (70,593)
Earnings per
common share
- basic 0.03 (0.02) 0.09 (0.02)
Earnings per
common share
- diluted 0.03 (0.02) 0.09 (0.02)
Wtd. avg
common shares
outstanding 2,996,917 2,905,058 2,996,907 2,878,445
Note: This press release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , as defined in the Securities Exchange Act of 1933, regarding Polydex Pharmaceuticals Limited. Actual events or results may differ from the Companys expectations, which are subject to a number of known and unknown risks and uncertainties including but not limited to future actions by the Food and Drug Administration or equivalent foreign regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities as well as results of pending or future clinical trials. Other risk factors listed in the Companys SEC filings may also affect the actual results achieved by the Company. CONTACT: Polydex Pharmaceuticals Limited, Ontario George G. Usher, 416/755-2231 e-mail: gusher_polydex@compuserve.com URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. : www.polydex.com or The Cavior Organization, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Warren J. Cavior, 212/687-6070 e-mail: caviorg@aol.com |
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