Business
Microbix Reports Net Profit for 2013
Q4 and Full Year Revenues up due to strong customer demand TORONTO , Dec. 30, 2013 ...
About this update from Microbix Biosystems Inc.
[{"type":"text","content":"\n\n\nQ4 and Full Year Revenues up due to strong customer demand\n\n\nTORONTO, Dec. 30, 2013 /CNW/ - Microbix Biosystems Inc. (TSX: MBX), an\n innovator of biological products and technologies, today reported\n financial results for its fourth quarter and fiscal year ending\n September 30, 2013.\n\n\nIn the fourth quarter, Microbix reported revenue of $2,468,899 an\n increase of 31% compared to $1,884,801 for the same quarter in 2012.\n Full year revenues were $7,574,593, an increase of 14% compared to\n $6,669,789 in 2012. These higher revenues were primarily due to growing\n customer demand for Microbix's biological products.\n\n\nTotal expenses for the fourth quarter were $634,939 compared to $973,587\n for the same quarter in 2012 or a 35% reduction, due mainly to\n continued cost savings, reduced accretion on the Company's convertible\n debentures and recognition of income tax credits. Total expenses for\n the year were $3,665,939, a reduction of 29% compared to $5,143,877 in\n 2012. These lower expenses resulted primarily from various cost savings\n initiatives conceived and implemented by Microbix management.\n\n\nNet income for the fourth quarter was $635,747 compared to a net loss of\n $301,309 (Restated) for the same quarter last year. Net income before\n tax on a full year basis was $168,178, compared to a net loss of\n $2,389,066 in 2012. Cash flow from operations was positive for both the\n fourth quarter and fiscal year, with the Company improving its working\n capital position by $670,000 over the 12 months.\n\n\nVaughn C. Embro-Pantalony, President and Chief Executive Officer\n remarked, \"I am very pleased to report our emerging into profitability\n in fiscal 2013.  We have made very good progress in enhancing revenues\n and reducing costs, thereby achieving sustainable profitability. To see\n our bottom line improve by $2.5 million compared to last year is very\n gratifying for all of us at Microbix, and it positions our Company to\n be cost competitive and financially sound going forward.\"\n\n\nMicrobix also reported today that Zydus Cadila, its license partner on\n the biopharmaceutical drug Kinlytic, has decided to terminate the\n license agreement for strategic reasons.  Embro-Pantalony commented,\n \"We are disappointed with Zydus' decision - especially after both\n companies invested more than ...