Business
Microbix' Six-Month Results Highlight 44% Jump In Virology Sales, Over $800,000 Profit Turnaround
Management Provides Detailed Corporate Update TORONTO , May 15, 2014 /CNW/ - Mic...
About this update from Microbix Biosystems Inc.
[{"type":"text","content":"\n\nManagement Provides Detailed Corporate Update\n\n\n\nTORONTO, May 15, 2014 /CNW/ - Microbix Biosystems Inc. (TSX: MBX), an innovator of biological products and technologies, today reported financial results for its six months and second quarter ending March 31, 2014. \n\nSix-Month Financial Results\n\nIn the first six months of fiscal 2014, Microbix reported total revenue of $4,000,982, compared to $3,199,041 for the same period in 2013, or an increase of 25%. Virology products revenue was $3,812,613 for the first six months compared to $2,651,421 for the same period in 2013, or an increase of 44%.  Strong customer demand and a favourable currency impact are the main drivers of this growth.  R&D contract revenue in the first six months was $188,369 compared to $547,620 for the same period in 2013.  R&D contract revenue typically fluctuates with customer priorities.\n\nTotal expenses were $1,714,995 for the fist six months compared to $1,828,607 for the same period in 2013.  After adjusting for the one-time gain on the disposal of assets of $145,266 in 2013, normalized total expenses were $1,973,873 for the first six months of 2013. As a result, total expenses in the first six months of 2014 decreased 13% compared to the normalized total expenses in 2013; primarily driven by cost saving initiatives implemented in the past year.  \n\nOperating income for the first six months was $484,026, compared to an operating loss of $321,034 for the same period last year, or an improvement in the bottom line of $805,060. Net cash flow increased in the first six months by $889,619, compared to a decrease of $103,736 for the same period in 2013, contributing to an improvement in the Company's ending cash position of $1,024,974. \n\nVaughn C. Embro-Pantalony, President and Chief Executive Officer remarked, \"I am delighted with our half-year operating results. Our virology customers continue to show strong confidence in our capabilities to support their growing businesses demonstrated by the record growth in our half-year sales. We are also experiencing the full impact of our cost transformation priorities, realizing a significant reduction in our cost base in the first half of this year.  These results have contributed to an $800,000 turnaround in the bottom line of our business and a significant i...