Business
Microbix' third quarter results reflect continued significant investment in its three proprietary, large-market products
Microbix' third quarter results reflect continued significant investment in its three proprietary, large-market products.
About this update from Microbix Biosystems Inc.
[{"type":"text","content":"\n\n\n\n\nTORONTO, Aug. 14 /CNW/ - Microbix Biosystems Inc. (MBX:TSX) today\nannounced a a net loss of $233,477 or $0.01 a share for the third quarter of\nfiscal 2006, compared to a net profit of $66,567 for the same year-earlier\nperiod.\n\"This year - a transition year - we are making the largest investment\never in our products under development, and this is reflected in our bottom\nline,\" said William J. Gastle, President and CEO of the company. \"We will\ncontinue to be prudent in terms of how we fund these new technologies, but\nthis is an aggressive program. It is a program to which we are entirely\ndedicated because it is the major driver of shareholder value.\"\nDuring the most recent quarter, the company continued to invest in its\nnew urokinase manufacturing facility in Toronto as well as in the development\nof its Sperm Separation Technology (SST), Vaccine Enhancement Technology, and\na cancer drug combination that destroys solid tumors in humans.\nRevenues during the third quarter declined 17% compared to a year ago,\nprimarily as a result of reduced contract development and technology licensing\nfees and the continued weakness of the U.S. dollar. The company's core\nbusiness, Microbix Virology, showed continued strength with sales increasing\nby 19%.\n\nQuarter Ended June 30 Year To Date\n2006 2005 2006 2005\n-------------------------------------------------------------------------\nRevenue $ 978,582 $ 1,182,588 $ 2,968,737 $ 3,412,253\n-------------------------------------------------------------------------\nNet Profit (loss) $ (233,477) $ 66,567 $ (616,430) $ 243,719\n-------------------------------------------------------------------------\nNet Profit (loss)\nPer Share $ (0.01) $ 0.00 $ (0.02) $ 0.00\n-------------------------------------------------------------------------\nCash flow $ (493,205) $ (68,525) $ (188,835) $ 236,559\n\n\nSST(TM) animal reproduction technology\n\nDuring the quarter, Microbix announced that it has signed term sheets\nwith several companies, including some of the world's largest, which provide\nartificial insemination to the dairy, beef and swine industries. The company\nwill be working with these selected companies in conducting field trials and\nadapting the technology to large-scale semen production.\nThe signed term sheets will be the basis for negotiating the definitive\nagreeme...