Shares Outstanding: 20,749,810
MONTREAL, Aug. 11 /CNW Telbec/ - Clemex Technologies Inc. (TSX Venture: CXG.A) announces its financial results for Fiscal Year ending April 30th, 2010. The Corporation ends this Fiscal Year with a Loss before taxes of $229,487 while a $9,599 loss before taxes had been posted in 2009. Sales dropped by 28.5% to $3,659,129 from $5,120,918 in 2009. The critical sales drops came from the United States and Europe with decreases of 33.5% and 76.8 % respectively. Gross Margin remained the same at 59.3%.
When asked to comment these results, the President and CEO, Clement Forget declared the following: "The collapse of the manufacturing sector in United States which began near the end of 2008 has continued to affect our results significantly during this past year. Further more, the economic difficulties and slow down in the European area has also affected the sales on the International side. And despite a slight regain in economic activity at the end of the fiscal year, we see that manufacturing industries have not yet fully recovered from the slowdown."
Mr. Forget continued: "Despite a significant drop in sales, tight control of expenses has allowed us to minimize our loss. On the other hand, our new research project of a medical device for Hematology applications developed in partnership with NRCC is on track and we anticipate sales for this new instrument in the third and fourth Quarter of this next fiscal year. We anticipate the future optimistically in view of the activity regain in the manufacturing sector and the introduction of new products for the medical sector."
Fiscal year ended April 30th, 2010 April 30th, 2009
Sales 3,659,129 5,120,918
Cost of Sales 1,489,988 2,112,455
Gross Profit 2,169,141 3,008,463
Gross Margin 59.3% 58.7%
Commercial Expenses 1,022,244 1,418,615
Administration Expenses 782,200 1,004,145
Financial Expenses 91,583 129,668
Amortization 120,852 99,929
Research & Development 273,875 400,283
Loss (gain) on foreign exchange 107,874 (34,578)
Loss Before Income Taxes (229,487) (9,599)
Income Taxes 32,033 90,000
Net Loss (261,520) (99,599)
Basic Loss Per Share (0.013) (0.005)
Diluted Loss Per Share (0.013) (0.005)
About Clemex Technologies, Inc.
Clemex Technologies Inc. develops, manufactures and markets image analysis systems and software used by quality control and research microscopy laboratories. Clemex customer base spans over many countries in America, Europe, Asia and encompasses major Research and Development Centers, prestigious Universities and large manufacturing industries in various fields including healthcare, automotive, aerospace, raw materials manufacturing, pharmaceuticals, mining and other sectors.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this news release.
SOURCE Clemex Technologies Inc.
For further information: For further information: Clément Forget, Tel: 450.651.6573, Email: email@example.com