Revenue Doubles on Continuing Strong Customer Demand
TORONTO, Feb. 14, 2014 /CNW/ - Microbix Biosystems Inc. (TSX: MBX), an innovator of biological products and technologies, today reported financial results for its first quarter ending December 31, 2013.
In the first quarter, Microbix reported revenue of $1,927,885, more than double the revenue of $904,413 for the same period in 2013. The higher revenue was primarily due to continued growth in customer demand for virology products including significant new business from an existing customer, as well as a favourable currency impact. Total expenses for the first quarter were $888,778 compared to $1,039,117 for the same quarter in 2013 or a 14% reduction, primarily due to various cost savings initiatives implemented in the past year. Operating income for the first quarter was $214,406 compared to a loss of $629,505 for the same quarter last year.
Vaughn C. Embro-Pantalony, President and Chief Executive Officer remarked, "Our strong first quarter operating results compared to last year, and our consistently strong financial performance in the last two quarters, highlight the significant profitable turnaround that our Company has experienced in the past year. I am confident that we have established a solid foundation for continued success in 2014."
|3 months ended Dec 31|
|Operating Income (Loss)||$||214,406||(629,505)|
|Net Income (Loss)||$||116,161||(629,505)|
|Net income (Loss) per share||$||0.002||(0.010)|
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About Microbix Biosystems
Microbix Biosystems Inc. specializes in the development of biological solutions, including products for vaccine and diagnostics markets worldwide. The company owns intellectual property for an approved biological drug, a vaccine technology and an animal reproduction technology. Established in 1988, Microbix is headquartered in Mississauga, Ontario.
Microbix' pipeline of innovative technologies and products includes LumiSort® semen sexing technology for the livestock industries, and Kinlytic®, a thrombolytic drug with several approved and potential applications including the treatment of life-threatening blood clots, and VIRUSMAX®, a proprietary technology for increasing virus yields in influenza vaccine manufacture.
This press release contains forward-looking statements which are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements including the risks associated with development projects, operations in foreign jurisdictions, risks associated with engineering and construction generally, risks associated with production including control over costs, quality, quantity and timeliness of delivery of products, foreign currency and exchange rate risk, and risks of raising capital on acceptable terms or at all. These forward-looking statements represent the Company's judgment as of the date of this press release. The Company disclaims any intent or obligation to update these forward-looking statements.
SOURCE: Microbix Biosystems Inc.
For further information:
Visit www.microbix.com or contact: Vaughn C. Embro-Pantalony, CEO, (905) 361-8910 x 350; or Charles Wallace, CFO, (905) 361-8910 x 255.