Polydex Pharmaceuticals Inc (OTC:POLXF)

WEB NEWS

Tuesday, March 1, 2016

Deal Flow

TORONTO, March 01, 2016 (GLOBE NEWSWIRE) -- Polydex Pharmaceuticals Limited (OTC Pink:POLXF) announces that, due to the continuing improvement of operations, its wholly owned subsidiary, Dextran Products Limited, has secured traditional bank financing to replace the existing private mortgage at a lower interest rate, and has also secured an additional credit line of $300,000.00

“With traditional bank support,” says George Usher, President and CEO of the company, “we now have access to additional credit for investment in new equipment and plant upgrades.”

The company has utilized private lenders in the absence of traditional bank financing for the last three years, and have had limited access to any additional credit for the last six years.


Monday, February 29, 2016

Maximization of Shareholder Value

TORONTO, Feb. 29, 2016 (GLOBE NEWSWIRE) -- Polydex Pharmaceuticals Limited (OTC Pink:POLXF) announces the filing of all of the required disclosure statements in order to be considered as providing current information to the public. As a result OTC Markets has removed the visible icon of a “Stop Sign” and re-established the Company as OTC Pink – Current Information.

In recent years, the Company had opted to enact certain cost-saving measures by foregoing compliance with certain Qualifying Guidelines in regard to filing of financial statements, but has maintained a long tradition of providing timely disclosure of financial statements on the company website (www.Polydex.com). By complying with OTC regulations of financial statement filing, the company has now been upgraded from providing no information to providing current information.

“With our sustained sales strength and profitability, we felt that it was time to revive our good standing on the OTC Pink sheet platform,” says George Usher, President and CEO of the Company. “Our shareholders have always known that full financial reports are available on our website and we wanted to make sure that any potential newcomers recognize the company’s transparency upon their first visit to our OTC Pink stock quote page. The Company is now recognized as current, and we intend to keep it that way.”


Tuesday, December 15, 2015

Comments & Business Outlook

Third Quarter 2016 Results

  • Sales of $1.4 million vs $1.3 million in the prior year period
  • EPS of $0.12 vs $0.03 in the prior year period

Our focus on cost control and capital improvements has resulted in eleven consecutive quarters of sustained profitability,” said George Usher, President and CEO of Polydex. “And now, with fewer production issues, we are turning our attention to conservation of utilities, an increasing and significant part of our overhead. Assisted by Partners in Project Green, a local organization, we have been introduced to consultants that suggest an investment of about $80,000.00 could provide savings of about $80,000 per year. Our sales are growing, our expenses are shrinking, and our balance sheet has a strong cash position. We’re happy about that and optimistic for the company’s future.


Tuesday, September 15, 2015

Comments & Business Outlook

GeoBargain POLXF reported strong Q2 2015 results:

  • Sales of $1.68 million vs $1.27 in the prior year

  • EPS of $0.12 vs $0.02 in the prior year

Quotes from management:

“This year Management proactively implemented a limited shutdown for maintenance during the second quarter, while keeping production going as best as possible. While not all maintenance was completed during this time, this approach has resulted in fewer production issues year to date. Management intends to continue the planned maintenance over the Christmas holiday and to continuously monitor systems and equipment to maintain the highest level of production possible.

"Keeping up with maintenance requirements has been key for us this year," says George Usher, President and CEO of the Company. "We have been making necessary investments into equipment without compromising our standards for producing the highest quality dextran products available on the market. Our commitment to production and cost reduction during this time has resulted in sustained profitability for two and a half years."


Wednesday, June 10, 2015

Comments & Business Outlook

First Quarter 2016 Results

  • Q1 sales of $1.5 million vs $1.4 million in the prior year period
  • Q1 EPS of $0.09 vs $0.02 in the prior year

Profit increased compared to the first quarter of fiscal 2015 due to an increase in powdered product sales. This was facilitated by minimal production breakdowns, which in turn resulted primarily from the significant investment in equipment in previous periods.

Management is committed to maintaining and improving productivity, and will continue to invest in equipment that will allow for increased production and enable the Company to meet the substantial customer demand it continues to experience.

EBITDA (Earnings before interest, taxes, depreciation and amortization) for the three months ended April 30, 2015 amounts to $368,505, a significant increase over the same period last year of $120,875.

"We are pleased with the strong earnings results for this first quarter," said George Usher, President and CEO, adding "the investments we made in equipment upgrades really helped increase our production capacity and fill orders. Customer audits of our facility allow them to see the benefits of the upgrades and appreciate our focus on consistent production of the high quality products they have come to expect from us." When asked about the 329% increase in profits over last quarter, Mr. Usher replied, "That's remarkable. We experienced quite a significant slowdown in the first quarter last year due to low water pressure, but our previous investments are now showing their worth, especially in this quarter. Our profit increase has been further augmented by an increase in sales of higher margin powdered products. We expect this trend to continue as long as we don't experience any unplanned production interruptions."

The Company has also been developing new formulations of product for potential new market opportunities.

- See more at: http://globenewswire.com/news-release/2015/06/10/743587/10137984/en/Polydex-Pharmaceuticals-Issues-First-Quarter-Financial-Results.html#sthash.DIujvT0h.dpuf


Thursday, April 30, 2015

Comments & Business Outlook

Fourth Quarter 2015 Results

  • Sales were strong in the fourth quarter of fiscal 2015, $1,391,739, representing an increase of nearly 4% over the same period in the previous year.
  • Q4 2015 EPS of $0.09 vs $0.05 in the prior year

Orders continue to rise as there appear to be fewer suppliers of similar products worldwide and audits by new and existing customers provides them assurance of continued high quality. The Order Book is at higher levels than seen in previous years.

As reported throughout the year, Management has remained focused on sustaining profitability while pursuing its plan to improve productivity with plant and equipment upgrades.

Due to the company's improved financial results over the past two years, our accountants have removed its going concern opinion. Also the company is in a better position to negotiate long-term debt and is pursuing options to reduce interest expenses going forward.

Management initiated an outsourcing program of its dextran sulphate product with the aim of increasing overall production, and expects that once fully operational this program will contribute to increased sales and profitability.

EBITDA for the year amounted to $796,268.

President and CEO George Usher was delighted to report that the sustained profitability of the company over the past two years is contributing to his optimism for the future. "Our accountants have removed their going concern opinion which is a real confidence booster for us," he said, adding "we've also been approached by local banks to consider re-financing some of our long-term debt at lower interest rates. Going forward, I'm very optimistic that our increased production, strict cost control measures on expenses, and our growing order book will ensure that we stay the course of profitability that we have worked so hard to maintain."


Monday, December 15, 2014

Comments & Business Outlook

Third Quarter 2015 Results

  • Sales for Q3 2015 were $1.3 million vs $1.3 million in the prior year
  • EPS of $0.03 vs $0.01 in the priro year

Management has succeeded in maintaining continued profitability through the first three quarters of this fiscal year, during which time the investment of over $441,000 into equipment and facility upgrades has been undertaken.

"We are particularly grateful for the unprecedented customer demand for our products, and feel confident that our investment into upgraded equipment will allow us to meet the growing need for our unique and profitable products," said George Usher, President and CEO of Polydex. "Our team is working around the clock to ensure we deliver the best products in as short a time frame is possible."


Tuesday, September 9, 2014

Comments & Business Outlook

Second Quarter 2015 Results

  • Sales for Q2 2015 were $1.2 million vs $1.8 million in the prior year
  • EPS of $0.02 vs $0.06 in the priro year

In keeping with Management's commitment to maintain profitability and to ongoing facility improvements, the bulk of equipment replacement was timed for installation during the annual second quarter plant shut down. Other upgrades were necessary during the first quarter, and into the second and third quarters, affecting sales but preserving profitability. These upgrades included a new resin column and reactor, replacement of specialized pumps, and membranes for the ultra filtration system. Management is planning further upgrades and replacements to be implemented over time.

"Although our second quarter has traditionally been slower due to the seasonal decreased demand for product and our annual plant shut down for maintenance, we are pleased that we were able to maintain profitability while implementing long term planned upgrades to equipment this year," says George Usher, President and CEO of the Company. "We've continued to make investments into equipment to ensure production and also carry on development of potential new products. These accomplishments will help us meet our ongoing goals and objectives to increase sales."


Tuesday, June 10, 2014

Comments & Business Outlook

First Quarter 2014 Results:

  • Revenue of $1,413 thousands vs $1,440 thousands in prior year
  • GAAP net income of $0.02 vs $0.08

"We are looking at ways of expanding our production capacity," said George Usher, President and CEO, adding "we have 8 million dollars in purchase orders currently in the order book and continued strong interest from new and ongoing customers for product. We are carefully assessing the costs of further upgrades to our facility in order to continue to meet the growing demand we have seen develop in recent years as previous competitors have moved away from the supply of bulk product that we have remained focused on delivering."


Thursday, May 1, 2014

Comments & Business Outlook

Fourth Quarter Fiscal 2014

  • The company reported revenue of $1.3 million compared to $1.5 million for the same quarter of fiscal 2013.
  • The company reported EPS of $0.05 compared to a loss of $0.02 for the same quarter of fiscal 2013.
Sales increased $770,815.00 or 14.84% and margins increased from 7.8% to 24.3% over those reported at fiscal 2013 year-end. Starting the year with a strong backlog for product resulted in steadily growing revenues throughout fiscal 2014. EBITDA reversed from a loss of $200,463 in fiscal 2013 to a gain of $837,645.
 
With the increased sales, management directed the enhancement of several key operating components of the manufacturing facility, including upgrades to the production equipment and installation of new purification equipment. A sustained focus on upgrades to facilities is planned for the current fiscal year 2015 in order to meet the growing demand.
 
Continued interest in our products has resulted in several customer audits of our manufacturing facilities and procedures this year, resulting in further new business and augmenting the company's already growing business from long-term customers.
 
President and CEO George Usher is pleased that continued focus on high quality production "has resulted in growing sales throughout the year, as we had expected," adding that "interest in our products remains strong and we plan to pursue continued growth in sales in the coming year as well."

Wednesday, December 11, 2013

Comments & Business Outlook

Third Quarter 2013 Results

  • The company reported sales of $1.32 million, compared to $1.39 million for the same quarter 2012.
  • The company reported earnings per share of $0.01, compared to a loss of $0.04 per share for the same quarter 2012.

"Our order book remains very strong, in part due to our customers who have really supported us through equipment replacement periods with their patience and willingness to invest in assuring long term availability of the consistently high quality products they have come to expect from us," said George Usher, President and CEO of Polydex.


Monday, September 16, 2013

Comments & Business Outlook

Second Quarter Fiscal 2014 Results

  • The company reported sales of $1.9 million, compared to $1.1 million for the same quarter fiscal 2013.
  • The company reported EPS of $0.06, compared to a loss of $0.03 for the same quarter fiscal 2013.

"We are very pleased with our strong customer relationships and related demand for product," says George Usher, President and CEO of the Company. "Our partnerships with customers in the development of new products, combined with collaborated capital funding has resulted in encouraging financial returns for the first half of this year and holds great promise for the future."


Tuesday, July 30, 2013

Comments & Business Outlook

TORONTO, July 30, 2013 (GLOBE NEWSWIRE) -- Polydex Pharmaceuticals Limited (Pink/OTCBB:POLXF) (the "Company") is pleased to announce that through its wholly owned subsidiary it has received $250,000 for issuing a new exclusive 10-year supply agreement with Sparhawk Laboratories, Inc. to purchase bulk quantities of materials necessary for production of 20% Bulk Iron Dextran Solution for the United States veterinary industry.

The agreement also includes an additional milestone payment of $250,000 to the Company for assistance in developing 20% bulk iron dextran solution. Sparhawk will make application for an abbreviated new animal drug (ANADA) as required by the U.S. Food and Drug Administration for interstate commerce, and upon approval of the ANADA will award the milestone payment.

Sparhawk has been purchasing materials necessary for the production of 10% iron dextran under an exclusive supply agreement with the Company since 2004, which arrangement has also been renewed for a further ten years under this new license agreement.

Sparhawk Laboratories, Inc., located in Lenexa, Kansas, manufactures a full line of generic animal health products, which include injectables, internal/external solutions, ointments, powders, tablets and boluses.

Bert Hughes, President and CEO of Sparhawk, said, "We have consistently received high quality product through our supply agreement for the raw materials needed to produce 10% iron dextran and we are really looking forward to adding 20% iron dextran to our product line."

"Our relationship with Sparhawk is deeply rooted and we are honored to be expanding our supply agreement with them at this time," said George Usher, President and CEO of Polydex.


Friday, July 19, 2013

Research

On July 2, 2013 we coded POLXF as a "high risk" GeoBargain at $0.81.  We first mentioned POLXF in our 6/12/13 email when the stock was trading at $0.46 and talked about its strong first quarter 2014 results, listing some of our reasons for optimism. Here is our more detailed follow up...

Please go here to read the report.

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Wednesday, June 12, 2013

Comments & Business Outlook

First Quarter Fiscal 2014 Results

Reported sales of $1.44 million, compared to $1.20 milliion for the same quarter of 2012.

Reported EPS of $0.08, compared to a loss of $0.04 for the same quarter of 2012.

The Company has emerged as a trusted supplier of high quality dextran products around the world, resulting in growing sales and a return to profitability. The plant is operating smoothly, with Management closely monitoring production processes and equipment to preempt breakdowns and delays in production, which caused most of last year's losses.

EBITDA (Earnings before interest, taxes, depreciation and amortization) improved by $379,007 to $313,779 for the three months ended April 30, 2013 compared to negative EBITDA of $65,228 for the same period in the previous year.

In particular, interest in the higher margin powdered products is growing and sales were especially strong during the first quarter. Current production includes further orders for powdered product for shipment in the current quarter and confirms the potential available from this market.

"Demand for product is steady and our order book is full for many months to come" said George Usher, President and CEO. "We're also experiencing an increase in the number of customer audits of our production facilities, an important step in providing assurances to new and existing customers that we have the ability to consistently produce high quality products ".

The Company has also been developing new formulations of product for potential new market opportunities.