OREANDA-NEWS. Polydex Pharmaceuticals Limited (OTC PINK:POLXF) (the “Company”) today announced financial results for the second quarter of fiscal 2017. The three-month and six-month periods ending July 31, 2016 (together with comparative figures from the same periods in the previous fiscal year) are reported in U.S. dollars.

  3 months ended
July 31, 2016		 3 months ended
July 31, 2015		 6 months ended
July 31, 2016		 6 months ended
July 31, 2015
         
Sales $   1,737,376   $   1,679,801   $   3,195,351   $   3,240,978  
         
Net Income      280,936        414,973        356,744        734,693  
         
Income per Common Share                        
Basic   0.08     0.13     0.11     0.22  
Diluted     0.08        0.12       0.10        0.21  
         
Weighted average # Common Shares                        
Basic   3,380,478     3,305,478     3,380,478     3,305,478  
Diluted     3,517,388       3,490,857       3,535,363       3,468,699  

Management is gratified by the second quarter and year to date results. Sales were consistent with the prior year, and margins increased. However net income was impacted by higher expenses, most notably a foreign exchange loss of $111,500 compared to a gain of $55,596 in the prior year to date, resulting in a negative swing of $167,096. The Company does not engage in formal foreign exchange management and is subject to fluctuations in the currency markets, though current rates are expected to be fairly consistent for the foreseeable near future. Net income also incurred a non-cash charge of $111,325 for deferred income taxes, however EBITDA remained strong at $455,486 for the quarter and $597,890 for the year to date. Earnings per share on EBITDA are: basic: $0.13 for Q2 and $0.18 for year to date (diluted: Q2 $0.13; YTD $0.17).

“We made significant investments into equipment assets this past quarter. In particular we’ve added a new air compressor, a vital component of our production process,” said George Usher, President and CEO of the Company. “Continuing to make necessary investments into key equipment is contributing to efficiency, and is keeping us on track with our cost-reduction initiatives. Most recently we have been focusing on reducing utility costs related to water consumption, a large part of our production costs.”

Polydex Pharmaceuticals Limited, based in Toronto, Ontario, Canada, is engaged in the manufacture of bulk pharmaceutical intermediates for the worldwide veterinary pharmaceutical industry and also the development, manufacture and marketing of biotechnology-based products for the human pharmaceutical market.