TechWeb

Clemex Discloses Third Quarter Results

Mar 20, 2012 (03:03 PM EDT)
URL: http://www.techweb.com/show-press-release/X894666/clemex-discloses-third-quarter-results.html

11.7% increase in sales

Symbol:  CXG.A-CDNX
www.clemex.com
Shares Outstanding23,999,810

MONTREAL, March 20, 2012 /PRNewswire/ - Clemex Technologies Inc. (TSXV: CXG.A), announces its results for its Q3 of FY2012 ending January 31st, 2012. For this third quarter, sales reached $1,6M, an increase of $177,222 or 11.7% compared to the same period last year. After nine months, sales reached $4,3M, an increase of 18.3% when compared to last year. The Corporation ends this quarter with a net profit of $66,341 compared to a net profit of $93,333 posted last year. Year to date profit after 9 months, the Company has accumulated a net profit of $32,098 compared to a net profit of $169,951 last year.

During this third Quarter, the Company's sales increase continued with regards to the MicroHardness testers with sales to 5 major clients in North America: Group O (Illinois), Berg Group (Florida), Delphi (Michigan), Black Cat Blades (Alberta), and Ecole Polytechnique (Montreal). The Company also sold images analysis systems to 2 major clients in the United States, Bombardier Recreation Products (Wisconsin) and Universal Stainless (Pennsylvania). Other sales to the pharmaceutical industry include sales of a PS Filter to Merck Sharp and Dohme in New Jersey and to West Pharmaceutical in Pennsylvania. Finally, other image analysis systems and two MicroHardness testers were sold in India during this third Quarter.

FINANCIAL HIGHLIGHTS

  Quarter Nine months
Fiscal Years 2012   2011(1)   2012   2011(1)
  $   $   $   $
Sales 1,634,138   1,463,916   4,289,280   3,625,676
               
Gross Margin 904,295   848,878   2,333,805   2,169,374
Gross Margin % 55.3%   58.0%   54.4%   59.8%
Total Operating Expenses 795,454   697,545         2,194,207   1,871,423
               
Income Taxes 42,500   58,000   107,500   128,000
               
Net Profit 66,341   93,333   32,098   169,951
               
Net Profit per share 0.003   0.004   0.001   0.008

(1) Figures for 2011 have been restated to conform to IFRS.

Clement Forget, President and CEO of Clemex Technologies Inc. declared: "The industrial sector continues to improve in the United States, and this reflects in increased sales for that geographical sector. Our profitability has been affected this third quarter by the increase in our operations costs. We have sustainably continued our efforts of commercial development and R&D activities of our Hematology instrument while investments have also been carried out for the development of a new corporate Web site. These initiatives will contribute to structure and promote the future developments of the Company. As far as for the development of the new instrument for Hematology, we have recently made important progress and we are close to complete a working prototype."

He continued; "Even if carrying out this project has taken longer than anticipated, we are very satisfied by the work achieved. We have overcome important technological milestones which encourages us for the next step of the project. We expect to test our first units this spring and reach a commercial deployment later this fall". The Clemex Hematology instrument will allow the automated blood smears analysis relying of the well proven and very sophisticated image analysis system.

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's 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 CDNX has not reviewed and does not accept responsibility for the adequacy and accuracy of this press release.

 

SOURCE CLEMEX TECHNOLOGIES INC.