IBEX Technologies Inc. (“IBEX” or the “Company”) (TSX Venture: IBT)
today reported its financial results for the second quarter and the
six months ended January 31, 2024.
“We were pleased to see revenues continue to
increase as Q2 revenues were up 12% versus a year ago and the
six-month revenues up 15%. The increase in revenues can mainly be
attributed to the strong performance of customers in the hemostasis
market” said Paul Baehr, President & CEO. Net earnings were
down due to the expenses associated with the proposed acquisition
of IBEX by BBI Solutions OEM Limited (“BBI”).
Note: All figures are in Canadian dollars unless
otherwise stated. The Company’s audited consolidated financial
statements for the year ended July 31, 2023, and the
accompanying notes and the related management’s discussion and
analysis can be found on the Company’s website at www.ibex.ca or
under the Company’s profile on SEDAR+ at www.sedarplus.ca.
SALE OF IBEX AT $1.45 PER SHARE
IBEX reminds shareholders that an annual and
special meeting of shareholders will be held in Montreal, Québec on
April 3, 2024 at which IBEX shareholders will consider the
previously-announced proposed amalgamation
(the “Amalgamation”) of IBEX and 15720273 Canada Inc., a
newly-incorporated, wholly-owned subsidiary of BBI, whereby BBI
will acquire all of the issued and outstanding shares of IBEX at a
price of $1.45 per share in cash. The Board of Directors of IBEX
unanimously recommends that shareholders vote for the special
resolution approving the Amalgamation. IBEX’s management proxy
circular for the meeting is available on IBEX’s website at
www.ibex.ca and under IBEX’s profile on SEDAR+ at
www.sedarplus.ca.
FINANCIAL RESULTS FOR THE SECOND QUARTER OF FISCAL
2024
Revenues for the quarter ended January 31, 2024
totaled $1,922,000, up $199,930 (12%) from $1,722,070 for the same
period the prior year.
Expenses totaled $1,766,600 (excluding Income
Tax), an increase of $144,563 versus $1,622,037 for the same period
the prior year. The increase in expenses is mainly due to General
and Administrative expenses, related to professional and legal fees
associated with the previously-announced transaction with BBI.
Net earnings totaled $49,664, a decrease of
$50,369 as compared to Q2 FY2023 with the increase in revenues
offset by income taxes from FY2023 and increase in expenses as
described above.
The Company recorded EBITDA of $199,043 versus
$117,247 in the same period a year ago, an increase of $81,796
primarily due to the reduction in net earnings.
It should be noted that “EBITDA” (Earnings
Before Interest, Tax, Depreciation & Amortization) is not a
performance measure defined by IFRS, but we, as well as investors
and analysts, consider that this performance measure facilitates
the evaluation of our ongoing operations and our ability to
generate cash flows to fund our cash requirements, including our
capital expenditures program. Note that our definition of this
measure may differ from the ones used by other public
corporations.
EBITDA for the three months ended |
|
|
|
January 31,2024 |
January 31,2023 |
Net earnings |
|
$49,663 |
|
$100,033 |
Depreciation of property,
plant, equipment and intangible assets |
|
$60,399 |
|
$36,825 |
Depreciation of right-of-use
assets |
|
$73,718 |
|
$65,769 |
Interest – Net |
|
($90,474) |
|
($85,380) |
Income tax expense |
|
$105,736 |
|
- |
Earnings before interest, tax,
depreciation and amortization |
|
$199,043 |
|
$117,247 |
FINANCIAL RESULTS FOR THE SIX MONTHS
ENDED JANUARY 31, 2024
Revenues for the six months ended January 31,
2024 totaled $3,980,206, an increase of $506,565 (15%) as compared
to $3,473,641 in the same period a year ago. The increase in
revenues stems from the continuing strength of the hemostasis
market.
Total Expenses at $3,120,263 increased by
$425,162. The increase relates mainly to professional fees
associated with the aforementioned BBI transaction and provision
for income tax.
Net earnings totaled $859,943, up $81,403 versus
the same period a year ago as a result of the increase in revenues
of $506,565 and increase in expenses of $425,162 as mentioned
above.
The Company recorded EBITDA of $1,055,892, up
$197,411 versus $858,481 in the same period a year ago. The
difference is attributed to the increase in net earnings of
$81,403, an increase in net interest revenue, partially offset by
an increase in depreciation and income taxes.
Financial Summary for the six months ended |
|
January 31,2024 |
January 31,2023 |
Revenues |
|
$3,980,206 |
|
$3,473,641 |
Earnings before interest, tax,
depreciation & amortization (EBITDA) |
|
$1,055,892 |
|
$858,481 |
Depreciation of property,
plant, equipment and intangible assets |
|
$120,150 |
|
$70,687 |
Depreciation of right-of-use
assets |
|
$147,281 |
|
$131,502 |
Net earnings |
|
$859,943 |
|
$778,540 |
Earnings per share |
|
$0.03 |
|
$0.03 |
|
|
|
EBITDA for the six months ended |
|
|
|
January 31,2024 |
January 31,2023 |
Net earnings |
|
$859,943 |
|
$778,540 |
Depreciation of property,
plant, equipment and intangible assets |
|
$120,150 |
|
$70,687 |
Depreciation of right-of-use
assets |
|
$147,281 |
|
$131,502 |
Interest - Net |
|
($177,218) |
|
($122,248) |
Income tax expense |
|
$105,736 |
|
- |
Earnings before interest,
taxes, depreciation and amortization |
|
$1,055,892 |
|
$858,481 |
The Company’s substantial cash balance of
$8,692,197 increased by $78,351 from $8,547,043 due to the results
mentioned above.
Net working capital increased by $389,684 during
the six months ended January 31, 2024 as compared to the year
ended July 31, 2023.
Balance Sheet Summary as at |
|
January 31,2024 |
July 31,2023 |
Cash and cash equivalents |
|
$8,692,197 |
|
$8,547,043 |
Net working capital |
|
$8,819,448 |
|
$8,429,764 |
Outstanding shares at report
date (common shares) |
|
24,507,644 |
|
24,758,644 |
LOOKING FORWARD
As mentioned above, IBEX has entered into an
agreement for the sale of the Company. Subject to shareholder
approval on April 3, 2024, the transaction is expected to close on
April 8, 2024, following which the Company will be delisted from
the TSX Venture Exchange.
In the unlikely event that the transaction does
not close, IBEX would expect to report Fiscal 2024 earnings in line
with the Fiscal 2023 results.
ABOUT IBEX
IBEX manufactures and markets proteins for
biomedical use through its wholly-owned subsidiary IBEX
Pharmaceuticals Inc. (Montréal, QC). IBEX Pharmaceuticals also
manufactures and markets a series of arthritis assays, which are
widely used in osteoarthritis research.
For more information, please visit the Company’s
website at www.ibex.ca.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Safe Harbor Statement
All of the statements contained in this news
release, other than statements of fact that are independently
verifiable at the date hereof, are forward-looking statements. Such
statements, as they are based on the current assessment or
expectations of management, inherently involve numerous risks and
uncertainties, known and unknown. Some examples of known risks are:
the impact of general economic conditions, general conditions in
the pharmaceutical industry, changes in the regulatory environment
in the jurisdictions in which IBEX does business, stock market
volatility, fluctuations in costs, and changes to the competitive
environment due to consolidation or otherwise. Consequently, actual
future results may differ materially from the anticipated results
expressed in the forward-looking statements. In particular,
completion of the proposed acquisition of IBEX by BBI is subject to
numerous conditions, termination rights and other risks and
uncertainties, including the ability of IBEX to satisfy closing
conditions, which includes shareholder approval. Accordingly, there
can be no assurance that the proposed transaction with BBI will
occur, or that it will occur on the timetable or on the terms and
conditions contemplated. IBEX disclaims any intention or obligation
to update these statements, except if required by applicable
laws.
Contact:
Paul BaehrChairman, President & CEOIBEX
Technologies Inc.514-344-4004 x 143
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