OREANDA-NEWS. Polydex Pharmaceuticals Limited (Pink Sheets:POLXF) (the “Company”) reports financial results for the first quarter of fiscal 2017, the period ending April 30, 2016.  All figures are reported in U.S. dollars.

     
   Q1 ending April 30, 2016   Q1 ending April 30, 2015 
     
  Sales 1,457,975  1,561,177 
     
  Net Income 75,808  319,727 
     
  Income per common share         - basic  0.02  0.10 
  - diluted  0.02  0.09 
     
  Weighted avg. common shares    
Outstanding                                    - basic  3,380,478  3,305,478 
  - diluted  3,551,311  3,509,683 
     

Sales remained robust through the first quarter of this fiscal year, and are expected to continue through the second quarter due to sustained customer demand.

The company has continued to report a profit for thirteen consecutive quarters. The slight decrease in sales during this period compared to the same period last year is due primarily to the timing of a large powder shipment originally scheduled for shipment in April but was shipped in May.  Several additional factors also impacted the financial results for the first quarter, including the delayed receipt of product from the company’s contract production source and, more importantly, the exchange rate of the Canadian dollar to the U.S. dollar.

The increased value of the Canadian dollar in the first quarter of this year compared to its year end value resulted in notable exchange losses. A currency adjustment arises from the translation of the company’s  functional currency of Canadian dollars to the reporting of its financial statements in U.S. dollars.

While significant changes are being made within the manufacturing process to save money on energy, recycling and waste water, Management continues to implement methods to effect additional costs savings and more efficient production.

“We are pleased that sales remained strong during this first quarter,” said George Usher, President and CEO, adding “although we’ve experienced fluctuation in the value of the Canadian dollar, we have simultaneously managed to support our established customer base and attract new business both domestically and internationally.”