Montreal, QC / ACCESSWIRE / December 18th, 2014 / Clemex Technologies Inc. (TSXV: CXG.A) ("Clemex" or the "Company")), designer and manufacturer of Image Analysis systems and software for microscopy applications, announces that Yves Bassat, the Company?s non-executive Chairman, has been appointed to the role of interim President and CEO effective immediately in replacement of former President and CEO, Clement Forget, who is no longer with the Company.
Clemex also discloses its financial results for the second quarter ending October 31st, 2014. Sales reached $1,460,836 compared to $1,561,359 for the same three month period last year. The slight decrease in sales combined to the increase in operating expenses, had a negative effect on the results for this quarter, and ended with a net loss of $91,024, (loss of $88,716 attributable to shareholders of Clemex), compared to a net profit of $55,716 (profit of $55,237 attributable to shareholders of Clemex) posted last year. After six months, sales reached $3,028,875 compared to $2,604,103 last year. The Company has accumulated a net loss of $125,939 (loss of $122,881 for the shareholders of Clemex), as compared to a loss of $211,658 (loss of $201,330 for shareholders of Clemex) for the same six month period last year.
During this second quarter, several important sales were made to major clients in the manufacturing sector in North America, and mostly in the United States, such as: Tenaris, TX, Mercary Marine,WI, DPT Laboratories, TX, Gerdau, FL, and Milwalkee Tools, WI. As for sales abroad, a few important sales were made in India to Dana India and GE India. In Canada, the Corporation concluded sales in the manufacturer and mining sector, Evraz, SAS and Premier Mining, ON.
FINANCIAL HIGHLIGHTS
Second quarter Six months
------------------------------------------------------------------------------------------------------------------------ | | | | | | | Fiscal Years | 2015 | 2014 | 2015 | 2014 | |----------------------------------------------------------------------------------------------------------------------| | | $ | $ | $ | $ | | | | | | | | | | | | | | | | | | | |----------------------------------------------------------------------------------------------------------------------| |Sales |1, 460,836 |1, 561,359 |3, 028,875 |2, 604,103 | |----------------------------------------------------------------------------------------------------------------------| | | | | | | |----------------------------------------------------------------------------------------------------------------------| |Gross Margin |869, 016 |876, 221 |1, 692,356 |1, 398,870 | |----------------------------------------------------------------------------------------------------------------------| |Gross Margin % |59,5% |56,1% |55,9% |53,7% | |----------------------------------------------------------------------------------------------------------------------| |Operating Expenses | 935,040 |777, 505 | 1, 763,795 |1, 565,178 | |----------------------------------------------------------------------------------------------------------------------| | | | | | | |----------------------------------------------------------------------------------------------------------------------| |Income Taxes |25,000 |43,000 |54,500 |45,350 | |----------------------------------------------------------------------------------------------------------------------| | |(91,024) |55,716 |(125,939) |(211,658) | |Net Result | | | | | |----------------------------------------------------------------------------------------------------------------------| | |(88 716) |55,237 |(122,881) |(201,330) | |Net Result attributable to| | | | | |Clemex Technologies Inc. | | | | | |----------------------------------------------------------------------------------------------------------------------| | | | | | | |----------------------------------------------------------------------------------------------------------------------| |Global Result per share |(0.003) |0.002 |(0.004) |(0.006) | ------------------------------------------------------------------------------------------------------------------------
(basic and diluted)
Sales in North America have considerably increased this last quarter when compared to sales from the same three month period last year. In Canada, sales have increased by 134%, from $102,852 in 2013 to $241,399 in 2014, as for the United States, sales have also increased by 23.3%, from $807,210 in 2013 to $995,394 in 2014. At mid fiscal year, we see the same positive increase in the sales results as the sales in Canada have increased by 20.8 % from, $457,656 in 2013 to $552,796 in 2014. In the United States, sales have progressed by 69.8% from $1,121,354 in 2013, to $1, 904,616 in 2014. In total, sales in North America have increased by 55.6%, from $1,579,010 in 2013 to $2,457,412 in 2014.
Europe and other countries abroad have been affected by the slowdown this pas summer. Sales in Europe dropped by 57.5%, from $108,620 in 2013 to $46,148 in 2014, as other countries abroad have fallen steeply from $542,677 in 2013 to $177,895 in 2014, a decrease of 67.2%. At mid fiscal year, sales in the European countries have decreased by 57.4%, from $202,074 in 2013 to $86,074 in 2014 as sales in other countries have decreased from 41.0%, from $823,019 to $485,389 in 2014. Overall, sales abroad have declined by 44.2%, from $1,025,093 in 2013 to $571,463 in 2014. On the other hand, the overall gross margin for this second quarter was at 59.5% compared to 56.1% for the same three months last year. At mid fiscal year, the gross margin is at 55.9% compared to 53.7%.
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' 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.
Caution Concerning Forward-Looking Statements
This press release contains forward-looking statements that are based on certain assumptions. The forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. The Company cautions investors not to place undue reliance on forward-looking statements. Additional factors are discussed in materials filed with the Securities regulatory authorities in Canada.
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Clemex Technologies Inc,
800 Guimond,
Longueuil, QC, Canada J4G 1T5,
Contact:
Yves Bassat
Interim President and CEO and Chairman
Tel: 450.651.6573
Email: [email protected]
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this press release.
SOURCE: Clemex Technologies Inc.