Clemex announces its Financial Results for 2010
August 11 2010 - 12:38PM
PR Newswire (Canada)
MONTREAL, Aug. 11 /CNW/ -- Symbol: CXG.A-TSX-V www.clemex.com
Shares Outstanding: 20,749,810 MONTREAL, Aug. 11 /CNW Telbec/ -
Clemex Technologies Inc. (TSX Venture: CXG.A) announces its
financial results for Fiscal Year ending April 30th, 2010. The
Corporation ends this Fiscal Year with a Loss before taxes of
$229,487 while a $9,599 loss before taxes had been posted in 2009.
Sales dropped by 28.5% to $3,659,129 from $5,120,918 in 2009. The
critical sales drops came from the United States and Europe with
decreases of 33.5% and 76.8 % respectively. Gross Margin remained
the same at 59.3%. When asked to comment these results, the
President and CEO, Clement Forget declared the following: "The
collapse of the manufacturing sector in United States which began
near the end of 2008 has continued to affect our results
significantly during this past year. Further more, the economic
difficulties and slow down in the European area has also affected
the sales on the International side. And despite a slight regain in
economic activity at the end of the fiscal year, we see that
manufacturing industries have not yet fully recovered from the
slowdown." Mr. Forget continued: "Despite a significant drop in
sales, tight control of expenses has allowed us to minimize our
loss. On the other hand, our new research project of a medical
device for Hematology applications developed in partnership with
NRCC is on track and we anticipate sales for this new instrument in
the third and fourth Quarter of this next fiscal year. We
anticipate the future optimistically in view of the activity regain
in the manufacturing sector and the introduction of new products
for the medical sector." Financial Highlights Fiscal year ended
April 30th, 2010 April 30th, 2009 $ $ Sales 3,659,129 5,120,918
Cost of Sales 1,489,988 2,112,455 ----------- ----------- Gross
Profit 2,169,141 3,008,463 Gross Margin 59.3% 58.7% Operating
Expenses Commercial Expenses 1,022,244 1,418,615 Administration
Expenses 782,200 1,004,145 Financial Expenses 91,583 129,668
Amortization 120,852 99,929 Research & Development 273,875
400,283 Loss (gain) on foreign exchange 107,874 (34,578)
----------- ----------- 2,398,628 3,018,062 Loss Before Income
Taxes (229,487) (9,599) Income Taxes 32,033 90,000 Net Loss
(261,520) (99,599) ----------- ----------- ----------- -----------
Basic Loss Per Share (0.013) (0.005) Diluted Loss Per Share (0.013)
(0.005) 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. The TSX Venture Exchange
has not reviewed and does not accept responsibility for the
adequacy and accuracy of this news release. Clément Forget, Tel:
450.651.6573, Email: ir@clemex.com
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