I am pleased that Pyng intends to list on the TSE.
The news release with the statement highlights follow:
Pyng Medical earns $140,293 in Q3
2005-08-15 10:59 ET - News Release
Mr. Michael Jacobs reports
PYNG MEDICAL CORP. FILES THIRD QUARTER RESULTS FOR FISCAL 2005
Pyng Medical Corp. has filed with SEDAR, available on Stockwatch SEDAR filings, its third quarter results ended June 30, 2005. The highlights of the filings for the third quarter are as follows:
The company achieved record sales for the third quarter with invoiced sales of $942,782 (2004: $582,222). This is a 62-per-cent increase in sales over the same quarter in fiscal 2004; the highest increase for a year-over-year quarter.
On a year-to-date basis, the company also achieved record sales for the nine months ended June 30, 2005, with invoiced sales of $1,957,416 (2004: $1,253,747), a 56-per-cent increase in sales over the same period in fiscal 2004.
Cost of sales for the third quarter was $236,808 (2004: $201,730) providing a gross margin of $705,974 or 75 per cent (2004: $380,492 or 65 per cent). The quarter-to-quarter increases in the company's gross margin were the results of effective cost management and improved efficiencies in the production process. Pyng Medical also initiated a price increase that took effect April 15, 2005, to offset currency fluctuations and increased insurance costs.
Net income for the third quarter was $140,293 resulting in net cash inflows from operating activities of $166,209 (2004: net cash outflows of $55,190); this is the highest net cash inflows from operating activities ever achieved by the company in a quarter. Pyng Medical has losses carried forward so there is no requirement for income tax on profits.
The company generated EBITDA (earnings before interest, taxes, depreciation and amortization) for the third quarter of $194,494 (2004: EBITDA of $146,476).
Cost of sales for the nine months ended June 30, 2005, was $612,645 (2004: $493,616) providing a gross margin of $1,344,771 or 69 per cent (2004: $760,131 or 61 per cent).
On a year-to-date basis, net cash inflows from operating activities were $154,136 (2004: net cash inflows of $11,937). For the nine month period, the company generated EBITDA (earnings before interest, taxes, depreciation and amortization) of $201,504 (2004: negative EBITDA of $20,972).
Cost of sales for the nine months ended June 30, 2005, was $612,645 (2004: $493,616) providing a gross margin of $1,344,771 or 69 per cent (2004: $760,131 or 61%). On a year-to-date basis, net cash inflows from operating activities were $154,136 (2004: net cash inflows of $11,937).
The overall results for the third quarter is indicative of the sales growth that has occurred for the F.A.S.T.1 system for adult intraosseous Infusion and the company now has surpassed total fiscal 2004 sales after the third quarter.
Pyng Medical believes that this year the company will surpass the requirements for a senior listing on the TSX Venture Exchange and will file for that status at the end of its fiscal period Sept. 30, 2005.
CONSOLIDATED STATEMENT OF LOSS
AND DEFICIT
Three months ended June 30
2005 2004
Sales $942,782 $1,957,416
Cost of sales 236,808 612,645
---------- ----------
Gross margin 705,974 1,344,771
Expenses
Advertising and
promotion 9,514 24,871
Amortization
of deferred
research and
development 32,755 80,284
Amortization --
other 15,310 44,923
Bad debts - 144
Engineering and
consulting 65,910 151,714
Foreign exchange
(gain) or loss 2,417 6,854
Interest and
bank charges 11,043 27,998
Legal and
accounting 18,479 43,799
Licenses and
insurance 20,814 58,225
Marketing 3,190 15,979
Meals and
entertainment 5,871 10,559
Office and
telephone 19,151 41,071
Rent and
utilities 21,056 63,134
Repairs and
maintenance 14,153 23,614
Research and
development 1,510 4,553
Royalty 47,195 97,942
Stock-based
compensation - 20,368
Transfer agent
and shareholder
information 2,448 25,693
Travel 32,832 64,086
Wages and
benefits 242,231 481,337
---------- ----------
565,879 1,287,149
---------- ----------
Income (loss)
from operations 140,095 57,622
Interest and
miscellaneous
income 198 368
Gain on
settlement of
accounts
payable - -
---------- ----------
Net income
(loss) for the
period $140,293 $57,990
========== ==========
(Deficit),
beginning of
period $(4,583,768) $(4,518,219)
(Deficit), end
of period $(4,443,475) $(4,460,229)
Basic and
diluted
earnings
(loss) per
share $0.015 $0.006
CONSOLIDATED STATEMENT OF LOSS
AND DEFICIT
Six months ended June 30
2005 2004
Sales $582,222 $1,253,747
Cost of sales 201,730 493,616
---------- ----------
Gross margin 380,492 760,131
Expenses
Advertising and
promotion 5,782 23,233
Amortization
of deferred
research and
development 322,169 616,839
Amortization --
other 8,797 25,266
Bad debts - -
Engineering and
consulting - -
Foreign exchange
(gain) or loss - -
Interest and
bank charges 5,665 23,884
Legal and
accounting 20,310 59,160
Licenses and
insurance 18,843 49,673
Marketing 4,361 10,258
Meals and
entertainment 1,476 3,327
Office and
telephone 12,632 30,233
Rent and
utilities 19,061 57,875
Repairs and
maintenance 7,724 13,182
Research and
development 29,115 62,691
Royalty - -
Stock-based
compensation - 183,314
Transfer agent
and shareholder
information 3,737 44,331
Travel 16,194 38,227
Wages and
benefits 91,241 229,327
---------- ----------
567,107 1,470,820
---------- ----------
Income (loss)
from operations (186,615) (710,689)
Interest and
miscellaneous
income (4,230) 12,214
Gain on
settlement of
accounts
payable - 18,076
---------- ----------
Net income
(loss) for the
period $(190,845) $(680,399)
========== ==========
(Deficit),
beginning of
period $(5,429,512) $(4,939,958)
(Deficit), end
of period $(5,620,357) $(5,620,357)
Basic and
diluted
earnings
(loss) per
share $(0.02) $(0.08) |
