PYT-V looks like it is getting ready for another move.
Pyng Medical Corp. Files Third Quarter Results for Fiscal 2005
8/15/05
VANCOUVER, BC, Aug 15, 2005 (MARKET WIRE via COMTEX) --
Pyng Medical Corp (TSX-V: PYT) (OTC BB: PYNGF) is pleased to announce that it has filed with SEDAR its third quarter results ended June 30th, 2005. The highlights of the filings for the 3rd 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% 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% 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% (2004: $380,492 or 65%). The quarter to quarter increases in our 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 15th, 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% (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). 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% (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 Corp 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 September 30/2005.
For further information please contact Pyng Medical Corp. at 1-604-303-7964 or visit our web site at www.pyng.com
Michael W. Jacobs, Chairman, Pyng Medical Corp
The Toronto Venture Exchange has neither reviewed nor approved of the contents of this News Release. Safe Harbor Statement: This release may contain certain forward-looking statements including without limitation, projections, assumptions, expectations, product development objectives, commercial introduction, and potential advantages of the F.A.S.T.1(tm) System. Actual events or results may differ from the Company's expectations as a result of risk factors discussed in Pyng Medical Corp. reports on file with the U.S. Securities and Exchange Commission.
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