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Philom Bios announces third quarter results
Saskatoon, Saskatchewan
September 2, 2005

Philom Bios Inc. is pleased to report its results for the nine months ended June 30, 2005.

Third Quarter Highlights:

  • Financial
  • Year to date sales highest in Company history.
  • Operating and production costs remain well controlled in line with increased sales volumes and market expansion activities leading to record earnings from on-going operations.
  • Net cash flows increase in quarter by $2.9 million on strength of positive quarterly earnings.
  • Company establishes record number of field trials across key crop sectors.
  • Second phase of building improvements commenced as production group relocates to new facility effective July 1, 2005. Construction activities remain on schedule and on budget for relocation of office and lab to new facility by end of calendar year.
  • Company receives judgment on Dow AgroSciences legal claim resulting in extraordinary item charge to earnings. Company announces appeal of judgment.

Building on a second consecutive year of double digit percent sales growth, the Company reported year to date net earnings before extraordinary item of $2.7 million (2004 - $2.5 million) or $0.79 per share (2004 - $0.77). Improved results are directly attributable to market success with sales gains in all major product categories and across all sectors of the North American market. With the primary sales season now complete, year to date gross margins are considered representative of final outcomes but net earnings will decline over the balance of the year as the Company incurs its fourth quarter operating costs.

Net operating costs for the year to date total $5.2 million (2004 - $4.2 million). The increases over the prior year relate to investment in market expansion and product development, and legal fees incurred in defense of the Dow AgroSciences claim. Taking into account final quarter departmental costs, forecasted earnings before extraordinary item are expected to reach $0.45 per share (2004 - $0.43 per share).

President/CEO Calvin Sonntag comments, “By many measures, our interim results reflect a tremendous outcome for the Company. Record sales, prudent management of operating expenses and success with our facilities investment and market development plans have combined to make this an extraordinary year for Philom Bios. The only negative has been the charge we’ve taken in the Dow claim which has reduced net earnings. However, even as we look forward to a vigorous appeal of this decision as noted in earlier news releases, this outcome will not affect our go-forward operating plans in any way.”

Philom Bios is a world leading Inoculant Company with over 70 employees across North America in a wide range of research, manufacturing, marketing, and management positions. Headquartered in Saskatoon, SK, Philom Bios is a Canadian public company serving the needs of farmers with high-value inoculants. Philom Bios has a 20+ year commitment to farmers through a dynamic partnership with distributors and leading retailers.

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