PYT.V $0.18.. In with a much better report than last quarter,, I think we are out of the woods with this one.. hank
Pyng Medical Corp. Reports Third Quarter Fiscal 2011 Results
VANCOUVER, BRITISH COLUMBIA--(Marketwire -08/23/11)- Pyng Medical Corp. (TSX-V: PYT.V - News) today announced its financial and operating results for the three months ended June 30, 2011. All amounts are in Canadian dollars unless stated otherwise.
For the third quarter 2011, the Company has realized significant sales growth resulting in total sales of $1,723,803, up 34% from the third quarter 2010. This increase was mainly attributed to the sales from U.S. military and civilian orders after the budget issue of the U.S. government was resolved. Gross margin as a percentage of sales of 65% was slightly higher than the prior year at 64% as a result of the strong sales and cost savings, despite continuing appreciation of Canadian dollar against the U.S. dollar, causing an unfavorable effect on the majority of sales dominated in U.S. dollars. Total operating expenses dropped to 53% of the sales from 72% for the same quarter last year.
The Company's net income also rose substantially to $210,555 for this quarter, equal to $0.01 per share, compared to a net loss of $92,990 or a loss of $0.01 per share one year earlier. Earnings before interest, depreciation, amortization and taxes ("EBITDA") from continuing operations were $379,344, an increase of $322,446 as compared to $56,898 reported one year ago.
For the nine months period, the total sales climbed 13% to $5,054,810 from $4,455,042 for the comparable period last year. Meanwhile, operating expenses were down 14% to $2,909,352 from $3,377,924 incurred one year ago. The strong sales and numerous initiatives on cost saving and expense reduction have collectively contributed to an increase of $757,437 in net income to $420,136 from a net loss of $337,301 reported last year.
In addition to the improving profitability, the Company continued to maintain sufficient financial liquidity to support the profit growth and product development. As of June 30, 2011, the cash balance and working capital have increased to $305,743 and $1,183,316 respectively, as compared to the amounts of $282,993 and $761,255 as at September 30, 2010.
