• Clemex Discloses First Quarter Results for FY 2010

    11/09/2009 12:00:00 AM Friday, September 11, 2009 -

    Clemex Technologies Inc. (TSX Venture CXG.a), designer and manufacturer of Image Analysis systems and software for microscopy applications, announced today its quarterly results for its first quarter of FY2010 ending July 31 2009. For this first Quarter of FY 2010, sales reached $728,631, a decrease of $791,051compared to last year for the same period. The Corporation ends this Quarter with a Net Loss of $141,029 while a $75,533 Net Profit had been posted for Q1 last year. Earnings for this Quarter were severely affected by the economic slowdown of the manufacturing sector in North America and by the significant increase of the Canadian Dollar value. Gross Margin for this First Quarter was 63.6%, as it was 59.8% for the same period last year. During this First Quarter, the Company made its sales mainly to the pharmaceutical industries such as Novartis, East Hanover, (NJ), Allergan, Irvine (CA), Sanofi Aventis, Bridgewater, (NJ) and to a private commercial laboratory, MSI Testing of Melrose Park, (IL).

    Financial Highlights:

     
    First Quarter
    Fiscal year
    2010
    2009
    Sales
    $728,631
    $1,519,682
    Cost of Sales
    264,847
    611,065
    Gross Margin
    463,784
    908,617
    Operating Expenses    
      Commercial Expenses
    238,807
    390,514
      Administrative Expenses
    169,017
    242,901
      R&D less Tax credits
    83,884
    144,976
      Amortization
    28,956
    19,791
      Interest & bank charges
    22,757
    31,546
      Net foreign exchange loss
    61,2392
    3,356
     
    604,813
    833,084
    Net Profit/Loss
    (141,029)
    (75,533)
    Net Profit/Lost per share
    (0,007)
    (0,004)

    Clement Forget, President and CEO of Clemex Technologies Inc. declared: “Q1 results for FY2010 are very disappointing despite enormous efforts deployed by our sales staff to close sales in the US. Almost every manufacturer contacted has reported their Capital expenditures to next year, which correspond to the third Quarter of this Fiscal Year. We have succeeded in limiting our Net Loss to an acceptable level by significantly reducing our expenses in all departments. We begin to see a slight regain of activity in the manufacturing sector however it is rather unlikely to expect a positive effect on our sales before the third Quarter. In the meantime, we maintain our cost reduction plan and increase our sales efforts in other markets to compensate for the slowdown in the manufacturing sector.”

    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’s customer base spans the globe and encompasses prestigious Universities and Research Centers in many scientific domains, large and medium size manufacturing facilities in numerous industries including automotive, aerospace, raw materials manufacturing, pharmaceuticals, mining and other sectors.