• Clemex Discloses Second Quarter Results for FY 2010

    16/12/2009 12:00:00 AM Wednesday, December 16, 2009 -

    Clemex Technologies Inc. (TSX Venture CXG.a), designer and manufacturer of Image Analysis systems and software for microscopy applications, announces today its quarterly results for the second quarter of FY2010 ending October 31th, 2009.  For this second Quarter, sales reached $1,025,059 a decrease of $240,858 or 19% less than last year for the same period. For this past Quarter, the Corporation posts a Net Profit of $50,871 compared to a Net Loss of $110,784 for Q2 last year.

    The expense reduction plan, set forth in the fall of 2008, resulted in a decrease in commercial and administrative costs and contributed significantly to the quarter’s profit. Gross Margin remains at 59.6%. Research and Development costs are 38 % lower for Q2 of this fiscal year compared to the same period last year due to salaries and sub-contractors costs being partially reimbursed by NRC for the development of the hematology image analysis instrument.

    Over the last three months, the Company made important sales to strategic clients in the manufacturing sector in North America and International market, including ; Aerojet, Jonesborough, TN ; ALCOA ; Deschambault, Quebec; Linamar Gear in Guelph, Ontario; Arcelor Mittal in US, Steelton, PA and Stihl, Virginia Beach, VA.  Sales through distributors were concluded to YIEH Steel, in China, Hyundai Steel, in South Korea and Agusta Helicopter in Italy. Some specialized instruments were also sold to the NASA at the Marshall Space Flight Center, AL for cleaning room air control quantification and another one was sold to the IRSST in Montreal for the measure of asbestos fiber concentration inhaled by workers.


    FINANCIAL HIGHLIGHTS

    Second Quarter

    Six Months

    Fiscal Year

                            2010

              

           2009

    2010

    2009

                                    $

                                    $

    $

    $

    Sales

    1,025,059

    1,265,917

    1,753,690

    2,785,599

    Cost of Sales

    414,153

    503,242

    679,000

    1,114,307

    Gross Margin

    610,906

    762,675

    1,074,690

    1,671,292

    59.6%

    60.2%

    61.3%

    60.0%

    Operating Expenses

    Commercial Expenses

    256,276

    401,895

    495,083

    792,409

    Administrative Expenses

    177,064

    370,351

    346,081

    613,259

    R&D less Tax credits

    68,907

    111,228

    152,791

    256,205

    Amortization

    29,244

    19,791

    58,200

    39,582

    Interest & bank charges

    18,284

    27,056

    41,285

    58,602

    Net foreign exchange loss (gain)

    10,260

    (56,862)

    71,407

    (53,513)

    560,035

    873,459

    1,164,847

    1,706,544

    Net Profit / Loss

    50,871

    (110,784)

    (90,157)

    (35,252)

    Net Profit / Loss per share

    0.002

    (0.005)

    (0.004)

    (0.002)


    Clement Forget, President and CEO of Clemex Technologies Inc. declared: “Even though the rise in the activity level in the United States remains relatively precarious, we are noticing a renewed interest in our products, particularly from the automotive sector, which was almost at a dead point in the previous quarter. We also see some signs of improvement in the steel industry in Asia and Europe which should bring some additional sales for our non-metallic inclusion rating instrument as we are clearly the uncontested leader in this field”. He continued:” On the other hand, the development of our new medical instrument is on target, and unless unexpected delays happen, a prototype will be ready in spring of 2010 and sales will begin in the fall of 2010.” 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.