• Clemex Discloses Second Quarter Results for FY 2011

    14/12/2010 12:00:00 AM Tuesday, December 14, 2010 -

    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 FY2011 ending October 31th, 2010.  For this second Quarter, sales reached $1,144,906 an increase of $119,847 or 11.6% when compared to the same period last year. For this last Quarter, the Corporation posts a Net Profit of $30,258 compared to a Net Profit of $50,871 for Q2 last year.

    Gross Margin is at 61.5% for this quarter, slightly higher than for the same period last year at 59.6%. The Company was able to maintain a good profitability in spite of the significant increase in commercial expenses intended to sustain the development of business in some profitable market sectors. For the first six months of this fiscal year, commercial expenses have raised by approximately $80,000 as the Company attended several commercial trade shows. Clemex continues to be very active in Research and Development in view of the development and marketing of the new and innovative hematology instrument. Furthermore, the NRC-IRAP grant for the Hematology instrument development project to cover salary expenses ended during this Quarter.

    FINANCIAL HIGHLIGHTS

    Second Quarter

    Six Months

    Fiscal Year

                            2011

              

           2010

    2011

    2010

                                    $

                                    $

    $

    $

    Sales

    1,144,906

    1,025,059

    2,161,761

    1,753,690

    Cost of Sales

    441,101

    414,153

    818, 423

    679,000

    Gross Margin

    703,805

    610,906

    1,343,338

    1,074,690

    61.5%

    59.6%

    62.1%

    61.3%

    Operating Expenses

    Commercial Expenses

    288,740

    256,276

    574,868

    495,083

    Administrative Expenses

    203,544

    177,064

    374,808

    346,081

    R&D less Tax credits

    120,375

    68,907

    198,809

    152,791

    Amortization

    30,058

    29,244

    60,116

    58,200

    Financial Expenses

    21,471

    18,284

    43,169

    41,285

    Net foreign exchange loss (gain)

    9,359

    10,260

    8,494

    71,407

    673,547

    560,035

    1,260,264

    1,164,847

    Net Profit / Loss

    30,258

    50,871

    83,074

    (90,157)

    Net Profit / Loss per share

    0.001

    0.002

    0.004

    (0.004)

    Over the last three months, the Company made several sales to strategic clients in the manufacturing sector in North America and abroad. Several sales were for the Clemex CMT.hd, an automated MicroHardness tester widely used in the Automotive and other manufacturing sector. North American clients in this past Quarter were Interstate McBee, (OH); Amsted rail (VA); Fleet Readiness Center East,  (NC); Fisher Barton Specialty Products, (WI) and to Flight Systems Electronics Group, (PA).  On the International side, the Company made important sales to Magna Powertrain in Mexico, DeHua Testing (China) and has also sold two Inclusions Rating Systems for the quantification of cleanliness in steel to POSCO in Korea.

    Clement Forget, President and CEO of Clemex Technologies Inc. declared:

    “We continue to benefit from the slow recovery of activity in the US manufacturing sector, mainly from the automotive industry. Sales to this sector over this past Quarter came mostly from our CMT.hd, an Automatic MicroHardness tester, widely used for testing heat treated parts in the automotive manufacturing.  On the International side, sales were made to the Steelmakers in Korea and China, countries where revival of activity in the steelmaking industries seems to be well on its way.” He continued; “A certain revival of market is now discernible and will contribute to the increase in sales of our traditional market sectors. Furthermore, our growth perspectives have never been better on short and longer term. The new exclusive Canadian distribution agreement with Leica Microsystems beginning in March 2011 will be very positive on our sales growth. We anticipate sales increase for both short and long terms to come.”

    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.