Oh Yeah :)Microbix reports first quarter profit4 minutes ago by CNW Group Revenue Doubles on Continuing Strong Customer Demand
Microbix Biosystems Inc. (TSX: MBX), an innovator of biological products and technologies, today reported financial results for its first quarter ending December 31, 2013.
In the first quarter, Microbix reported revenue of $1,927,885, more than double the revenue of $904,413 for the same period in 2013. The higher revenue was primarily due to continued growth in customer demand for virology products including significant new business from an existing customer, as well as a favourable currency impact. Total expenses for the first quarter were $888,778 compared to $1,039,117 for the same quarter in 2013 or a 14% reduction, primarily due to various cost savings initiatives implemented in the past year. Operating income for the first quarter was $214,406 compared to a loss of $629,505 for the same quarter last year.
Vaughn C. Embro-Pantalony, President and Chief Executive Officer remarked, "Our strong first quarter operating results compared to last year, and our consistently strong financial performance in the last two quarters, highlight the significant profitable turnaround that our Company has experienced in the past year. I am confident that we have established a solid foundation for continued success in 2014."