Ashok Bhaseen to Resign from Pediapharm Inc. as Director, OTC Business Unit, Effective July 31, 2015; Announces Audited Earnings Results for the Fourth Quarter and Year Ended March 31, 2015
The company announced audited earnings results for the fourth quarter and year ended March 31, 2015. For the quarter, the company's revenue was CAD 0.41 million compared with CAD 0.68 million a year ago. Net loss was CAD 1.9 million compared with CAD 1.6 million a year ago. Cash flow used in operating activities was CAD 1.2 million compared with CAD 0.43 million a year ago.
For the year, the company reported revenue of CAD 3.1 million, net loss of CAD 4.99 million, cash flow used in operating activities of CAD 4.6 million. The additional efforts in marketing & sales, business development as well as additional efforts associated with the 5 agreements signed in fiscal 2015 are the main reasons for the increased loss.