Q2 ended | Q2 ended | ||
Sales | 1,092,078 | 1,340,644 | |
Net Income | (309,518) | (33,035) | |
Income per common share | - basic | (0.09) | (0.01) |
- diluted | (0.09) | (0.01) | |
Weighted avg. common shares | |||
Outstanding | - basic | 3,432,478 | 3,432,478 |
- diluted | 3,432,478 | 3,432,478 |
While results for the current quarter and year to date reflect a soft market and persisting problems with the global economy as a whole, Management remains steadfast on cash management and the strength of the balance sheet. Despite a drop in working capital since the start of the current fiscal year, the working capital ratio is very strong at 5.9 to 1.
African Swine Fever continues to hamper the improvement in the swine industry and related support industries of which the company is a part. Also, supply chain logistics are still a major global issue due to the lingering effects of COVID, including human resource shortages throughout the world, resulting in transportation delays, supply chain interruptions, and service backlogs in all areas of the beleaguered economic recovery.
Management is pleased that its continued efforts to re-establish sales of the higher margin liquid products are beginning to see some re-emerging interest. Also, continued efforts to expand the customer base for industrial applications of native dextran have been part of Management’s extensive efforts to return to profitability.
“Despite incredibly difficult logistics and supply chain issues during this global economic recovery period, we have maintained close relationships with our core customer base and actively pursued new markets for our products,” said
The Company’s publicly traded shares continue to be quoted on the OTC Pink Sheet platform (www.otcmarkets.com/stock/POLXF/quote).
The company continues full disclosure of its financial and operational results, which can be accessed by visiting the company website at www.Polydex.com. Product information is available at www.dextran.ca
Company website: www.Polydex.com
Note: This press release may contain forward-looking statements, within the meaning of the United States Securities Act of 1933, as amended, and the United States Securities Exchange Act of 1934, as amended, regarding
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