Clemex Discloses Third Quarter Results for FY 2010

    
    Symbol: CXG.A-TSXV
    www.clemex.com
    Shares Outstanding: 20 749 810
    

MONTREAL, March 17 /CNW Telbec/ - 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 third Quarter of FY2010 ending January 31th, 2010. For this third Quarter, sales reached $990,375 a decrease of $304,483 or 23.5 % compared to the same period last year. For this last Quarter, the Corporation posts a Net Profit of $10,886 compared to a Net Profit of $7,262 for Q3 in 2009.

Gross Margin rose to 59.5%, up from 57.3% for the same period last year stands at 60.3 %, for the first nine months of this Fiscal year, an increase of 1.1 % over the same nine month period of 2009. Research and Development dropped this last quarter by 37.1 % and 39.3 % for the year-to-date period due financial support of CNRC for the development of the hematology image analysis instrument.

Over these last three months, the Company concluded sales in North America to strategic clients in the pharmaceutical sector (Allergan, Irvine, CA) and in non-traditional markets (USUI International Corporation). International sales were mostly concluded to manufacturing industries, mainly in Asia and India and for the Company's new shining star product, the CMT.HD MicroHardness tester. These instruments were sold to Precision Machinery (India), Bill Forge Private (India) and to Harbin Institute of Technology (China). The Company also sold high end image analysis systems to Constructora Industria Agropeccuaria (Mexico) and to Korean Institute of Technology (Korea).

FINANCIAL HIGHLIGHTS

    
                                    Third Quarter             Nine Months
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                  Fiscal Year      2010        2009        2010        2009
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                                      $           $           $           $
    Sales                       990,375   1,294,858   2,744,065   4,080,458
    Cost of Sales               401,218     552,270   1,080,218   1,666,577
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    Gross Margin                589,157     742,588   1,663,847   2,413,881
                                   59,5%       57,3%       60,6%       59,1%
    Operating Expenses
      Commercial Expenses       246,821     339,756     741,904   1,132,165
      Administrative Expenses   181,439     202,509     527,520     815,768
      R&D less Tax credits       70,930     112,817     223,720     369,022

      Amortization               31,847      25,954      90,047      65,536
      Interest & bank charges    27,859      30,966      69,322      89,568
      Net foreign exchange loss
       (gain)                    19,375      23,324      90,605     (30,190)
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                                578,271     735,326   1,743,119   2,441,869

    Net Profit / Loss            10,886       7,262     (79,272)    (27,988)
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    Net Profit / Loss per share       -           -      (0.004)     (0.001)
    

Clement Forget, President and CEO of Clemex Technologies Inc. declared: "The rise in the activity level from the United States remains precarious; however the demand for our products remains continuous on International markets, mainly in Asia and India. Our automated MicroHardness tester recently launched, the CMT.HD, is highly appreciated since this instrument is used for quality control laboratories in the automotive industry, a sector which is still quite active in that part of the world. We continue to maintain all operation costs to their minimum, allowing a profit to be declared despite a reduction in sales compared to the same period last year." He continued: "On the other hand, the development of our new medical instrument for Hematology applications is on target, and we are very confident that a prototype will be ready this spring and that first sales should begin in 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' customer base spans over many countries in America, Europe, Asia and encompasses major Research and Development Centers, prestigious Universities and large manufacturing industries in various fields including health care, automotive, aerospace, raw materials manufacturing, pharmaceuticals, mining and other sectors.

The TSX Venture has not reviewed and does not accept responsibility for the adequacy and accuracy of this news release.

For further information: Clément Forget, Clemex Technologies Inc, [phone], [email protected]