Science & Technology
Science and Technology
Science and Technology
Wed, November 23, 2011
Tue, November 22, 2011 
November 22, 2011 18:36 ET
Biotonix Announces Third Quarter 2011 Results
BROSSARD, QUEBEC--(Marketwire - Nov. 22, 2011) - Biotonix (2010) inc. (TSX VENTURE:BTX)("Biotonix"), a company offering innovative [ postural health ] solutions, today announced the financial results for the third quarter ended September 30, 2011. "During the quarter, we posted total sales of $158,505, while expenses decreased by 15% compared to the last quarter. In addition, based on current projections and cash inflows, management believes the Company will have sufficient funds available to support its activities for the next twelve months", said Louise St-Onge, CEO of Biotonix.
HIGHLIGHTS
- Biotonix posted a 48% gross profit compared to 42% at the same period in 2010 due to greater sales of product lines carrying higher gross margins.
OVERVIEW OF FINANCIAL INFORMATION
| Quarters ended September 30th | Nine months ended September 30th | |||||||
| Unaudited | Unaudited | |||||||
| 2011 | 2010 | 2011 | 2010 | |||||
| $ | $ | |||||||
| Statement of Operations | ||||||||
| Sales | 158,505 | 163,979 | 447,694 | 402,562 | ||||
| Gross margin | 76,146 | 69,661 | 232,894 | 166,086 | ||||
| Net loss | (196,585 | ) | (443,719 | ) | (1,054,419 | ) | (2,055,833 | ) |
| Net loss per share, basic and diluted | (0.008 | ) | (0.021 | ) | (0.046 | ) | (0.097 | ) |
| Weighted average number of shares | 23,188,667 | 21,160,000 | 23,157,167 | 21,105,500 | ||||
| Balance sheet | ||||||||
| Cash flow and deposits | 460,511 | 941,664 | 460,511 | 941,664 | ||||
| Total assets | 846,471 | 1,340,132 | 846,471 | 1,340,132 | ||||
| Long-term debt including short-term portion | - | 41,667 | - | 41,667 | ||||
| Total liabillities | 501,233 | 475,721 | 501,233 | 475,721 | ||||
| Shareholder's equity | 345,238 | 864,411 | 345,238 | 864,411 | ||||
For the third quarter ended September 30, 2011, sales reached $158,505 compared to $163,979 at the same period last year, a 3% decrease. The variation is due to a decrease in the exchange rate compared to last year. In addition, changes in accounting practices involving a contract with a client reduced the impact of the exchange rate.
The Company also announces that Mrs. Louise St-Onge, CEO and Chief Financial Officer Daniel Chevrier, were respectively given 150,000 and 75,000 options with an exercise price of $ 0.08 and expiring November 22, 2016.
CASH POSITION
On the basis of current projections and cash inflows from the private financings, management believes the Company will have sufficient funds available to support its activities for the next twelve months. Accordingly, the Company must secure a financing, increase its sales or cut operating costs in order to pursue it activities.
BIOTONIX PROFILE
WEB-BASED SOLUTIONS FOR POSTURE CORRECTION AND FITNESS
Biotonix has developed a unique [ biomechanical evaluation ] system and method which is at the core of all its applications. The system helps health and fitness professionals to assess, improve and monitor posture and overall fitness. The Biotonix web-based imaging software system is easy to use, non-invasive and provides a complete individualized assessment of musculoskeletal form and function, postural deviation detection, and corresponding corrective exercises. To date, the Company has generated over 425,000 postural and fitness assessments, including over 1,000 world-class athletes and corporations form the Fortune 500.
FitPrint™
Designed to meet the specific needs of the fitness market, [ FitPrint ]™ has the capability to assess posture as well as establish physiological age in order to improve muscular balance, performance and overall fitness.
MORE INFORMATION ON BIOTONIX
More information is available on Biotonix's website at [ www.biotonix.com ] as well as on the SEDAR website at [ www.sedar.com ].
BIOTONIX PROFILE
Biotonix (TSX VENTURE:BTX) offers innovative health solutions for posture correction and fitness using a web-based imaging software technology. For more information please visit [ www.biotonix.com. ]
BIOTONIX'S FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. There is a risk that expectations and forward looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on these forward looking statements as they involve risks and uncertainties, which could make actual results differ materially from those projected herein and depend on a number of factors including, but not limited to, no history of profitability, future financing, intellectual property and patents, key personnel, competitive marketplace, technology obsolescence, share price volatility and other risks detailed from time to time in the Company's filings. While Biotonix anticipates that subsequent events and developments may cause its views to change, Biotonix specifically disclaims any obligation to update these forward looking statements, unless obligated to do so by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
