Philom Bios Results
Release Date: May 14, 2005
Crop inoculant manufacturer Philom Bios Inc. has produced strong second-quarter results. The Saskatoon-based company reports sales of $6.82 million for its second quarter, which ended March 31. While the company reports cash flow increases of $3.4 million due to a successful early incentive program that encouraged farmers to order inoculant products ahead of planting. President and CEO Calvin Sonntag says full-year earnings will be hard to predict until seeding is done and the company knows how much product at retailers was returned. Earlier this year, Philom Bios made its first-ever payout of $1.8 million in the form of a dividend to shareholders. Inoculants are biological products that can help legume and other crops better utilize nitrogen and phosphorus fertilizers. The company is expanding its sales effort into the U.S. to encourage growers of soybeans, also a legume crop, to buy the company’s products.
© The StarPhoenix (Saskatoon) 2005