Inoculant maker Philom Bios posted a net loss of $1.208 million in its first quarter, or a loss of 34 cents per share. That compared to a loss of $1.262 million or 37 cents per share last year in the same quarter, which ended Dec. 31.
The company noted in a news release that it normally loses money in the first quarter, which is when it builds inventory in preparation for the spring sales season.
President and chief executive officer Calvin Sonntag said he was pleased with the results.
“While remaining ever cautious about prediction of final outcomes this early in our business cycle, initial industry feedback and customer support for our early sales incentive programs gives us confidence of achieving our objectives for 2006.”
He added that operational efficiencies are being realized through the company’s new plant, which opened in January.
Recently, the company was named one of the best managed in the country by a national award program sponsored by Deloitte, CIBC Commercial Banking, the National Post, and Queen’s School of Business.
