IBEX REPORTS RESULTS FOR THE SECOND QUARTER AND THE SIX MONTHS ENDED JANUARY 31, 2020 - Seite 2

EBITDA for the three months ended
	January 31, 2020	January 31, 2019
Net (loss) earnings	($29,003)	$42,798
Depreciation of property, plant, equipment and intangible assets	$59,594	$69,902
Depreciation of right-of-use assets	$42,213	-
Interest - Net	$8,182	($1,084)
Earnings (loss) before interest, taxes, depreciation and amortization	$80,986	$111,616

The Company recorded a net loss for the period of $29,003 compared to a net earnings of $42,798 for the same period year ago. The negative change of $71,801 is related mainly to the decrease in revenues, partially offset by a decrease in expenses discussed above.

FINANCIAL RESULTS FOR THE SIX MONTHS ENDED JANUARY 31, 2020

Revenues for the six months ended January 31, 2020 of $2,083,601 were down $388,504 as compared to $2,472,105 in the same period of the prior year. The decrease in revenues traces to the factor mentioned above.

Operating Expenses at $2,048,141 were down $589,907, tracing mainly to the closure of our facility in Iowa and a positive inventory adjustment of $264,243 (the difference between goods produced for inventory and the goods sold).

As a result of the above the Company recorded EBITDA of $251,587 vs. a negative $25,919 EBITDA in the same period year ago.

The Company recorded net earnings of $35,460 compared to a net loss of $165,943 for the same period year ago. This positive variation can be mainly traced to the decrease in expenses result from to the closure of our Iowa facility.

Cash and cash equivalents increased by $423,922 to $3,003,781 during the six months ended January 31, 2020 as compared to the year ended July 31, 2019. Net working capital decreased by $5,641 to $2,832,532 during the six months ended January 31, 2020 as compared to the year ended July 31, 2019.

Financial Summary for the six months ended
	January 31, 2020	January 31, 2019
Revenues	$2,083,601	$2,472,105
Earnings (loss) before interest, tax, depreciation & amortization (EBITDA)	$251,587	($25,919)
Depreciation of property, plant, equipment and intangible assets	$118,033	$141,069
Depreciation of right-of-use assets	$84,425	-
Net earnings (loss)	$35,460	($165,943)
Loss per share	-	($0.01)
EBITDA for the six months ended
	January 31,