IBEX Reports Results for the Second Quarter and the Six Months Ended January 31, 2021 - Seite 3

2021
  January 31,
2020 Net earnings $398,571   $35,460 Depreciation of property, plant, equipment and intangible assets $92,606   $118,033 Depreciation of right-of-use assets $97,028   $84,425 Interest - Net $10,069   $13,669 Income tax refund ($3,953 ) - Earnings before interest, taxes, depreciation and amortization $594,321   $251,587

Cash and cash equivalents increased by $145,889 during the six months ended January 31, 2021 as compared to the year ended July 31, 2020. Net working capital increased by $470,111 during the six months ended January 31, 2021 as compared to the year ended July 31, 2020.

Balance Sheet Summary as at
	January 31, 2021	July 31, 2020
Cash and cash equivalents	$3,851,406	$3,705,517
Net working capital	$4,275,151	$3,805,040
Outstanding shares at report date (common shares)	24,773,244	24,773,244

LOOKING FORWARD        

As always, the future financial results of the Company are difficult to predict as the Company’s customers have significant variations in their purchasing patterns, as it has been illustrated in the quarterly results over the past few years. The impact of COVID-19 adds further uncertainty to the picture.

Despite the good results for the first half we do not foresee Fiscal 2021 to be as profitable as Fiscal 2020, as customers who may have advanced purchases in Fiscal 2020 to protect against supply-chain interruptions may reduce some of their inventory in our Fiscal 2021. We have observed the significant postponement of cardiovascular surgeries during calendar 2020 and do not expect that we will return to normal levels in the first half of calendar 2021. This will have the impact of bloating the inventory levels of some of our customers can we might see lower sales in the next few quarters as a result