Pyxis announced that net income for the third quarter ended June 30, 2008 was $0.7 million compared to net income of $13.5 million for the same period in 2007.
Revenue decreased by $12.7 million mainly due to a $7.4 million decrease in realized gains, $2.4 million decrease in interest income, a $1.6 million decrease in dividend income and a $1.3 million decrease in other income which is primarily composed of income trust distributions. The decreases in revenue other than realized gains are reflective of the lower asset base resulting from the repurchase of the Company's dividend shares. Realized gains revenue is dependent on the timing and amount of dispositions made in the period.
The Company cautions that reported earnings are largely dependent on factors and events which do not occur evenly period to period, including the timing of disposition of long term investments, the receipt of dividends, currency exchange fluctuations, and other non-typical, non-recurring events. Accordingly, the results for the quarter may not be indicative of future results.
A management information circular for a Special Meeting of Shareholders dated September 19, 2008 will be mailed to all shareholders by the end of August. A Subsequent Acquisition Transaction by a company affiliated with the Chairman and President and CEO of the Company, and the largest shareholder, as disclosed in its Take Over Bid Circular dated April 29, 2008, will be voted on. The Subsequent Acquisition Transaction is a going private transaction and shareholders are urged to consult the management information circular for more details. -- www.cnxmarketlink.com
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