Warnex Reports Third Quarter 2012 Results
(firmenpresse) - LAVAL, QUEBEC -- (Marketwire) -- 11/28/12 -- Warnex Inc. (TSX VENTURE: WNX) ("Warnex") announced today financial results for the third quarter ended September 30, 2012 and provided an update on its operations.
Third Quarter Highlights
Financial Results
Consolidated revenue for the three-month period ended September 30, 2012, amounted to $2.5 million compared to $5.0 million during the same period last year, and for the nine-month period ended September 30, 2012, revenue was $7.4 million compared to $15.6 million for the same period in 2011. Revenues for the prior year included revenues from the Medical Laboratories and Analytical Services divisions, both of which have been sold and for which no revenues were reported for these business units during the second and third quarters of 2012. For the nine-month period ended September 30, 2012, revenue for the remaining Bioanalytical Services division was $5.2 million, versus $5.1 million for the same period in 2011.
Gross margins for the three-month period ended September 30, 2012, amounted to $1.1 million or 43% of revenue compared to $1.2 million or 23% of revenue for the same quarter last year. The increase in the gross margin percentage related to revenue is mainly explained by sale of the Medical and Analytical divisions combined with significant quarterly sales for the Bioanalytical division.
For the three-month period ended September 30, 2012, selling expenses amounted to $46,673 compared to $310,041 for the same period last year. For the nine-month period ended September 30, 2012, selling expenses amounted to $0.2 million compared to $0.9 million for the same period last year.
General and administrative expenses for the quarter were $0.8 million compared to $1.1 million last year. In proportion of revenue, general and administrative expenses were higher than last year at 32% (22% in 2011). For the nine-month period ended September 30, 2012, general and administrative expenses amounted to $3.1 million compared to $3.6 million for the same period last year.
Financial expenses for the quarter decreased to $50,419 from $291,333 for the same quarter in 2011. For the nine-month period ended September 30, 2012, financial expenses amounted to $0.5 million compared to $0.9 million for the same period last year.
Research and development tax credits decreased from $162,422 to a charge of $50,049 for the quarter, mainly due to prior years' proposed reassessments totaling $210,000 for 2008 to 2010. For the nine-month period ended September 30, 2012, research and development tax credits amounted to $18,251 compared to $411,422 in 2011, following the reassessments received.
The consolidated net income for the quarter amounted to $0.1 million or $0.00 per share compared to a net loss of $0.7 million or $0.01 per share for the same quarter in 2011. For the nine-month period ended September 30, 2012, net loss amounted to $2.3 million or $0.02 per share compared to net loss of $1.6 million or $0.02 per share for the same period in 2011.
About Warnex
Warnex () is a life sciences company which, through its Bioanalytical Services operations, provides bioequivalence and bioavailability studies for clinical trials at its facility located in Laval, Quebec.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this news release are forward-looking and are subject to numerous risks and uncertainties, known and unknown. For further information identifying known risks and uncertainties, relating to financial resources, liquidity risk, key customers and business partners, credit risk, foreign currency risk, government regulations, laboratory facilities, volatility of share price, employees, suppliers, and other important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the heading Risks and Uncertainties in Warnex's most recent Management's Discussion and Analysis, which can be found at . Consequently, actual results may differ materially from the anticipated results expressed in these forward-looking statements.
Financial statements to follow.
Contacts:
Michael Singer
Chairman of the Board of Directors
Warnex Inc.
(514) 940-3610
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Datum: 28.11.2012 - 15:14 Uhr
Sprache: Deutsch
News-ID 207692
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LAVAL, QUEBEC
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Biotech
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