Warnex Reports Second Quarter 2013 Results
(firmenpresse) - LAVAL, QUEBEC -- (Marketwired) -- 08/27/13 -- Warnex Inc. (TSX VENTURE: WNX.H)(NEX: WNX) ("Warnex") announced today financial results for the second quarter ended June 30, 2013.
Q2-2013 Highlights
During the second quarter, the Company announced that Mr. Marc Lebel, Mr. Louis Lacasse and Mr. Patrice Hugo have agreed to resign as Directors of Warnex. In addition, Mr. Jean Vezina, the Company's interim Chief Financial Officer also agreed to step down as of May 29, 2013. Furthermore, Mr. Sean Karamchandani was appointed as Director and will replace Mr. Lebel as the Company's interim Chief Executive Officer and Mr. Vezina as the Company's interim Chief Financial Officer until further notice.
Following the repayment of the Company's debts accomplished primarily from the sale of all of the Company's operating business units, the Board is continuing its strategic review of the Company's remaining assets. In conjunction with this review, the Board has initiated discussions with certain investment banking groups and other external parties including the Company's landlord with a view to terminating the long-term operating lease for its Laval, Quebec facilities. The outcome of this review remains uncertain at this time, and the Board will update shareholders if and when any progress is made.
"The Company's financial position at June 30, 2013 and as of today continues to remain in good health as the Board continues to evaluate all available strategic options," remarked Michael Singer, Chairman of Warnex. "We look forward in reaching a conclusion to this process and making a recommendation to all Warnex shareholders as soon as reasonably possible."
Financial results
Consolidated revenue for the three and six month periods ended June 30, 2013, amounted to $nil compared to $1.1 million for the three-month period and $4.9 million for the six-month period ended June 30, 2012. The Company did not generate any sales, nor related cost of goods sold in the first half of 2013, as a result of the sale of all of its operating divisions in 2012.
Net loss for the quarter amounted to $157,355 or $0.01 per share compared to a net loss of $1,603,756 or $0.06 per share for the same quarter in 2012. For the six-month period ended June 30, 2013, net loss amounted to $610,992 or $0.02 per share compared to a net loss of $2,467,701 or $0.10 per share for the same period in 2012.
Selling expenses amounted to $nil for the three and six month periods ended June 30, 2013, compared to $114,526 in the three-month period and $173,389 for the six-month period ended June 30, 2012.
General and administrative expenses amounted to $240,096 for the three-month period ended June 30, 2013 ($1,170,214 in 2012) and $692,215 for the six-month period ended June 30, 2013 ($2,261,149 in 2012).
Research and development tax credits amounted to $81,267 for the three and six month periods ended June 30, 2013 as a result of the reversal of prior period provisions following assessments by the taxation authorities (negative balance of $6,000 in the second quarter of 2012 and $69,000 in the first half of 2012).
Financial revenues amounted to $1,474 in the second quarter of 2013 (financial expenses of $102,681 in the second quarter of 2012). Financial expenses amounted to $44 in the first half of 2013 ($401,640 in the first half of 2012). These decreases are due to the repayment in full of the Company's debts in 2012.
The Company ended the second quarter of 2013 with cash, cash equivalents and short-term investments of $3.4 million and working capital of $4.1 million, compared to $2.7 million in cash and a working capital of $4.7 million as at December 31, 2012.
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, volatility of share price 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 annual 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.
Neither NEX nor its Regulation Services Provider (as that term is defined in policies of the NEX) accepts responsibility for the adequacy or accuracy of this release.
Financial statements to follow.
Contacts:
Michael Singer
Chairman of the Board of Directors
Warnex Inc.
(450) 663-6724 (ext. 311)
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Datum: 27.08.2013 - 21:00 Uhr
Sprache: Deutsch
News-ID 291453
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Town:
LAVAL, QUEBEC
Kategorie:
Biotech
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