Warnex Reports Second Quarter 2011 Results
(firmenpresse) - LAVAL, QUEBEC -- (Marketwire) -- 08/10/11 -- Warnex Inc. (TSX: WNX) announced today financial results for the second quarter ended June 30, 2011.
Operating Highlights
"We did not meet our objectives this quarter for revenues and earnings and are working diligently to improve our results with a goal of attaining profitability. With our announced restructuring of the Analytical Services subsidiary, we expect to improve the efficiency of those operations, which will result in significant savings," said Mark Busgang, President and CEO of Warnex. "At the same time, we are continuing to work on the restructuring of our balance sheet. The extension of the maturity dates of our long-term debentures has provided us with the time and opportunity to restructure the balance sheet in an orderly fashion, while continuing to deliver high-quality services to our clients."
Financial Results
Consolidated revenue for the three-month period ended June 30, 2011, amounted to $4.8 million compared to $6.4 million during the same quarter a year ago, a decrease of 25%. For the six-month period ended June 30, 2011, revenue amounted to $10.6 million compared to $11.5 million for the same period in 2010.
Net loss for the quarter amounted to $0.8 million or $0.01 per share compared to net earnings of $2,672 or $0.00 per share for the same quarter in 2010. For the six-month period ended June 30, 2011, net loss totalled $0.9 million or $0.01 per share compared to a net loss of $0.9 million or $0.01 per share in 2010.
For the three-month period ended June 30, 2011, the Company had negative earnings before interest, taxes, depreciation and amortization (EBITDA) of $0.2 million versus a positive EBITDA of $0.8 million for the same quarter last year. For the six-month period ended June 30, 2011, EBITDA amounted to $0.2 million compared to $0.5 million in 2010.
Gross margin for the three-month period ended June 30, 2011, amounted to $0.8 million or 17% of sales compared to $1.8 million or 28% of sales for the same quarter last year. The decrease of $1.0 million in gross margin is mainly explained by the decrease in revenues in the Bioanalytical and Analytical divisions compared to the same quarter of last year while fixed expenses remained constant. Gross margin for the six-month period ended June 30, 2011, amounted to $2.4 million or 23% of sales compared to $2.5 million or 22% of sales in 2010.
For the three-month period ended June 30, 2011, selling expenses remained similar to last year at $0.3 million. In proportion of revenue, selling expenses were higher than last year at 6% (5% in 2010). For the six-month period ended June 30, 2011, selling expenses were similar to last year at $0.6 million.
General and administrative expenses for the quarter remained similar to last year at $1.2 million. In proportion of revenue, general and administrative expenses were higher than last year at 24% (19% in 2010). For the six-month period ended June 30, 2011, general and administrative expenses were similar to last year at $2.5 million.
Financial expenses for the quarter remained similar to last year at $0.3 million. For the six-month period ended June 30, 2011, financial expenses were similar to last year at $0.6 million.
Research and development tax credits for the quarter decreased to $0.1 million in 2011 from $0.2 million in 2010. For the six-month period ended June 30, 2011, research and development tax credits amounted to $0.2 million compared to $0.3 million in 2010.
About Warnex
Warnex () is a life sciences company devoted to protecting public health by providing laboratory services to the pharmaceutical and healthcare sectors. Warnex Analytical Services provides pharmaceutical and biotechnology companies with a variety of quality control services, including chemistry, chromatography, microbiology, method development and validation, and stability studies. Warnex Bioanalytical Services specializes in bioequivalence and bioavailability studies for clinical trials. Warnex Medical Laboratories provides specialized testing for the healthcare industry as well as pharmaceutical and central laboratory services. Warnex PRO-DNA Services offers DNA identification tests for paternity, maternity and other family relationships, as well as for immigration and forensic testing purposes. Warnex has three facilities located in Laval and Blainville, Quebec, and Thunder Bay, Ontario.
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 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.
Contacts:
Mark J. Busgang
President & CEO
Warnex Inc.
(450) 663-6724 x 310
Catherine Sartoros
Communications Specialist
Warnex Inc.
(450) 663-6724 x 277
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Datum: 10.08.2011 - 15:01 Uhr
Sprache: Deutsch
News-ID 1029516
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