Frontline Reports Third Quarter 2011 Financial Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 11/11/11 -- Frontline Technologies Inc. (TSX: FLC), a provider of technology-based equity and options trading services, IT infrastructure support and network managed services, released its third quarter results for the quarter ended September 30, 2011, the third set of consolidated financial statements prepared under International Financial Reporting Standards (IFRS). The net loss was $0.5 million or ($0.02) per share compared to a net loss of $1.8 million or ($0.12) per share in the same quarter of the previous year. Included in the $0.5 million loss are restructuring and acquisition costs of $0.4 million related to legal fees and lease write-offs incurred during the quarter.
Major elements of the third quarter statements include:
"With the integration of the two companies nearing completion, we are very pleased with the outcome from rationalizing our costs and we are continuing to focus our attention on revenue growth with the completion of our strengthened product suite" said Hoss Astaraki, Chairman and CEO.
Frontline is also pleased to announce that John Culbert has joined Frontline in the role of Chief Financial Officer. John has served in various senior financial roles in private financial companies in Canada for over 15 years. Most recently, John served as Chief Financial Officer of Fidelity Clearing Canada ULC. John will fill the role previously served by David Evans. "We are excited to welcome John to our leadership team. John's knowledge and experience working with financial companies makes him an extremely valuable addition to our leadership team", said Hoss Astaraki, Chief Executive Officer. "We also would like to take the opportunity to thank David for his contribution to Frontline. He has been an important member of our team and we are very appreciative for all that he has done for the Company."
For further information about Frontline Technologies Inc., the results for the third quarter 2011 and the meaning of certain references, this quarterly earnings release should be read in conjunction with our Third Quarter 2011 Condensed Interim Consolidated Financial Statements and Management's Discussion and Analysis for the three and nine months ended September 30, 2011, which can be accessed at sedar.com. Unless otherwise indicated, all dollar amounts are expressed in Canadian dollars and have been taken from our Third Quarter 2011 Condensed Interim Consolidated Financial Statements prepared in accordance with International Accounting Standard 34: Interim Financial Reporting using the policies we expect to apply in our annual financial statements for the year ending December 31, 2011, prepared in accordance with International Financial Reporting Standards ("IFRS").
About Frontline Technologies
Frontline Technologies Inc. is a provider of trading technology services for equities and options and also offers IT infrastructure support and network managed services. Frontline Technologies is listed on the Toronto Stock Exchange (Ticker-FLC) - additional information is available at .
Forward looking statement disclaimer
Except for historical information contained herein, the matters discussed in this press release are based on forward-looking statements that involve risk and uncertainty. A variety of important factors could cause results to differ materially from such statements, including but not limited to economic, competitive, governmental and technological factors affecting the company's operation, markets, products, prices and other factors.
Contacts:
Frontline Technologies Inc.
John Culbert
Chief Financial Officer
(416) 360-1812
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Datum: 11.11.2011 - 08:20 Uhr
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