Warnex Reports Year End 2011 Results
(firmenpresse) - LAVAL, QUEBEC -- (Marketwire) -- 04/05/12 -- Warnex Inc. (TSX: WNX) ("Warnex") announced today financial results for the year ended December 31, 2011.
2011 Highlights
Financial Results
Consolidated revenue for the twelve-month period ended December 31, 2011, amounted to $21.3 million compared to $22.3 million for the same period of last year, a decrease of 4%. Net earnings for the twelve-month period amounted to $0.5 million or $0.01 per share in 2011 compared to a net loss of $1.7 million or $0.03 per share in 2010.
For the twelve-month period ended December 31, 2011, earnings before interests, taxes, depreciation and amortization (EBITDA) amounted to $0.2 million compared to $1.0 million for the twelve-month period ended December 31, 2010.
Gross margins for the twelve-month period amounted to $5.3 million, representing 25% of revenue, in 2011 compared to $4.8 million and 22% of revenue in 2010.
For the twelve-month period ended December 31, 2011, selling expenses were $1.3 million compared to $1.4 million in 2010. As a percentage of revenue, selling expenses were similar to last year at 6%.
General and administrative expenses amounted to $5.7 million compared to $5.2 million last year. As a percentage of revenue, general and administrative expenses were higher than last year at 26% (23% in 2010).
Financial expenses increased to $1.2 million in 2011 from $1.1 million in 2010, mainly due to more interest paid on the line of credit.
Research and development tax credits amounted to $0.2 million for the year ended December 31, 2011, compared to $0.9 million in 2010.
Operating Highlights
The Analytical division's revenues decreased by 22% from $10.5 million in 2010 to $8.1 million in 2011. This decrease is mainly due to a decrease in volume from major customers during the year. The Company announced on July 15, 2011, that it would reorganize the operations of the Warnex Analytical Services Inc. subsidiary. As part of the restructuring, Warnex shut down the operations of its analytical laboratories located in Laval, and consolidated all of its analytical services at its Neopharm Laboratories facility located in Blainville. This reorganization reflected the Company's strategy to continually improve efficiency, reduce costs related to operations and provide better service to customers. This reorganization was completed in September 2011.
The Bioanalytical division's revenues increased by 25% from $6.4 million in 2010 to $8.0 million in 2011. This increase is mainly due to the execution of more complex projects with an average price per analysis higher than last year. The business development efforts in this division are ongoing to further increase the Company's business from new and existing customers.
The Medical division's revenue decreased by 5% from $5.2 million in 2010 (12 months) to $4.9 million in 2011 (11 months). This division was sold on December 8, 2011, to Gamma-Dynacare Medical Laboratories.
About Warnex
Warnex () is a life sciences company devoted to protecting public health by providing laboratory services to the pharmaceutical sector. 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 has two facilities located in Laval and Blainville, 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.
Consolidated Statements of Financial Position
Consolidated Statements of Changes in Shareholders' Equity
Consolidated Statements of Operations and Comprehensive Income (Loss)
Consolidated Statements of Cash Flow
Contacts:
Michael Singer
Chairman of the Executive Committee of the Board of Director
Warnex Inc.
(514) 940-3610
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Datum: 05.04.2012 - 14:36 Uhr
Sprache: Deutsch
News-ID 1100720
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