Warnex Reports First Quarter 2013 Results
(firmenpresse) - LAVAL, QUEBEC -- (Marketwired) -- 05/29/13 -- Warnex Inc. (TSX VENTURE: WNX.H)(NEX: WNX) ("Warnex") announced today financial results for the first quarter ended March 31, 2013.
Q1-2013 highlights
Subsequent to quarter-end, 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 has also agreed to step down as of May 29, 2013. Furthermore, Mr. Sean Karamchandani has been 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.
"The Company's financial position at March 31, 2013 and as of today remains in good health as the Board continues to evaluate a number of potential strategic options. The significant cost containment measures recently completed during the first quarter have fittingly positioned the Company's Board to carefully and thoughtfully evaluate all identified opportunities in advance of making its final recommendation to shareholders without placing excessive pressures on the Company's existing working capital," remarked Michael Singer, Chairman of Warnex. "We look forward in reaching a conclusion and eventual recommendation to Warnex shareholders pursuant to the ongoing strategic review."
Financial results
Consolidated revenue for the three-month period ended March 31, 2012, amounted to $nil compared to $5.7 million for the same period last year. The Company did not generate any sales, nor related cost of goods sold in the first quarter of 2013, as a result of the sale of all of its operating divisions in 2012.
Net loss for the quarter amounted to $453,637, or $0.02 per share compared to net loss of $863,945 or $0.01 per share for the same quarter in 2012.
General and administrative expenses amounted to $452,119 for the quarter compared to $1,090,935 for the same quarter last year. General and administrative expenses consisted primarily of corporate legal fees amounting to approximately $200,000 for certain one-time mandates and for ongoing general corporate matters; operating lease costs, net of sublease revenues, amounting to approximately $120,000; professional and consulting fees of approximately $40,000; board of director fees of approximately $80,000; and other administrative costs of approximately $10,000.
Financial expenses for the quarter amounted to $1,518 compared to $298,959 for the same quarter last year.
The Company ended the first quarter of 2013 with cash of $2.6 million and working capital of $4.2 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 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.
Interim Consolidated Statements of Changes in Shareholders' Equity
(Unaudited)
Contacts:
Michael Singer
Chairman of the Board of Directors
Warnex Inc.
(450) 663-6724 (ext 311)
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Datum: 29.05.2013 - 15:01 Uhr
Sprache: Deutsch
News-ID 1231871
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Biotech
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