Warnex Reports Third Quarter 2013 Results
(firmenpresse) - LAVAL, QUEBEC -- (Marketwired) -- 11/27/13 -- Warnex Inc. (TSX VENTURE: WNX.H) ("Warnex") announced today financial results for the third quarter ended September 30, 2013.
Following the repayment of the Company's debts accomplished primarily from the sale of all of the Company's operating business units, the Board has been focused on reducing expenses, has undertaken a strategic review of the Company's remaining assets and has initiated discussions with certain investment banking groups and other external parties. The Company has also entered into discussions with its landlord with a view to terminating the long-term operating lease for its Laval, Quebec facilities as soon as reasonably practicable. The outcome of this review remains uncertain at this time, and the Board will update shareholders if and when any progress is made.
"The Board continues to focus its efforts on reducing all operating costs, as evidenced by lower Q3-2013 general and administrative costs, and as such, the Company's financial position at September 30, 2013 and as of today continues to remain strong 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 ongoing process and making a recommendation to all Warnex shareholders as soon as reasonably possible."
Financial results
Consolidated revenue for the three and nine month periods ended September 30, 2013, amounted to $nil compared to $2.5 million for the three-month period and $7.4 million for the nine-month period ended September 30, 2012. The Company did not generate any sales, nor related cost of goods sold in the nine month period ended September 30, 2013, as a result of the sale of all of its operating divisions in 2012.
Net loss for the quarter amounted to $216,881 or $0.01 per share compared to net income of $134,666 or $0.01 per share for the same quarter in 2012. For the nine-month period ended September 30, 2013, net loss amounted to $827,873 or $0.03 per share compared to a net loss of $2,333,035 or $0.09 per share for the same period in 2012.
Selling expenses amounted to $nil for the three and nine month periods ended September 30, 2013, compared to $45,673 in the three-month period and $219,062 for the nine-month period ended September 30, 2012.
General and administrative expenses amounted to $223,611 for the three-month period ended September 30, 2013 ($789,646 in 2012), including a reserve of $50,000 for ongoing sales tax audits pertaining to the 2009 to 2012 fiscal periods, and $915,826 for the nine-month period ended September 30, 2013 ($3,050,795 in 2012).
Research and development tax credits amounted to $nil for the three-month period and $81,267 for the nine-month period ended September 30, 2013 as a result of the reversal of prior period provisions following assessments by the taxation authorities (negative balance of $50,749 in the third quarter of 2012 and $18,251 in the nine-month period ended September 30, 2012).
Financial revenues amounted to $6,730 in the third quarter of 2013 (financial expenses of $50,419 in the third quarter of 2012). Financial revenues amounted to $6,686 in the nine month period ended September 30, 2013 (financial expenses of $452,059 in the nine-month period ended September 30, 2012). These decreases are due to the repayment in full of the Company's debts in 2012.
The Company ended the third quarter of 2013 with cash, cash equivalents and short-term investments of $3.2 million and working capital of $3.8 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: 27.11.2013 - 16:01 Uhr
Sprache: Deutsch
News-ID 1287593
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