Frontline Reports Second Quarter 2012 Financial Results
TORONTO, Aug. 27, 2012 /CNW/ - Frontline Technologies Inc. (TSXV -FLC), a provider of technology-based equity and options trading services, IT infrastructure support and managed network services, released its second quarter results for the three months ended June 30, 2012.
Major elements of the second quarter statements include:
- Revenue from continuing operations decreased 13% to $1.7 million for the second quarter of 2012 as compared to the same quarter last year.
- Operating expenses from continuing operations decreased 32% to $2.7 million for the second quarter of 2012 as compared to the same quarter last year.
- Net Loss for the quarter decreased 59% to ($0.95 million) or ($0.04) per share for the second quarter of 2012 as compared to the same quarter last year.
- Working capital decreased by 45% as at June 30, 2012 to $1.8 million as compared to $3.3 million at December 31, 2011.
| Financial Highlights | Three months ended | Six months ended | ||||||||
| (In millions of dollars, except per share data) | June 30, | June 30, | ||||||||
| (Three and six month periods are unaudited) | 2012 | 2011 | 2012 | 2011 | ||||||
| Revenue | $ | 1.7 | $ | 1.9 | $ | 3.4 | $ | 3.2 | ||
| Operating expenses | $ | 2.7 | $ | 4.0 | $ | 5.5 | $ | 7.0 | ||
| Loss before discontinued operations | $ | (1.1) | $ | (2.1) | $ | (2.1) | $ | (3.9) | ||
| Net loss | $ | (1.0) | $ | (2.3) | $ | (1.8) | $ | (4.3) | ||
| Basic and diluted loss per share | $ | (0.04) | $ | (0.11) | $ | (0.08) | $ | (0.24) | ||
"There's still a lot of uncertainty in the markets and we're seeing it filter down to the vendor level," said Hoss Astaraki, Chairman and CEO. Mr. Astaraki added, "Our focus is to continue driving toward profitability by helping our clients lower their infrastructure costs through our managed IT services, and by offering our new feature-rich trading platform, Obsidian."
About Frontline Technologies
Frontline Technologies Inc. is a provider of trading technology services for equities and options and also offers IT infrastructure support and managed services. Frontline Technologies is listed on the Toronto Venture Exchange (Ticker FLC) - Additional information is available at www.frontline.ca
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Frontline Technologies Inc.
Hoss Astaraki
Chairman and Chief Executive Officer
Phone: (416) 637-7462
[email protected]
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