Frontline Reports Third Quarter 2012 Financial Results
TORONTO, Nov. 28, 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 September 30, 2012.
Major elements of the third quarter statements include:
- Revenue from continuing operations decreased 16.7% to $1.6 million for the third quarter of 2012 as compared to the same quarter last year.
- Operating expenses from continuing operations decreased 41.5% to $2.5 million for the third quarter of 2012 as compared to the same quarter last year.
- Net Loss for the quarter increased to ($0.8 million) or ($0.04) per share for the third quarter of 2012 as compared to the same quarter last year.
- Working capital decreased by 88.2% as at September 30, 2012 to $0.4 million as compared to $3.3 million at December 31, 2011.
"This most recent quarter saw us consummate the EBS transaction and formalize the strategic partnership with Silexx to offer a new trading platform to or in Canada. As key elements to our strategic plan-, we're pleased that we were able to realize these two objectives despite continuing to navigate difficult market conditions. We're seeing tightened controls on discretionary spending and heightened focus on cost management amongst firms in our target markets. In response to this, we're offering new services, some already launched with others due out shortly. In offering increased value and additional savings, we believe the response and uptake by our clients will be positive."
| Financial Highlights | Three months ended | Nine months ended | ||||||
| (In millions of dollars except per share data) | September 30, | September 30, | ||||||
| (Three and nine month periods are unaudited) | 2012 | 2011 | 2012 | 2011 | ||||
| Revenue | $ | 1.6 | $ | 1.9 | $ | 5.0 | $ | 5.1 |
| Operating expenses | $ | 2.5 | $ | 4.2 | $ | 8.0 | $ | 11.3 |
| Loss before discounted operations | $ | (0.8) | $ | (2.4) | $ | (2.8) | $ | (6.3) |
| Net loss | $ | (0.8) | $ | (0.5) | $ | (2.6) | $ | (4.8) |
| Basic and diluted loss per share | $ | (0.04) | $ | (0.02) | $ | (0.12) | $ | (0.25) |
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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