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Our research resources have been aimed towards the Canadian Caps and the various prospective companies therein Warnex Inc. was among those that we have been closely examining due to their recent news and trading patterns.
March 14, 2008 Warnex Inc. (TSX:WNX) today announced financial results for the fourth quarter and year ended December 31, 2007. Revenue from continuing operations for the twelve-month period ended December 31, 2007, increased by 27% to $25.0 million from $19.7 million for the same period of last year. Net loss for the twelve-month period decreased to $2.0 million or $0.04 per share in 2007 from $3.4 million or $0.07 per share in 2006, due to better operational results in 2007.
For the twelve-month period ended December 31, 2007, earnings before interests, taxes, depreciation and amortization (EBITDA) was $2.7 million compared to $1.8 million for the twelve-month period ended December 31, 2006, an increase of $0.9 million. Gross margins for the twelve-month period increased to $6.3 million, representing 25% of revenue, in 2007 from $5.2 million and 26% of revenue in 2006. Selling and administrative expenses for the year ended December 31, 2007, totalled $5.9 million compared to $6.2 million in 2006. As a percentage of revenue, selling and administrative expenses decreased to 23.6% in 2007 from 31.6% in 2006. Financial expenses increased $2.0 million in 2007 from $1.5 million in 2006 mainly due to $0.5 million in additional interest on its debentures.
Warnex (www.warnex.ca) is a life sciences company devoted to protecting public health by providing laboratory services to the pharmaceutical and healthcare sectors. Warnex's analytical services division provides pharmaceutical and biotechnology companies with a variety of quality control services, including traditional chemistry, chromatography, microbiology, method development and validation, and stability studies. Warnex's bioanalytical services division specializes in bioequivalence and bioavailability studies for clinical trials. Warnex's medical laboratories division focuses on genetic and biochemical testing for the healthcare industry and has extensive expertise in genetic testing for human identification, molecular diagnostics, and pharmacogenetics.
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