Westech Capital Corp. Announces Year End 2012 Financial Results
22 8월 2013 - 5:30AM
PR Newswire (US)
AUSTIN, Texas, Aug. 21, 2013 /PRNewswire/ -- Westech Capital
Corp. (Pink Sheets: WTEC) today announced its audited consolidated
Year End 2012 financial results.
2012 total revenues were $22.4
million compared to total revenues of $20.3 million for 2011. The Company reported a
pre-tax loss of $4.9 million for 2012
as compared to a pre-tax loss of $3.2
million for 2011. The Company reported an after-tax net loss
of $5.0 million for 2012 as compared
to an after-tax net loss of $3.3
million for 2011. The Company reported a net loss available
to common stockholders of $5.6
million for 2012 as compared to a net loss available to
common stockholders of $3.4 million
for 2011. The Company reported a net loss of $1.38 per share of common stock on a basic and
fully diluted basis for 2012, compared to a net loss of
$0.85 per share of common stock on a
basic and fully diluted basis for 2011.
Company Information
Westech Capital Corp. (Pink Sheets:WTEC) is a holding company
whose primary operating subsidiary is Tejas Securities Group, Inc.,
("Tejas Securities"). Tejas Securities is a full service
brokerage and investment banking firm that focuses on the
following: (i) proprietary research on distressed debt and special
situation securities, (ii) trading and other brokerage services to
value-based institutional and retail investors active in fixed
income and equity instruments, and (iii) corporate finance and
strategic advisory services to middle-market companies within our
target industries.
WESTECH CAPITAL
CORP. AND SUBSIDIARIES
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Consolidated
Statements of Financial Condition
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December
31,
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Assets
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2012
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2011
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Cash and cash
equivalents
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$
819,415
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$
1,444,106
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Receivable from
clearing organization
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2,110,079
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2,730,309
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Receivables from
employees, current
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372,303
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252,451
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Securities owned, at
fair value
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1,005,922
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6,413,002
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Prepaid expenses and
other assets
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677,758
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680,867
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Total current
assets
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4,985,477
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11,520,735
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Property and
equipment, net
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3,625,518
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3,844,440
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Receivables from
employees, non-current
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167,519
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350,467
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Total
assets
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$
8,778,514
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$
15,715,642
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Liabilities,
Redeemable Preferred Stock and Stockholders' Equity
(Deficit)
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Accounts payable,
accrued expenses and other liabilities
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$
3,033,245
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$
2,901,948
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Securities sold, not
yet purchased, at fair value
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179,599
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2,211,689
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Current portion of
long term debt
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101,112
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117,564
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Total current
liabilities
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3,313,956
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5,231,201
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Long term
debt
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1,931,878
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2,074,074
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Total
liabilities
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5,245,834
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7,305,275
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Redeemable preferred
stock
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Preferred stock,
$0.001 par value, 400 shares authorized
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Current Series A
redeemable, convertible preferred stock ("Current
Preferred Stock"), 338 and 339 shares
issued and outstanding at December
31, 2012 and 2011, respectively, including
unpaid accrued dividends of
$746,627 and $160,913 at December 31, 2012 and 2011, respectively, and net of issuance costs of
$247,084
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8,949,543
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8,388,829
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Note receivable from
former director and executive officer (Note 18)
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(1,000,000)
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(1,000,000)
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Total redeemable
preferred stock
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7,949,543
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7,388,829
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Commitments and
contingencies
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Stockholders' equity
(deficit):
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Common stock, $0.001
par value, 30,000,000 shares authorized, 8,198,508 issued at December 31, 2012 and
2011
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8,199
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8,199
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Additional paid in
capital
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69,633,850
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69,502,296
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Accumulated
deficit
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(62,687,416)
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(57,108,615)
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Treasury
stock,
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Common stock, at
cost, 4,166,776 shares at December 31, 2012 and 2011
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(11,248,244)
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(11,248,244)
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Accumulated other
comprehensive loss
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(123,252)
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(132,098)
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Total stockholders'
equity (deficit)
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(4,416,863)
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1,021,538
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Total liabilities,
redeemable preferred stock and stockholders' equity (deficit)
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$
8,778,514
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$
15,715,642
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WESTECH CAPITAL CORP. AND
SUBSIDIARIES
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Consolidated
Statements of Operations
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Years Ended December 31,
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2012
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2011
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Revenue:
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Commissions from
principal transactions
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$
14,708,622
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$
16,024,668
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Commissions from
agency transactions
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1,947,146
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643,697
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Underwriting and
investment banking revenue
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104,807
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1,754,237
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Net dealer inventory
and investment revenue, net of trading interest expense of $4,617 and $11,735,
respectively
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5,428,934
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1,824,774
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Other
revenue
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251,110
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88,304
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Total revenue
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22,440,619
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20,335,680
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Expenses:
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Commissions, employee
compensation and benefits
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17,318,973
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15,883,169
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Floor brokerage and
clearing organization charges
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1,076,453
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287,963
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Communications and
occupancy
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3,404,564
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1,950,340
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Professional
fees
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1,977,773
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1,585,061
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Interest
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149,078
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202,778
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Other
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3,427,376
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3,652,816
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Total expenses
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27,354,217
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23,562,127
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Loss before income
tax expense
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(4,913,598)
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(3,226,447)
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Income tax expense
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79,489
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24,282
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Net loss
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(4,993,087)
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(3,250,729)
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Less:
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Dividends on Current
Preferred Stock
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585,714
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160,913
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Net loss available to
common stockholders
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$
(5,578,801)
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$
(3,411,642)
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Net loss per share of
common stock:
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Basic and
diluted
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$ (1.38)
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$ (0.85)
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Weighted average
common shares outstanding:
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Basic and
diluted
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4,031,732
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4,031,732
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Contact: Craig Biddle
cbiddle@westechcapital.com
512-306-5281
SOURCE Westech Capital Corp.
Copyright 2013 PR Newswire
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