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21.08.2013 22:30:00
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Westech Capital Corp. Announces Year End 2012 Financial Results
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 | ||||||||||
Consolidated Statements of Financial Condition | ||||||||||
December 31, | ||||||||||
Assets | 2012 | 2011 | ||||||||
Cash and cash equivalents | $ 819,415 | $ 1,444,106 | ||||||||
Receivable from clearing organization | 2,110,079 | 2,730,309 | ||||||||
Receivables from employees, current | 372,303 | 252,451 | ||||||||
Securities owned, at fair value | 1,005,922 | 6,413,002 | ||||||||
Prepaid expenses and other assets | 677,758 | 680,867 | ||||||||
Total current assets | 4,985,477 | 11,520,735 | ||||||||
Property and equipment, net | 3,625,518 | 3,844,440 | ||||||||
Receivables from employees, non-current | 167,519 | 350,467 | ||||||||
Total assets | $ 8,778,514 | $ 15,715,642 | ||||||||
Liabilities, Redeemable Preferred Stock and Stockholders' Equity (Deficit) | ||||||||||
Accounts payable, accrued expenses and other liabilities | $ 3,033,245 | $ 2,901,948 | ||||||||
Securities sold, not yet purchased, at fair value | 179,599 | 2,211,689 | ||||||||
Current portion of long term debt | 101,112 | 117,564 | ||||||||
Total current liabilities | 3,313,956 | 5,231,201 | ||||||||
Long term debt | 1,931,878 | 2,074,074 | ||||||||
Total liabilities | 5,245,834 | 7,305,275 | ||||||||
Redeemable preferred stock | ||||||||||
Preferred stock, $0.001 par value, 400 shares authorized | ||||||||||
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 | ||||||||||
8,949,543 | 8,388,829 | |||||||||
Note receivable from former director and executive officer (Note 18) | (1,000,000) | (1,000,000) | ||||||||
Total redeemable preferred stock | 7,949,543 | 7,388,829 | ||||||||
Commitments and contingencies | ||||||||||
Stockholders' equity (deficit): | ||||||||||
Common stock, $0.001 par value, 30,000,000 shares authorized, 8,198,508 issued at December 31, 2012 and 2011 | ||||||||||
8,199 | 8,199 | |||||||||
Additional paid in capital | 69,633,850 | 69,502,296 | ||||||||
Accumulated deficit | (62,687,416) | (57,108,615) | ||||||||
Treasury stock, | ||||||||||
Common stock, at cost, 4,166,776 shares at December 31, 2012 and 2011 | ||||||||||
(11,248,244) | (11,248,244) | |||||||||
Accumulated other comprehensive loss | (123,252) | (132,098) | ||||||||
Total stockholders' equity (deficit) | (4,416,863) | 1,021,538 | ||||||||
Total liabilities, redeemable preferred stock and stockholders' equity (deficit) | ||||||||||
$ 8,778,514 | $ 15,715,642 | |||||||||
WESTECH CAPITAL CORP. AND SUBSIDIARIES | ||||||||
Consolidated Statements of Operations | ||||||||
Years Ended December 31, | ||||||||
2012 | 2011 | |||||||
Revenue: | ||||||||
Commissions from principal transactions | $ 14,708,622 | $ 16,024,668 | ||||||
Commissions from agency transactions | 1,947,146 | 643,697 | ||||||
Underwriting and investment banking revenue | 104,807 | 1,754,237 | ||||||
Net dealer inventory and investment revenue, net of trading interest expense of $4,617 and $11,735, respectively | ||||||||
5,428,934 | 1,824,774 | |||||||
Other revenue | 251,110 | 88,304 | ||||||
Total revenue | 22,440,619 | 20,335,680 | ||||||
Expenses: | ||||||||
Commissions, employee compensation and benefits | 17,318,973 | 15,883,169 | ||||||
Floor brokerage and clearing organization charges | 1,076,453 | 287,963 | ||||||
Communications and occupancy | 3,404,564 | 1,950,340 | ||||||
Professional fees | 1,977,773 | 1,585,061 | ||||||
Interest | 149,078 | 202,778 | ||||||
Other | 3,427,376 | 3,652,816 | ||||||
Total expenses | 27,354,217 | 23,562,127 | ||||||
Loss before income tax expense | (4,913,598) | (3,226,447) | ||||||
Income tax expense | 79,489 | 24,282 | ||||||
Net loss | (4,993,087) | (3,250,729) | ||||||
Less: | ||||||||
Dividends on Current Preferred Stock | 585,714 | 160,913 | ||||||
Net loss available to common stockholders | $ (5,578,801) | $ (3,411,642) | ||||||
Net loss per share of common stock: | ||||||||
Basic and diluted | $ (1.38) | $ (0.85) | ||||||
Weighted average common shares outstanding: | ||||||||
Basic and diluted | 4,031,732 | 4,031,732 | ||||||
Contact: Craig Biddle
cbiddle@westechcapital.com
512-306-5281
SOURCE Westech Capital Corp.
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