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Warnex to Restate Financial Statements

NEW YORK (GenomeWeb News) – Warnex said today that it would restate its financial statements for prior years due to a non-cash accounting error in its presentation of the debt component of its 2002 and 2004 convertible debentures.
The Laval, Quebec-based bioanalytical services and lab testing firm said that due to the accounting error the liability component of the debentures was understated by CDN$615,255 (US$627,691) as of Dec. 31, 2006, and its net loss was understated by $313,597, or $.01 per share, for 2006. The firm said it would restate the 2006 comparative numbers when it reports its year-end 2007 results.
For fiscal year 2006, Warnex reported revenues of $21.1 million and a net loss of $17.9 million, or $.34 per share.
Warnex also said that although it would not file amended interim financial statements for the year 2007, it would restate the comparative 2007 numbers when disclosing its 2008 interim financial results.
“Although regrettable, this specific and isolated situation, which does not impact the cash flow of the company, is being rapidly corrected and does not impact the future outlook of the company,” Mark Busgang, president and CEO of Warnex, said in a statement.

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