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SIGA Technologies Reports Financial Results For The Fourth Quarter And Year Ended 2012

Stocks in this article: SIGA

NEW YORK, March 6, 2013 (GLOBE NEWSWIRE) -- SIGA Technologies, Inc. (Nasdaq:SIGA), a company specializing in the development of pharmaceutical agents to fight pathogens capable of use as bioweapons, today reported its financial results for the quarter and year ended December 31, 2012.

Revenue for the three months ended December 31, 2012 was $2.5 million, compared to $5.0 million in the fourth quarter of 2011, and the operating loss for the quarter was $5.3 million, compared to $7.8 million for the comparable quarter last year. Net loss per share, which included a $1.8 million income tax benefit, was $0.06 for the three months ended December 31, 2012. In comparison, net loss per share, which included a $1.6 million income tax benefit, was $0.11 for the three months ended December 31, 2011.

Revenue for the year ended December 31, 2012 was $9.0 million, compared to $12.7 million for 2011. The operating loss for the year was $22.6 million; in comparison, there was an operating loss of $31.4 million in 2011. Net loss per share, which included a $7.9 million income tax benefit, was $0.28 for the year ended December 31, 2012, compared to earnings per diluted share of $0.09 in 2011. Earnings per diluted share for 2011 included a $36.0 million income tax benefit that was primarily related to a partial release of a valuation allowance.

2012 Key Financial Results

Revenues

For the years ended December 31, 2012 and 2011, revenue was $9.0 million and $12.7 million, respectively, a decrease of $3.7 million. Revenues decreased mainly due to the net impact of a $5.0 million decrease in contract and grant revenues related to Arestvyr TM (also known as ST-246®), dengue and broad spectrum antivirals, offset by a $1.2 million increase in grant revenues related to Lassa fever antivirals. The largest portion of the net decrease in revenues comes from the restructuring of an NIH Arestvyr contract in connection with entry into the BARDA Contract. Additionally, $1.2 million of the revenue decrease is attributable to the conclusion in late 2011 of two federal grants supporting the development of a broad spectrum antiviral.

Research and Development

For the years ended December 31, 2012 and 2011, we incurred research and development expenses of $18.2 million and $18.4 million, respectively. Decreases in vendor-related expenses supporting the development of Arestvyr, dengue and broad-spectrum antivirals were offset by increases in expenses related to various operational initiatives, employee compensation and vendor-related costs supporting the development of Lassa fever antivirals.

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