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SIGA Technologies Reports Financial Results For The Second Quarter 2013

NEW YORK, Aug. 5, 2013 (GLOBE NEWSWIRE) -- SIGA Technologies, Inc. (Nasdaq:SIGA) today reported its financial results for the three and six months ended June 30, 2013.

Revenue for the three months ended June 30, 2013 was $965,000, compared to $2.7 million in the second quarter of 2012. The operating loss for the quarter was $5.6 million, compared to $6.3 million in the second quarter of 2012. Net loss per share was $0.06 per share and $0.07 per share for the three months ended June 30, 2013 and 2012, respectively.

Revenue for the six months ended June 30, 2013 was $2.3 million compared to $4.2 million in first half of 2012. The operating loss for the period was $11.4 million, compared to $11.9 million in the first half of 2012. Net loss per share was $0.15 per share and $0.16 per share for the six months ended June 30, 2013 and 2012, respectively.

Per share calculations include non-operational items such as adjustments to the fair value of warrants and benefit from income taxes.

In July, SIGA announced the third delivery of its proprietary smallpox antiviral drug, Arestvyr™, to the United States Government's Strategic National Stockpile (SNS). With this delivery, SIGA has cumulatively delivered approximately 590,000 courses of Arestvyr to the SNS and has qualified for a payment of approximately $79 million for the courses delivered to date.

Key Financial Results for Second Quarter and First Half 2013

Revenues

For the quarters ended June 30, 2013 and 2012, revenue was $965,000 and $2.7 million, respectively, a decrease of $1.7 million. Revenues decreased mainly due to a decrease in revenues from our federal contracts supporting the development of Arestvyr, and a $751,000 decrease in revenues related to lower usage of the dengue and Lassa fever federal grants.

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