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SIGA Technologies Reports Financial Results For The Third Quarter 2013

Stocks in this article: SIGA

NEW YORK, Nov. 6, 2013 (GLOBE NEWSWIRE) -- SIGA Technologies, Inc. (Nasdaq:SIGA) today reported its financial results for the three and nine months ended September 30, 2013.

Revenue for the three months ended September 30, 2013 was $2.3 million, matching the revenue level in the third quarter of 2012, and the operating loss for the quarter was $5.6 million, compared to $5.4 million for the comparable quarter last year. Net loss per share was $0.09 per share and $0.06 per share for the three months ended September 30, 2013 and 2012, respectively.

Revenue for the nine months ended September 30, 2013 was $4.6 million compared to $6.5 million for the corresponding 2012 period. The operating loss for the period was $17.0 million compared to $17.3 million in the corresponding nine months of 2012. Net loss per share was $0.25 per share and $0.22 per share for the nine months ended September 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 the third quarter of 2013, SIGA received approximately $101 million from the Biomedical Advanced Research and Development Authority (BARDA), of which approximately $96 million was for the aggregate delivery of approximately 725,000 courses of SIGA's antiviral drug for smallpox -- Arestvyr™ -- to the U.S. Strategic National Stockpile (SNS) and approximately $5 million was for reimbursement of expenses related to research and development services and supportive activities. In accordance with generally accepted accounting principles, substantially all of the cash received from BARDA has been classified as deferred revenue in SIGA's financial statements.

In the fourth quarter of 2013, SIGA began an optimization program to sharpen focus and increase efficiencies within its operations. This program, which includes a reduction in employee headcount, is intended to align the Company's resources, staff and efforts with the most promising growth opportunities. Eric A. Rose, CEO and Chairman of SIGA, noted, "The Arestvyr business is performing well and has established a strong competitive position. We are building on the successes of the Arestvyr business by laying the groundwork for the next phase of our innovation and growth." With the implementation of the optimization program, the Company is targeting a $6 million reduction in annual operating expenses.

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