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SIGA Technologies Reports Financial Results For The Fourth Quarter And Year Ended 2013

Stocks in this article: SIGA

NEW YORK, March 10, 2014 (GLOBE NEWSWIRE) -- SIGA Technologies, Inc. (Nasdaq:SIGA), a company specializing in the development and commercialization of solutions for serious unmet medical needs and biothreats, today reported its financial results for the quarter and year ended December 31, 2013.

Revenue for the three months ended December 31, 2013 was $0.9 million, compared to $2.5 million in the fourth quarter of 2012, and the operating loss for the quarter was $6.5 million, compared to $5.3 million for the comparable quarter last year. Net loss per share, which included a $1.7 million income tax benefit, was $0.08 for the three months ended December 31, 2013. In comparison, net loss per share, which included a $1.8 million income tax benefit, was $0.04 for the three months ended December 31, 2012.

Revenue for the year ended December 31, 2013 was $5.5 million, compared to $9.0 million for 2012. The operating loss for the year was $23.5 million; in comparison, there was an operating loss of $22.5 million in 2012. Net loss per share, which included a $7.6 million income tax benefit, was $0.33 for the year ended December 31, 2013, compared to $0.27 in 2012. Net loss per share for 2012 included a $7.8 million income tax benefit.

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

In 2013, SIGA delivered approximately 920,000 courses of Arestvyr to the U.S. Strategic National Stockpile, of which approximately 195,000 courses were delivered at no cost to the Biomedical Advanced Research and Development Authority (BARDA) in accordance with the BARDA contract. For deliveries of product, and other related activities, SIGA received $109.7 million from BARDA in 2013. 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.

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