Business
COREwafer Industries, Inc. Announces Year-End Financial Results and Corporate Update
COREwafer Industries, Inc. Announces Year-End Financial Results and Corporate Update.
About this update from Aluf Holdings, Inc.
[{"type":"text","content":"\n \n \n \n\n \n \n \n\n\nHOLLYWOOD, FL, February 20, 2014 -- COREwafer Industries, Inc. (?WAFR? or ?the Company?)\n(PINK: WAFR) today announced financial results for the year ended December 31,\n2013.\n\n \n\nOn a consolidated basis, net\nrevenues for the year ended December 31, 2013 totaled $0.6 million, an increase\nof 86 percent compared to the previous year. Operating loss decreased from $2.5\nmillion, to $0.7 million.\n\n \n\nOperating loss decreased $1.8\nmillion as a result of software sales from our newly acquired subsidiary, Core\nWafer Systems. Factors for the decrease also include $1.3 million in cost\nreduction efforts.\n\n \n\nTotal operating expenses for the year\nended December 31, 2013 were $1.3 million, compared to $2.6 million for the\nyear ended December 31, 2012. \n\n \n\nNet loss attributable to common\nshareholders was $0.6 million, or $.03 per basic and diluted share. This compares to a net loss of $2.8 million,\nor $0.17 per basic and diluted share for the year ended December 31, 2012. \n\nAs of December 31, 2013, the Company\nhad cash & cash equivalents of approximately $2,500.\n\nCommenting on the results, WAFR\nPresident and CEO Cyril Moreau said: ?We finished the year with decreased\noperating loss of 1.8 million as a result of our efforts on cost reduction. Our\nbusiness environment continued to be challenging due to restructuring debt and\nsecuring funding, among others. Nevertheless, we managed to improve our core\nbusiness structure even further thanks to the support from all our\nstakeholders, in particular our customers, staff, and our partners during this\nyear of transformation and transition.?\n\n \n\nRecent Highlights:\n\n \n\nStrengthened\nExecutive Management team with the addition of industry veteran Cyril Moreau as\nthe Company's Chief Executive Officer.\n\n \n\nLaunched a\npublic offering of shares, netting the Company approximately $85,000 as of\nFebruary 15, 2014.\n\n \n\nMade significant\nprogress re-structuring and reducing debt by nearly $1.0 million, or approximately\n20 percent, with the help of new financial partners. \n\n \n\nWeekly CEO/CFO feature interviews on a nationally syndicated television\nand radio show. The show is heard in eight of the Top 10 markets and 36 of the\nTop 50. The Big Biz Show?, st...