[b]$WAFR 0.0009[/b] : Year-End Financial Results and Corporate Update
Feb 20, 2014
OTC Disclosure & News Service
Hollywood, FL -
HOLLYWOOD, FL, February 20, 2014 -- COREwafer Industries, Inc. (PINK: WAFR) today announced financial results for the year ended December 31, 2013.
On a consolidated basis, [color=red]net revenues for the year ended December 31, 2013 totaled $0.6 million, an increase of 86 percent compared to the previous year. Operating loss decreased from $2.5 million, to $0.7 million.[/color]
Operating loss decreased $1.8 million as a result of software sales from our newly acquired subsidiary, Core Wafer Systems. Factors for the decrease also include $1.3 million in cost reduction efforts.
Total operating expenses for the year ended December 31, 2013 were $1.3 million, compared to $2.6 million for the year ended December 31, 2012.
Net loss attributable to common shareholders was $0.6 million, or $.03 per basic and diluted share. This compares to a net loss of $2.8 million, or $0.17 per basic and diluted share for the year ended December 31, 2012.
As of December 31, 2013, the Company had cash & cash equivalents of approximately $2,500.
Commenting on the results, WAFR President and CEO Cyril Moreau said: We finished the year with decreased operating loss of 1.8 million as a result of our efforts on cost reduction. Our business environment continued to be challenging due to restructuring debt and securing funding, among others. Nevertheless, we managed to improve our core business structure even further thanks to the support from all our stakeholders, in particular our customers, staff, and our partners during this year of transformation and transition.
Recent Highlights:
Strengthened Executive Management team with the addition of industry veteran Cyril Moreau as the Company's Chief Executive Officer.
Launched a public offering of shares, netting the Company approximately $85,000 as of February 15, 2014.
Made significant progress re-structuring and reducing debt by nearly $1.0 million, or approximately 20 percent, with the help of new financial partners.
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About COREwafer Industries
COREWAFER INDUSTRIES, INC. (WAFR) is a holding company headquartered in Pembroke Park, FL, that develops and manages subsidiary companies in the technology industry. The goal of WAFR is to strategically acquire businesses with strong growth potential and a solid business plan in various industries including consumer goods, software and technology. For information, visit www.corewaferindustries.com.
[color=red]CORE WAFER SYSTEMS, INC. (CWS), the wholly owned subsidiary and Flagship Company of WAFR, creates proprietary software, software algorithms, and hardware that is used in the testing and data mining of the most commonly used computer hard drives, memory, and magnetics; as well as other advanced magnetics, semiconductor and nanotechnology-based device components. CWS has an install base of over 800 clients and 1,500 installed systems on HP, Keithley, and Agilent Test hardware.[/color]
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For more information, visit www.corewaferindustries.com.
