AUSTIN, Texas, Aug. 21, 2013 /PRNewswire/ -- Westech Capital Corp. (Pink Sheets: WTEC) today announced its audited consolidated Year End 2012 financial results.

2012 total revenues were $22.4 million compared to total revenues of $20.3 million for 2011. The Company reported a pre-tax loss of $4.9 million for 2012 as compared to a pre-tax loss of $3.2 million for 2011. The Company reported an after-tax net loss of $5.0 million for 2012 as compared to an after-tax net loss of $3.3 million for 2011. The Company reported a net loss available to common stockholders of $5.6 million for 2012 as compared to a net loss available to common stockholders of $3.4 million for 2011. The Company reported a net loss of $1.38 per share of common stock on a basic and fully diluted basis for 2012, compared to a net loss of $0.85 per share of common stock on a basic and fully diluted basis for 2011.  

Company Information

Westech Capital Corp. (Pink Sheets:WTEC) is a holding company whose primary operating subsidiary is Tejas Securities Group, Inc., ("Tejas Securities").  Tejas Securities is a full service brokerage and investment banking firm that focuses on the following: (i) proprietary research on distressed debt and special situation securities, (ii) trading and other brokerage services to value-based institutional and retail investors active in fixed income and equity instruments, and (iii) corporate finance and strategic advisory services to middle-market companies within our target industries. 

WESTECH CAPITAL CORP. AND SUBSIDIARIES

Consolidated Statements of Financial Condition































December 31,

Assets


2012


2011












Cash and cash equivalents


$       819,415


$     1,444,106

Receivable from clearing organization


2,110,079


2,730,309

Receivables from employees, current


372,303


252,451

Securities owned, at fair value


1,005,922


6,413,002

Prepaid expenses and other assets


677,758


680,867














Total current assets


4,985,477


11,520,735












Property and equipment, net


3,625,518


3,844,440

Receivables from employees, non-current


167,519


350,467














Total assets


$     8,778,514


$   15,715,642












Liabilities, Redeemable Preferred Stock and Stockholders' Equity (Deficit)














Accounts payable, accrued expenses and other liabilities


$     3,033,245


$     2,901,948

Securities sold, not yet purchased, at fair value


179,599


2,211,689

Current portion of long term debt


101,112


117,564














Total current liabilities


3,313,956


5,231,201












Long term debt



1,931,878


2,074,074














Total liabilities


5,245,834


7,305,275












Redeemable preferred stock






Preferred stock, $0.001 par value, 400 shares authorized







Current Series A redeemable, convertible preferred stock ("Current Preferred Stock"), 338 and 339 shares issued and outstanding at December 31, 2012 and 2011, respectively, including unpaid accrued dividends of $746,627 and $160,913 at December 31, 2012 and 2011, respectively, and net of issuance costs of $247,084


























8,949,543


8,388,829


Note receivable from former director and executive officer (Note 18)


(1,000,000)


(1,000,000)














Total redeemable preferred stock


7,949,543


7,388,829












Commitments and contingencies
















Stockholders' equity (deficit):






Common stock, $0.001 par value, 30,000,000 shares authorized, 8,198,508 issued at December 31, 2012 and 2011





8,199


8,199


Additional paid in capital


69,633,850


69,502,296


Accumulated deficit


(62,687,416)


(57,108,615)


Treasury stock, 







Common stock, at cost, 4,166,776 shares at December 31, 2012 and 2011








(11,248,244)


(11,248,244)


Accumulated other comprehensive loss


(123,252)


(132,098)



Total stockholders' equity (deficit)


(4,416,863)


1,021,538














Total liabilities, redeemable preferred stock and stockholders' equity (deficit)








$     8,778,514


$   15,715,642

 

WESTECH CAPITAL CORP. AND SUBSIDIARIES

Consolidated Statements of Operations

























Years Ended December 31,







2012


2011










Revenue:







Commissions from principal transactions


$ 14,708,622


$ 16,024,668


Commissions from agency transactions


1,947,146


643,697


Underwriting and investment banking revenue


104,807


1,754,237


Net dealer inventory and investment revenue, net of trading interest expense of $4,617 and $11,735, respectively







5,428,934


1,824,774


Other revenue


251,110


88,304


         Total revenue


22,440,619


20,335,680










Expenses:







Commissions, employee compensation and benefits


17,318,973


15,883,169


Floor brokerage and clearing organization charges


1,076,453


287,963


Communications and occupancy


3,404,564


1,950,340


Professional fees


1,977,773


1,585,061


Interest



149,078


202,778


Other



3,427,376


3,652,816


         Total expenses


27,354,217


23,562,127










Loss before income tax expense


(4,913,598)


(3,226,447)











         Income tax expense


79,489


24,282










Net loss



(4,993,087)


(3,250,729)










Less:








Dividends on Current Preferred Stock


585,714


160,913










Net loss available to common stockholders


$ (5,578,801)


$ (3,411,642)










Net loss per share of common stock:






Basic and diluted


$ (1.38)


$ (0.85)










Weighted average common shares outstanding:






Basic and diluted


4,031,732


4,031,732

Contact: Craig Biddle
cbiddle@westechcapital.com 
512-306-5281

SOURCE Westech Capital Corp.

Copyright 2013 PR Newswire

Westech Capital (GM) (USOTC:WTECQ)
Historical Stock Chart
From Nov 2024 to Dec 2024 Click Here for more Westech Capital (GM) Charts.
Westech Capital (GM) (USOTC:WTECQ)
Historical Stock Chart
From Dec 2023 to Dec 2024 Click Here for more Westech Capital (GM) Charts.