Frontline Technologies Inc.

Frontline Technologies Inc.

May 30, 2012 16:00 ET

Frontline Reports First Quarter 2012 Financial Results

TORONTO, ONTARIO--(Marketwire - May 30, 2012) - Frontline Technologies Inc. (TSX VENTURE:FLC), a provider of technology- based equity and options trading services, IT infrastructure support and managed network services, released its first quarter results for the three months ended March 31, 2012.

Major elements of the first quarter statements include:

  • Revenue increased 41% to $1.8 million for the first quarter of 2012 compared to the same quarter last year.
  • Operating expenses decreased 10% to $2.8 million for the first quarter of 2012 compared to the same quarter last year.
  • Loss for the quarter decreased by 48% to ($1.1 million) or ($0.05) per share for the first quarter of 2012 compared to the same quarter last year.
  • Working capital position of $2.49 million at March 31, 2012 as compared to $3.32 million at December 31, 2011.
Financial Highlights Three months ended March 31
(in millions of dollars except per share data) 2012 2011 % change
Revenue $ 1.8 $ 1.3 41 %
Operating Expenses $ 2.8 $ 3.1 -10 %
Loss before discontinued operations $ (1.0 ) $ (1.8 ) -48 %
Net Loss $ (1.1 ) $ (2.0 ) -48 %
Basic and diluted loss per share $ (0.05 ) $ (0.14 ) -64 %

"Since the completion of the acquisition of Frontline Technologies Corporation in 2011, we are starting to realize the benefits of cost reductions. We are executing on our new strategic plans, with a focused objective on returning to profitability" said Hoss Astaraki, Chief Executive Officer.

About Frontline Technologies

Frontline Technologies Inc. is a provider of trading technology services for equities and options and also offers IT infrastructure support and managed services. Frontline Technologies is listed on the Toronto Venture Exchange (Ticker FLC) - Additional information is available at

Forward looking statement disclaimer

Except for historical information contained herein, the matters discussed in this press release are based on forward-looking statements that involve risk and uncertainty. A variety of important factors could cause results to differ materially from such statements, including but not limited to economic, competitive, governmental and technological factors affecting the company's operation, markets, products, prices and other factors.

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