Westech Capital Corp. Announces Year End 2012 Financial Results
August 21 2013 - 4:30PM
OTC Markets
Westech Capital Corp. Announces Year End 2012 Financial Results
/* Style Definitions */
span.prnews_span
{
font-size:8pt;
font-family:"Arial";
color:black;
}
a.prnews_a
{
color:blue;
}
li.prnews_li
{
font-size:8pt;
font-family:"Arial";
color:black;
}
p.prnews_p
{
font-size:0.62em;
font-family:"Arial";
color:black;
margin:"0in";
}
.prngen5{
BORDER-BOTTOM:black 1pt solid; TEXT-ALIGN: CENTER; BORDER-LEFT:1pt;
PADDING-LEFT:0.50em; PADDING-RIGHT:0.50em; VERTICAL-ALIGN: BOTTOM;
BORDER-TOP:1pt; BORDER-RIGHT:1pt
}
.prngen11{
BORDER-BOTTOM:black 2pt double; TEXT-ALIGN: RIGHT; BORDER-LEFT:1pt;
PADDING-LEFT:0.50em; PADDING-RIGHT:0.67em; VERTICAL-ALIGN: BOTTOM;
BORDER-TOP:1pt; BORDER-RIGHT:1pt
}
.prngen7{
BORDER-BOTTOM:black 1pt solid; TEXT-ALIGN: CENTER; BORDER-LEFT:1pt;
PADDING-LEFT:0.50em; PADDING-RIGHT:0.67em; VERTICAL-ALIGN: BOTTOM;
BORDER-TOP:1pt; BORDER-RIGHT:1pt
}
.prngen3{
BORDER-BOTTOM:1pt; TEXT-ALIGN: CENTER; BORDER-LEFT:1pt;
PADDING-LEFT:0.50em; PADDING-RIGHT:0.50em; VERTICAL-ALIGN: BOTTOM;
BORDER-TOP:1pt; BORDER-RIGHT:1pt
}
.prngen8{
BORDER-BOTTOM:1pt; TEXT-ALIGN: CENTER; BORDER-LEFT:1pt;
PADDING-LEFT:0.50em; PADDING-RIGHT:0.67em; VERTICAL-ALIGN: BOTTOM;
BORDER-TOP:1pt; BORDER-RIGHT:1pt
}
.prngen14{
BORDER-BOTTOM:black 2pt double; TEXT-ALIGN: RIGHT; BORDER-LEFT:1pt;
PADDING-LEFT:0.50em; PADDING-RIGHT:0.50em; VERTICAL-ALIGN: BOTTOM;
BORDER-TOP:1pt; BORDER-RIGHT:1pt
}
.prngen6{
BORDER-BOTTOM:1pt; TEXT-ALIGN: LEFT; BORDER-LEFT:1pt;
PADDING-LEFT:0.50em; PADDING-RIGHT:0.50em; VERTICAL-ALIGN: BOTTOM;
BORDER-TOP:1pt; BORDER-RIGHT:1pt
}
.prngen9{
BORDER-BOTTOM:1pt; BORDER-LEFT:1pt; PADDING-LEFT:0.50em;
PADDING-RIGHT:0.50em; VERTICAL-ALIGN: BOTTOM; BORDER-TOP:1pt;
BORDER-RIGHT:1pt
}
.prngen13{
BORDER-BOTTOM:1pt; TEXT-ALIGN: RIGHT; BORDER-LEFT:1pt;
PADDING-LEFT:0.50em; PADDING-RIGHT:0.50em; VERTICAL-ALIGN: BOTTOM;
BORDER-TOP:1pt; BORDER-RIGHT:1pt
}
.prngen12{
BORDER-BOTTOM:black 1pt solid; TEXT-ALIGN: RIGHT; BORDER-LEFT:1pt;
PADDING-LEFT:0.50em; PADDING-RIGHT:0.50em; VERTICAL-ALIGN: BOTTOM;
BORDER-TOP:1pt; BORDER-RIGHT:1pt
}
.prngen10{
BORDER-BOTTOM:black 1pt solid; TEXT-ALIGN: RIGHT; BORDER-LEFT:1pt;
PADDING-LEFT:0.50em; PADDING-RIGHT:0.67em; VERTICAL-ALIGN: BOTTOM;
BORDER-TOP:1pt; BORDER-RIGHT:1pt
}
.prngen4{
BORDER-BOTTOM:1pt; TEXT-ALIGN: RIGHT; BORDER-LEFT:1pt;
PADDING-LEFT:0.50em; PADDING-RIGHT:0.67em; VERTICAL-ALIGN: BOTTOM;
BORDER-TOP:1pt; BORDER-RIGHT:1pt
}
.prnsbt1{
BORDER-TOP:1pt
}
.prnsbr1{
BORDER-RIGHT:1pt
}
.prnsbl1{
BORDER-LEFT:1pt
}
.prntblns{
BORDER-BOTTOM: 1pt; BORDER-LEFT: 1pt; BORDER-COLLAPSE: collapse;
BORDER-TOP: 1pt; BORDER-RIGHT: 1pt
}
.prnsbb1{
BORDER-BOTTOM:1pt
}
Westech Capital Corp. Announces Year End 2012 Financial Results
PR Newswire
AUSTIN, Texas, Aug. 21, 2013
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.
Westech Capital (GM) (USOTC:WTECQ)
Historical Stock Chart
From Nov 2024 to Dec 2024
Westech Capital (GM) (USOTC:WTECQ)
Historical Stock Chart
From Dec 2023 to Dec 2024
