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Torvec posts Q2 loss in revenue, earnings

Rochester Business Journal
August 6, 2014

Torvec Inc. continued to report a loss in revenue and earnings in the second quarter.

The development-stage automotive technology company reported a net loss of $602,000, or a penny a share, for the quarter ended June 30. That compares with a net loss of $689,000, or 2 cents a share, in the same quarter last year.

Torvec noted the completion of its development agreement with Baic International Corp. and the sale of limited quantities of its IsoTorque differentials for the C-5 Corvette aftermarket resulted in revenues of $49,000 in the quarter, compared with no reportable revenues in the same quarter last year.

Torvec reported current assets of $4.85 million and liabilities of $170,000 in the second quarter, compared with assets of $1.1 million and liabilities of $202,000 in the same quarter last year. In March the company raised $5 million in a private placement of preferred stock through a small group of investors that included Thomas Golisano.

For the six month period, Torvec reported a net loss of $1.33 million, compared with a net loss of $1.45 million in the first six months of 2013.

Since its inception, Torvec has accumulated a deficit of $67.27 million.

Torvec expects operating cash requirements for the full year to be $2.4 million, with an additional $100,000 spent on capital expenditures for in-house testing equipment and computer software and hardware. An additional $100,000 will be used for notes payable balances.

Shares of company stock (OTC BB: TOVC) were 23 cents, with no trading Wednesday. Torvec stock has ranged from a low of 20 cents a share to a high of 50 cents a share over the last 12 months.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.


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