LeadFX Inc. Reports Audited Earnings Results for the Second Quarter and Six Months Ended June 30, 2016
LeadFX Inc. reported audited earnings results for the second quarter and six months ended June 30, 2016. For the quarter, the company reported net loss and comprehensive loss of $2,534,000 or $0.06 per basic and diluted share against $6,804,000 or $0.64 per basic and diluted share for the same period a year ago. Cash flow used in operating activities was $1,355,000 against $1,254,000 for the same period a year ago. The net loss realized in the second quarter of 2016 is 63% lower when compared to the same period in 2015 as a result of continued cost management and a consumable inventory write-down of $2.3 million in the second quarter of 2015 owing to lower realized re-sale prices achieved.
For the six months, the company reported net loss and comprehensive loss of $6,608,000 or $0.17 per basic and diluted share against $9,196,000 or $0.86 per basic and diluted share for the same period a year ago. Cash flow used in operating activities was $2,197,000 against cash flow provided by operating activities $387,000 for the same period a year ago.