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Frontline Reports First Quarter 2011 Financial Results

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^{Published in Science and Technology on Tuesday, June 14th 2011 at 17:40 GMT by Market Wire}  

TORONTO, June 14, 2011 /CNW/ - Frontline Technologies Inc. (TSX: FLC), a provider of technology-based equity and options trading services, announced today its financial results for the quarter ended March 31, 2011.

Major elements of the first quarter statements include:

• Revenue decreased by 12% to $1.25 million for the first quarter of 2011 from the same year ago quarter.
• Operating expenses decreased 7% or $0.23 million for the first quarter of 2011 from the same year ago quarter reflecting the cost containment measures taken.
• Loss of $2.0 million or ($0.14) per share for the first quarter of 2011 as compared to a loss of $2.3 million or ($0.15) per share in the same year ago quarter.
• Working capital position of $8.3 million at March 31, 2011 as compared to $10.3 million at December 31, 2010.

"The first quarter of 2011 presented a challenging operating environment with continued reduction of revenues and an increase in administrative expenses on account of acquisition costs," said Hoss Astaraki, Chief Executive Officer.  "Since the completion of the acquisition of Frontline Technologies Corporation we are starting to realize the benefit of cost reductions from synergies in infrastructure."

_{Note 1 - The financial statements for the period ended March 31, 2011 have been prepared in accordance with International Financial Reporting Standards ("IFRS"). The company adopted IFRS as at January 1, 2011 with a transition date of January 1, 2010. The comparative figures for 2010 have been restated to comply with IFRS and are presented accordingly.}

About Frontline Technologies

Frontline Technologies Inc. is a provider of trading technology services for equities and options and also offers IT infrastructure support and network managed services.  Frontline Technologies is listed on the Toronto Stock Exchange (Ticker-FLC) - additional information is available at [ www ][ . ][ belzberg ][ . ][ com ] / [ www.frontline.ca ].

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.

FRONTLINE TECHNOLOGIES INC.

(FORMERLY BELZBERG TECHNOLOGIES INC.)

Condensed Interim Consolidated Statements of Financial Position
(In thousands of Canadian dollars)
(Not audited or reviewed by the Company's external auditor)

FRONTLINE TECHNOLOGIES INC.

(FORMERLY BELZBERG TECHNOLOGIES INC.)

Condensed Interim Consolidated Statements of Comprehensive Income (Loss)
(In thousands of Canadian dollars, except per share amounts)
(Not audited or reviewed by the Company's external auditor)

FRONTLINE TECHNOLOGIES INC.

(FORMERLY BELZBERG TECHNOLOGIES INC.)

Condensed Interim Consolidated Statements of Cash Flows
(In thousands of Canadian dollars)
(Not audited or reviewed by the Company's external auditor)