BioExx Specialty Proteins Ltd. reported earnings result for the fourth quarter and year ended December 31, 2012. For the quarter, the company generated $29,223 of revenue from canola oil and canola meal sales at its Saskatoon plant compared to revenue of $1,217,403 a year ago. As previously discussed, During the quarter, the company ran its crush operations only as required to support the development and piloting activity required for the completion of the company's detailed engineering scale-up mandate. This resulted in low processing volumes and revenue earned during the quarter. The net loss for the quarter was $47,605,949, or $0.22 per share compared to $15,427,547, or $0.07 per share, for the comparable prior year quarter.

For the year, the company reported revenues of $648,255 compared to $5,348,230 in the prior year. The company scaled back plant operations earlier in the year to conserve capital and exercise appropriate fiscal discipline. As a result of this decision, the company ran its crush operations only as required to support the extensive piloting and development activity required for the completion of the its detailed engineering scale-up mandate. This resulted in lower processing volumes and lower revenue compared to the prior period. Net loss for the year was $63,279,855, or 0.29 per share compared to $30,111,660, or $0.15 per share, in the prior year. Excluding impairment and other expenses, net loss for the year was $13,591,339 in 2012 compared to $20,490,688 in 2011. Net cash used in operating activities during the year was $8,829,434 compared to $12,934,177 in 2011. The change primarily reflects the different operating environments and cost reduction efforts in the respective years. Capital spending on intangible assets was $1,321,005, as a result of the capitalization of plant expenditures, which directly related to the piloting activity as a component of development costs, in the amount of $751,317. This compares to 2011 at $14,345,128, with capital spending much higher at $17,318,199.