Lignol Energy Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended January 31, 2014. For the quarter, the company reported a loss of CAD 5.5 million, an increase of CAD 3.8 million over the three month period ended January 31, 2013. This translated to a loss of CAD 0.04 per share (basic and fully diluted) in third quarter of fiscal 2014, compared with a loss of CAD 0.01 per share in third quarter of fiscal 2013. The increase was caused by a CAD 3.1 million charge in third quarter of fiscal 2014 related to an impairment in the value of the company's investment in shares of ARW, an increase of CAD 1.3 million in interest expenses less a positive variance of CAD 0.6 million which related to the impact of foreign exchange on the translation of certain TBF assets. The total comprehensive loss was CAD 4.8 million. This is comprised of the CAD 5.5 million loss for the quarter, which was largely offset by a CAD 0.7 million net positive adjustment from comprehensive loss.

For the nine months, the company had a net loss of CAD 9.6 million, of which approximately CAD 2.3 million related to costs incurred developing the Darwin project, negative cash flow from operations of CAD 5.2 million, and negative working capital of CAD 13.3 million. Historically the company has had operating losses, negative cash flow from operations and working capital deficiencies.