BioExx Specialty Proteins Ltd. announced earnings results for the second quarter ended June 30, 2013. During the quarter, the company generated $60,575 of revenue from canola oil and canola meal sales at its Saskatoon plant, compared to revenue of $136,008 in second quarter of 2012. 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 and strategic partner mandates. This resulted in low processing volumes and revenue earned during the quarter. The net loss for the quarter was $8,479,078, compared to $3,856,763 in second quarter of 2012. The significant variance in losses compared to second quarter of 2012 reflects primarily the impairment provisions taken during the quarter, as well as the cumulative impact of the company's ongoing cost reduction efforts and reduced scale of interim operations.

The company recognized an impairment charge on the entire carrying value of its intangible assets, in the amount of $5,087,519, as it is unable to quantitatively assess and support the value of the intangible assets. The impairment charge has been presented as a component of Impairment and other income (expenses) for the three months ended June 30, 2013.