Business
ENERGOLD ANNOUNCES YEAR END RESULTS
ENERGOLD ANNOUNCES YEAR END RESULTS
About this update from Impact Silver Corp.
[{"type":"text","content":"\nENERGOLD ANNOUNCES YEAR END RESULTS\n\n\n Apr. 8, 2010 (TheNewswire.ca) -- NEWS RELEASEEnergold Drilling Corp.For release: April 8, 2010Trading Symbol: \"EGD: TSX.V\"ENERGOLD ANNOUNCES YEAR-END RESULTSEnergold Drilling Corp. (EGD: TSX.V)(\"Energold\" or \"the Company\") announces its results for the year ended December 31, 2009. Overall, demand for drilling activity dropped dramatically in the first quarter of 2009; however demand increased each quarter throughout 2009 and the trend is continuing into 2010. Revenues were $23.7 million on 151,333 meters of drilling in 2009, down from revenues of $42.3 million on 237,828 meters of drilling in 2008. Revenues increased each quarter throughout 2009 and came in at $7.2 million in the fourth quarter, up 87% from $3.9 million in the first quarter, and meters drilled increased 145% to 50,159 meters in the fourth quarter from 20,490 meters in the first quarter.Energold incurred a net loss of $1.95 million in 2009, largely due to an unrealized foreign exchange loss of $2.0 million. The Company remains in excellent financial position with a very strong balance sheet with a working capital position of $46.5 million and cash and cash equivalents of $18.5 million. The Company's balance sheet strength also does not reflect the current market value of its equity investment in IMPACT Silver Corp. (TSXV:IPT) (IPT: TSX-V). The Company's 13.74% (6.6 million shares) interest in IMPACT Silver Corp. is accounted for on an equity basis. Based on closing market prices at April 6, 2009, the investment has a quoted market value of $6.98 million, amounting to $3.3 million more than our carrying value.Summary of Quarterly and Annual Results ($CAD 000s except per-share amounts and meters drilled)Three months ended December 31Year ended December 3120092008%Change20092008% Change\nRevenues ($000s) 7,199 7,974 -10% 23,719 42,262 -44% \nGross margin* ($000s) 1,147 3,066 -63% 5,675 17,579 -68% \nGross margin percentage* 16% 39% 24% 42% \n \nNet earnings (loss)($000's) (559) 3,135 -118% (1,951) 10,684 -118% \nEarnings (loss) per share - basic ($) (0.02) $0.09 -118% (0.06) $0.32 -118% \nEarnings (loss) per share - diluted ($) (0.02) $0.09 -118% (0.06) $0.32 -118% \n \nMeters drilled 50,159 43,966 +14% 151,333 237,828 -36% \n*Non-GAAP measureThe Company's strategy for 2009 was to preserve cash, focus on increasing ...