Malaga Inc. reports its year end financial results for 2007

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[{"type":"text","content":"\n\n\n\nMalaga Inc. (malaga)\n\n\nSymbol: MLG\n\n\nToronto Stock Exchange (TSX)\n\n\nMONTREAL, April 14 /CNW Telbec/ - Malaga Inc. (TSX: MLG) reports its\nfinancial results for the year ended December 31, 2007. The consolidated\nfinancial statements (all currency figures appear in Canadian dollars unless\notherwise specified) along with the management's discussion and analysis are\navailable for the viewing on the Malaga website at www.malaga.ca and the\ndocuments have been filed with SEDAR at www.sedar.com.\n\n\nHighlights for 2007\n\n- The Pasto Bueno tungsten mine began commercial operation in April 2007\n and attained its full production capacity of 250 tons per day in June\n 2007.\n- Tungsten sales reached a record of 43,821 MTU's generating\n $8.033 million.\n- Gross earnings totalled $2,029,601 for the year.\n- Important corporate reorganization by which the gold assets of Malaga\n were transferred to Dynacor Gold Mines Inc. and of which 80% of the\n common shares were distributed to the Company's shareholders before the\n issuance of 10,000,000 common shares. Dynacor Gold Mines Inc. was\n listed on the Toronto Stock Exchange in October 2007. Following this\n transaction, the earnings from gold activities are presented in the\n Company's financial statements as discontinued operations.\n\n\nPrincipal Financial Data (in 000$)\n\n 2007 2006\n -------- --------\n\nSales (tungsten) 8,033 -\nNet loss 2,358 2,978\nCash flow used by continuing operations (1,828) (3,960)\nProperty, plant and equipment investment 1,003 1,812\nAddition to mining properties 2,140 1,580\nWorking Capital (December 31, 2007) 4,367 3,003\n\nTotal assets 25,210 26,476\nShareholders' equity 19,826 22,364\n\nOutstanding shares as at December 31 (000) 137,117 112,290\nWeighted average number of outstanding common\n shares (000) 122,391 108,969\nLoss per share ($) 0.02 0.03\nLoss per share from continuing activities ($) 0.03 0.03\n\n\nOperating Activities\n\n\nThe Company recorded a net loss of $2,357,574 compared to $2,978,470 in\n2006. This improvement is due to increased gold sales (discontinued\nactivities) and the beginning of commercial production of tungsten in the\nsecond quarter of 2007. Gross earnings were $2,029,601 but were offset by the\nincrease in administrative costs. This increase comes mainly from setting up a\ncorporate structure to manage...

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