Business
Metalore Resources Limited - News release
Metalore Resources Limited - News release.
About this update from Metalore Resources Limited
[{"type":"text","content":"\n\n\n\nTORONTO, Aug. 8 /CNW/ - Selected excerpts from Metalore Resources Limited\nfirst quarter report, ended June 30/ 07, are as follows:\n\n\n METALORE RESOURCES LIMITED\n FIRST QUARTER FINANCIALS (2008 Fiscal Year)\n For the three months ended June 30, 2007 with comparative\n figures for the three months ended June 30, 2006 (unaudited)\n STATEMENT OF INCOME AND RETAINED EARNINGS\n\n 2007 2006\n ---- ----\n $ $\nRevenue\n Natural gas production 416,782 472,315\n Royalties 1,111 1,977\n Investment & interest income 24,806 12,269\n ----------- -----------\n 442,699 486,561\n ----------- -----------\nExpenses\n Production expenses 87,839 83,859\n Royalties 41,600 47,718\n Amortization, depletion 50,000 58,500\n Administrative expenses 48,250 40,819\n ----------- -----------\n 227,689 230,896\n ----------- -----------\n\nIncome before taxes 215,010 255,665\n\nFuture income taxes (note 4) 64,500 81,810\nCurrent - minimum corporation taxes 10,000 12,500\n ----------- -----------\nNet income 140,510 161,355\n\n Retained earnings, beginning of period 9,248,397 8,847,374\n\n ----------- -----------\nRetained earnings end of period 9,388,907 9,008,729\n ----------- -----------\n ----------- -----------\n\nEarnings per share 0.08 0.09\n\n\n\nCapital Resources & Liquidity\n-----------------------------\n\n -----------------------------------\n Quarter Y/E Y/E\n Jun 30/07 Mar 31/07 Mar 31/06\n-------------------------------------------------------------------------\nCash $ 441,929 $ 321,016 $ 251,200\n-------------------------------------------------------------------------\nCurrent Assets (including cash) 1,306,822 1,219,438 874,775\n-------------------------------------------------------------------------\nCurrent Liabilities 481,883 430,546 373,706\n-------------------------------------------------------------------------\nExcess of Current Assets over\n Current Liabilities 824,939 788,892 501,069\n-------------------------------------------------------------------------\n\n\nForward Contracts for Natural Gas\n---------------------------------\nAs of June 30, 2007, Metalore Resources Limited has one forward contract\nin place.\n\n\n-----------------------------------------------------------------\nContract Period Minimum Contract Price (in US$)\n Quantity per MMBTU\n--------------------------------------------------------------...