WGI Heavy Minerals Announces 2007 Results

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[{"type":"text","content":"\n\n\n\nCOEUR D'ALENE, ID, March 31 /CNW/ - WGI Heavy Minerals, Incorporated\n(TSX: WG) today announced results for the fourth quarter and year ended\nDecember 31, 2007. Results have been filed and may be viewed at www.sedar.com.\nA summary of key financial results for the quarter and year compared to last\nyear are as follows:\n\n\nHighlights\n\n- Revenues increased 12.5% for the quarter to $6.3 million and\n increased 20.1% for the year to a record $26.6 million.\n- Gross margin increased to 17.1% for the quarter from 13.6% in the\n same period last year. Gross margin increased to 21.1% for the year\n from 14.0% last year.\n- The net loss for the quarter has increased to $0.9 million from last\n year's $0.7 million loss. The net loss for 2007 was $1.5 million or\n $0.06 per share compared to a loss of $4.0 million or $0.17 per share\n in 2006.\n- At December 31, 2007 the Company had a cash position (including short\n term investments) of $17.3 million.\n\n\n"WGI continues to improve its performance operationally and in every\naspect of the business. These improvements are more significant as they come\nin the face of changing ore bodies with lower and dirtier concentrations of\ngarnet, a situation encountered by many of our competitors as well. Further\nmining and mineral processing improvements are required and are being\ndeveloped, requiring some modest investment. As and when we can open new ore\nbodies our improved techniques will be very beneficial. Our waterjet and\nEuropean operations have grown nicely and are expected to continue to do so.\nThe Company continues to confront a political and regulatory context in India\nthat is actively unwelcoming, notwithstanding the rhetoric of a New India.\nHowever, our positions have been, thus far, supported by the courts and we are\ncautiously encouraged that we may yet see positive results for our efforts. We\nshall continue to improve," said, Covell D. Brown Chairman and CEO.\n\n\nResults of Operations\n\n\nRevenues for 2007 increased 20.1 percent to $26.56 million, compared with\n$22.11 million for 2006. Despite strengthening demand, garnet shipments, in\ntons, increased only 3.6 percent due to production constraints in the U.S. and\nIndia, caused by wet weather and lower production from declining concentration\nof garnet in areas mined.\n\n\nHowever, WGI realized mod...

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