Business
WGI Heavy Minerals announces first half 2007 results
WGI Heavy Minerals announces first half 2007 results.
About this update from Nickel Creek Platinum Corp.
[{"type":"text","content":"\n\n\n\nCOEUR D'ALENE, ID, Aug. 9 /CNW/ - WGI Heavy Minerals, Inc. (TSX: WG)\ntoday announced results for the second quarter and first half ended June 30,\n2007. All dollar amounts are in United States dollars unless otherwise\nindicated. A summary of key financial results for the quarter and first half\nis as follows:\n\n\nHighlights\n- Revenues increased 31.6% for the quarter to $7.3 million from\n $5.5 million in the same period a year ago. Revenues for the first\n half of 2007 increased 27% to $13.5 million from $10.7 million in\n 2006.\n- Gross margin increased to 19.5% for the quarter from 12.6% in the same\n period last year. For the first half of 2007 gross margins increased\n to 22.9% from 9.7% a year ago.\n- The Company posted a net loss for the first half of $0.3 million or\n $0.01 per share. This has significantly improved from the year ago\n period's net loss of $2.8 million or $0.12 per share.\n- Generated cash flows of $0.3 million or $0.01 per share during the\n first half of 2007.\n- At June 30, 2007 the Company had a cash position (including short term\n investments) of $18.6 million.\n\n\nManagement Overview\n\n\nFinancially, the consolidated balance sheet and the Company's net cash\nposition remain strong, our second quarter builds on the success of the first.\nOur systems and management performance are improving. We will continue to\ninvest in better processes and systems. One area of growth for the company is\nits evolution from a pure producer/seller to one that purchases for resale as\nwell as producing. We anticipate further growth from the sale of both minerals\nand parts sourced from others.\n\n\nVery recently we have initiated a revised and improved long-range\nstrategic analysis and planning effort throughout the company. All aspects of\nthe business are being reviewed in detail. A template has been provided and we\nintend to improve both the communications and synergy between the operating\nportions of the company. As well, we shall look very carefully at our cost\nstructure to determine better ways to gain value from our expenditures or to\nreduce them.\n\n\nWe do not expect immediate results. We do believe our investment and\neffort will provide the basis for developing ways of better managing and\ngrowing the company and, we expect, highly useful insights into creative ways\nof enhancing sharehol...