Business
WGI Heavy Minerals Announces First Nine Months 2009 Results and Appointment of New Director
WGI Heavy Minerals Announces First Nine Months 2009 Results and Appointment of New Director
About this update from Nickel Creek Platinum Corp.
[{"type":"text","content":"\n\n\n\nNov. 10, 2009 (Canada NewsWire Group) -- COEUR D'ALENE, ID', Nov. 10 /CNW/ -- WGI Heavy Minerals, Incorporated (\"WGI\") (TSX: WG) today announced results for the quarter and nine months ended September 30, 2009. All dollar amounts are in U.S. dollars unless otherwise indicated. Results have been filed and may be viewed at www.sedar.com.WGI is pleased to report net earnings for the third quarter of $0.62 million, EPS $0.025 and first nine month net earnings of $0.76 million, $0.03 EPS. \"Net income from operations, before non-recurring items improved $0.32 million over the third quarter of 2008,\" said Greg Emerson, President and CEO, \"From our employees in the field and mills, to our sales and support people, the hard work of the WGI team has resulted in positive growth over the last three quarters during very uncertain times.\"2009 Consolidated Third Quarter and Nine-Month Highlights- Consolidated revenues in the third quarter were $8.04 million, up 11%over second quarter 2009 revenues of $7.02 million and up 8% over2008's third quarter results of $7.46 million. Revenues for the firstnine months were $21.1 million, essentially flat when compared to thesame period in 2008- Consolidated gross margin improved nearly ten percentage points over2008's third quarter. Similarly, gross margins improved nearly eightpoints to 26.4% for the nine months of 2009- General and administrative expenses for the quarter were held to $1.5million quarter over quarter and were higher compared to the sameperiod year over year of $0.89 million due to $0.5 million of 2008costs being attributed to the sale of the operations in India.General and administrative expenses for the nine months were $4.4million and were reduced from the nine months of 2008 by 6%- Income from operations before extraordinary items for the first ninemonths of 2009 was $0.76 million compared to a loss of $1.2 millionfor the same period in 2008- Net income for the quarter was $0.62 million, EPS $0.025 compared toa net income of $10.7 million in the third quarter of 2008, EPS$0.45. In the third quarter of 2008 $9.87 million of net income wasdue to the sale of the operations in India. Net income for the firstnine months of 2009 was $0.76 million, EPS $0.03 compared to a netincome of $9.3 million for the same period in 2008, EPS $0.39- Cash and cash equivalents increased for ...