Business
WGI Heavy Minerals Announces Second Quarter 2011 Results and a 28.4% Increase in Earnings in the First Half of 2011 over 2010
COEUR D'ALENE, ID, Aug. 11, 2011 /CNW/ - WGI Heavy Minerals, Incorporated ("WGI") (TSX: WG) t...
About this update from Nickel Creek Platinum Corp.
[{"type":"text","content":"\n\n\n\n\n\nCOEUR D'ALENE, ID, Aug. 11, 2011 /CNW/ - WGI Heavy Minerals,\n Incorporated (\"WGI\") (TSX: WG) today reported a gain for the quarter\n ending June 30, 2011 of $0.013 per share ($0.32 million) compared to\n earnings of $0.010 per share ($0.22 million) for the same quarter in\n 2010.\n\n\nWGI recorded its highest quarterly revenue in the history of the\n Company, reaching $10.97 million. Corporate revenues continue to grow\n as global markets continue to recover and the Company's strategies to\n grow volumes are realized.  Revenues increased 29.6% from Q2 2010 and\n 16.6% from Q1 2011. The strongest growth is being realized around our\n garnet business with other abrasives also growing but at lower rates. \n Growth in the waterjet abrasive product lines lags behind our blasting\n abrasive product line growth.\n\n\nIn the second quarter of 2011, earnings from operations increased 16.6%\n to $0.40 million from $0.34 million in Q2 2010.  The improvement is\n primarily driven by an increase in sales volume compounded by lower\n exploration and stock-based compensation costs offset by an increase of\n sales and general and administrative (\"SGA\") expenses of 4.3%. \n Consolidated net income for the quarter was $0.32 million ($0.013\n earnings per share) compared to income of $0.22 million in the second\n quarter of 2010 (earnings per share of $0.010).\n\n\nFor the first six months of 2011, earnings from operations increased\n 28.4% to $0.69 million from $0.54 million in the same period in 2010. \n This improvement was primarily due to an increase in sales volume,\n higher profits in abrasives and lower exploration and stock-based\n compensation costs.  These improvements were partially offset by a\n modest increase in SGA expenses of 3.2%.  During the first quarter in\n order to functionally align and streamline the Company's efforts in\n Europe, the Company restructured the management of its German\n subsidiary, Kominex.  The restructuring resulted in the removal of the\n resident Managing Director for Kominex and non-recurring costs of $0.32\n million.  Consolidated net income for the period was $0.24 million\n ($0.010 earnings per share) compared to income of $0.34 million in the\n first six months of 2010 (earnings per share of $0.014).\n\n\n\"We are pleased with the p...