Business
WGI Heavy Minerals Announces Third Quarter Earnings
WGI Heavy Minerals Announces Third Quarter Earnings
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[{"type":"text","content":"\n\n\n\n Nov. 9, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nExpressed in U.S. dollars unless otherwise stated.\n\n\nCOEUR D'ALENE, ID, Nov. 9 /CNW/ - WGI Heavy Minerals, Incorporated\n ("WGI") (TSX: WG) today reported earnings for the nine-month period\n ending September 30, 2010 of $0.031 per share ($0.74 million) compared\n to earnings of $0.031 per share ($0.76 million) in the same period in\n 2009.  Third-quarter earnings were $0.015 per share ($0.36 million),\n compared to earnings of $0.025 per share ($0.62 million) in the same\n period last year. \n\n\nOverview\n\n\nWGI's markets are recovering slowly from the recession of 2008 and\n 2009.  Third quarter revenues increased 7% to $8.60 million from $8.04\n million in the same period a year ago.  Revenues of $25.40 million were\n up 20% for the nine-month period ending September 30, 2010 when\n compared to the same period in 2009.  Demand for abrasives in Europe,\n the Middle East and Asia has started to improve specifically around\n coarse grade market segments.   WGI's Abrasive segment has achieved\n revenues of $21.94 million for the nine-month period and is up 21% over\n the same period in 2009. Concurrently, the Waterjet segment has\n realized revenues of $3.49 million and is up 12% year over year.  \n\n\nFinancially, WGI's balance sheet remains strong with working capital of\n $13.67 million at September 30, 2010, up slightly over December 31,\n 2009's worki...