WGI Heavy Minerals announces third quarter results

About this update from Nickel Creek Platinum Corp.

[{"type":"text","content":"\n\n\n\nCOEUR D'ALENE, ID, Nov. 13 /CNW/ - WGI Heavy Minerals, Inc. (TSX: WG)\ntoday announced results for the third quarter and nine months ended\nSeptember 30, 2007. All dollar amounts are in United States dollars unless\notherwise indicated.\n\n\nA summary of key financial results for the quarter and year-to-date is as\nfollows:\n\n\nHighlights\n\n- Revenues increased 16% for the quarter to $6.7 million from\n $5.8 million in the same period a year ago. Revenues for the nine\n months ended September 30, 2007 increased 23% to $20.2 million from\n $16.5 million in 2006.\n\n- Gross margin remained relatively even with the prior year quarter at\n 21.2%. For the nine months ended September 30, 2007 gross margins\n increased to 22.4% from 14.2% a year ago.\n\n- The Company posted a net loss for nine months of $0.7 million or\n $0.03 per share. This has significantly improved from the year ago\n period's net loss of $3.2 million or $0.13 per share.\n\n- At September 30, 2007 the Company had a cash position (including\n short term investments) of $18.3 million.\n\n\n"The Company's performance continues to improve, relative to the past. In\nabsolute terms we desire still greater improvements, as do our shareholders.\nAchieving those will require sustained further effort. All garnet suppliers\nare experiencing changes in their ore bodies requiring improved and more\nprecise mineral processing. WGI's products are well known for higher quality\nand reliability. However, maintaining this differentiation as feedstocks\nchange requires near-term expenditures affecting earnings. We continue to\nimprove. Our strategic planning process, mentioned in earlier communications,\nis seeking to identify additional opportunities to generate and deliver\nimproved shareholder value." said Covell Brown, Chairman and CEO.\n\n\nDuring the quarter Mrs. Gloria Marks assumed the role of CFO, which was\nvacated by Ms. Karla Wright Hayden as she went to pursue another opportunity.\nMrs. Marks is highly experienced in accounting systems and will aid the\ncompany substantially to continue to improve our accounting and management\ninformation systems and performance.\n\n\nManagement's Discussion and Analysis\n\n\nWe encourage those interested in the company to read this quarter's\nManagement Discussion and Analysis. The Company's affairs are described an...

More updates from Nickel Creek Platinum Corp.