Vista Gold Corp. Announces First Quarter Financial Results

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[{"type":"text","content":"\n\n\n\nDENVER, May 12 /CNW/ -- Vista Gold Corp. (Amex: VGZ; TSX) announced today\nits financial results for the three months ended March 31, 2008, as filed on\nMay 12, 2008 with the US Securities and Exchange Commission and with the\nrelevant securities commissions in Canada in the Corporation's Quarterly\nReport on Form 10-Q. Vista reported a consolidated net loss for the\nthree-month period ended March 31, 2008, of US$1,851,000 or US$0.05 per share\ncompared to a consolidated net loss of US$776,000 or US$0.02 per share for the\nsame period in 2007. The increase in the consolidated loss of US$1,075,000\nfrom the prior year is largely due to an increase in corporate administration\nand investor relations costs of US$569,000, an increase in interest expense of\nUS$184,000 and, a decrease in interest income of US$307,000.\n\n\nCorporate administration and investor relations costs increased to\nUS$1,287,000 during the three-month period ended March 31, 2008, compared to\nUS$718,000 for the same period in 2007. The increase of US$569,000 is\nprimarily due to an increase in stock-based compensation expense of US$203,000\ncompared to the prior period. This is due to an increase in the number of\noptions granted during the prior year and vesting over time as compared to the\nprior period. Also contributing to the increase was an increased activity\nlevel associated with the Paredones Amarillos Project and the elimination of\nUS$270,000 in the allocation of certain corporate overhead expenses to Allied\nNevada Gold Corp. ("Allied Nevada") following completion of the Plan of\nArrangement. Until May 10, 2007, Allied Nevada had been a wholly-owned\nsubsidiary of Vista. Since the completion on that date of the Plan of\nArrangement that resulted in, among other things, the formation of Allied\nNevada as a newly independent entity, Vista no longer allocated overhead\nexpenses to Allied Nevada.\n\n\nNet cash used in operating activities was US$1,207,000 for the\nthree-month period ended March 31, 2008, compared to US$639,000 for the same\nperiod in 2007. The increase of US$568,000 is the result of an increase in\nour net loss from continuing operations of US$1,214,000, which is offset by a\ndecrease in cash used for accounts receivable of US$342,000 and a decrease in\ncash used for prepaids and other of US$185,000.\n\n\nNet cash use...

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