Business
Vista Gold Corp. Announces Third Quarter 2009 Results and Conference Call with Management
Vista Gold Corp. Announces Third Quarter 2009 Results and Conference Call with Management
About this update from Vista Gold Corp
[{"type":"text","content":"\n\n\n\nNov. 9, 2009 (Canada NewsWire Group) -- DENVER, Nov. 9 /CNW/ --Vista Gold Corp. (TSX & NYSE Amex: VGZ) (\"Vista or the \"Corporation\") provides financial results for the three and nine months ended September 30, 2009, which were filed on November 9, 2009, with the US Securities and Exchange Commission and with the relevant securities regulatory authorities in Canada in the Corporation's Quarterly Report on Form 10-Q, and announces management's quarterly conference call scheduled for Wednesday, November 11, 2009 at 10:00 a.m. EST.Financial ResultsAll amounts are in thousands of US Dollars (US$000's), except per share amounts and unless noted otherwise.Our consolidated net loss for the three-month period ended September 30, 2009, was $1,717 or $0.05 per share compared to a consolidated net loss of $2,823 or $0.08 per share for the same period in 2008. Our consolidated net earnings for the nine-month period ended September 30, 2009, was $293 or $0.01 per share compared to a consolidated net loss of $6,994 or $0.20 per share for the same period in 2008. For the three-month period, the decrease in the consolidated net loss of $1,106 from the prior period is primarily due to a gain of $537 on the repurchase of the senior subordinated convertible notes (\"Notes\"). On July 14, 2009, we repurchased $1,333 of our Notes for $866, which resulted in a gain. Also, contributing to the decrease in the consolidated net loss for the three-month period was an increase in the gain on currency translation of $256 and a decrease in corporate administration and investor relations of $419; these amounts were partially offset by an increase in exploration, property evaluation and holding costs of $167. The increase in the consolidated net earnings of $7,287 for the nine-month period from the prior year period is largely due to a gain on disposal of marketable securities of $6,829. The gain was the result of the sale of our Allied Nevada Gold Corp. (\"Allied\") shares which we retained in connection with the transaction that resulted in the formation of Allied and the transfer of Vista's Nevada properties to Allied.Net cash used in operating activities was $964 for the three-month period ended September 30, 2009, compared to $1,706 for the same period in 2008. The decrease of $742 is mostly the result of a decrease in cash used for accounts pay...