Business
Vista Gold Corp. Announces Year-End Financial Results
Vista Gold Corp. Announces Year-End Financial Results
About this update from Vista Gold Corp
[{"type":"text","content":"\n\n\n\nDENVER, Mar. 16, 2010 (Canada NewsWire Group) -- /CNW/ --Vista Gold Corp. (\"Vista\" or the \"Company\") (Amex: VGZ; TSX) announced today its financial results for the year ended December 31, 2009, as filed on March 16, 2010 with the U.S. Securities and Exchange Commission and Canadian regulatory authorities in Vista's Annual Report on Form 10-K. Our 2009 consolidated net loss was US$2.0 million or US$0.05 per share compared to the 2008 consolidated net loss of US$10.0 million or US$0.29 per share for a decrease of US$8.0 million. The decrease of US$8.0 million in 2009 is largely due to an increase in the gain on disposal of marketable securities of US$6.9 million resulting from the sale of common shares of Allied Nevada Gold Corp. (\"Allied\") 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. Also contributing to the decrease in net loss for 2009 was a gain of US$0.5 million on the repurchase of convertible notes which occurred on July 14, 2009, wherein we repurchased US$1.333 million of our senior secured convertible notes (the \"Notes\") for US$0.9 million. Other contributing factors include decreases in interest income (US$0.4 million) corporate administration and investor relations (US$0.9 million) and a decrease in the write-down of marketable securities (US$0.5 million), which was offset by an increase in the gain on currency translation (US$0.5 million); and increases in exploration, property evaluation and holding costs (US$0.4 million) and interest expense (US$0.3 million).Net cash used in operating activities in 2009 was US$7.9 million, compared with US$7.6 million in 2008. The increase of US$0.3 million in 2009 is mostly the result of an increase in interest payments made on June 15, 2009, July 14, 2009 (in conjunction with the repurchase of the Notes) and December 15, 2009 of US$0.6 million. Offsetting this increase, were decreases in cash used in accounts payable, accrued liabilities and other (US$0.2 million) and cash used for other current assets (US$0.3 million).Net cash received from investing activities in 2009 was US$3.3 million, compared with cash used from investing activities of US$26.9 million in 2008. This increase of US$30.2 million in cash received from investing activities is due to the followi...