Sprott Resource Corp. Announces Second Quarter 2009 Results

About this update from Winchester Equity Corporation

[{"type":"text","content":"\n\n\n\nTORONTO, Aug. 13 /CNW/ - (TSX: SCP) - Sprott Resource Corp. ("SRC" or the\n"Company") today announced its financial results for the three-and six-month\nperiods ended June 30, 2009. The consolidated financial statements and related\nmanagement's discussion and analysis can be found on SEDAR (www.sedar.com) and\nwww.sprottresource.com.\n\n\nFinancial Highlights for Q2 2009 and Year to Date ("YTD") 2009:\n\nConsolidated Income Statements\n-------------------------------------------------------------------------\n Three Month Three Month Six Month Six Month\n Period Ended Period Ended Period Ended Period Ended\n June 30, 2009 June 30, 2008 June 30, 2009 June 30, 2008\n-------------------------------------------------------------------------\nNet earnings\n (loss) ($000's) 490 6,959 (681) 6,683\nEarnings (loss)\n per share - basic 0.01 0.13 (0.01) 0.13\nEarnings (loss)\n per share - diluted 0.01 0.11 (0.01) 0.12\n-------------------------------------------------------------------------\n\n\nConsolidated Balance Sheets\n-------------------------------------------------------------------------\n As at\n June 30, Dec. 31,\n 2009 2008\n $000's $000's\n-------------------------------------------------------------------------\nCash, cash equivalents and short-term\n investments $172,008 $203,547\nGold & silver bullion (at cost) $61,930 $61,930\nPortfolio investments $40,665 $28,564\nTotal Assets $301,547 $314,286\n\nCurrent liabilities $3,189 $21,946\nTotal Liabilities $10,199 $29,530\nNet assets (total assets minus total\n liabilities) $291,348 $284,756\nNet assets/share $3.55 $3.48\n-------------------------------------------------------------------------\n\n\nOperational Highlights for Q2 2009 and YTD:\n\n- Investment portfolio grew to $40.7 million compared to $28.6 million\n at December 31, 2008. Growth was the result of net invested capital\n of $5.5 million and $6.6 million unrealized gains in the market value\n of the investments.\n- One Earth Farms seeded 12,000 acres of crops at three First Nations\n farms in Saskatchewan, consisting of 2/3 canola and 1/3 wheat and\n barley. The fall harvest should begin in September and grain sales\n thereafter.\n- Waseca Energy's oil revenues (net of royalties) grew by 154% to\n $753 thousand from $296 thousand in the first quarter of 2009.\n\n\n"...

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