Sprott Resource Corp announces strong third quarter 2008 results

About this update from Winchester Equity Corporation

[{"type":"text","content":"\n\n\n\nTORONTO, Nov. 14 /CNW/ - (TSX:SCP) - Sprott Resource Corp. ("SRC") today\nannounced its financial results for the three and nine month periods ended\nSeptember 30, 2008. The consolidated financial statements and related\nmanagement's discussion and analysis can be found on SEDAR (www.sedar.com).\n\n\nHighlights for Q3 and Year-to-Date ("YTD") periods:\n\n- Q3 2008 net earnings of $67.15 million or $0.76 per basic share\n compared to a net loss of $468,332 or $0.02 per basic share for\n Q3 2007\n- YTD net earnings of $73.84 million or $1.13 per basic share compared\n to $707,580 or $0.05 per basic share for the prior year\n- Ended Q3 2008 with cash, cash equivalents and short-term investments\n of $155.57 million\n- Ended Q3 2008 with other portfolio investments of $270.46 million\n (including 27.14 million shares of PBS Coals Limited ("PBS") valued\n at $217.48 million)\n- Ended Q3 2008 with net assets of $370.84 million\n- Subsequent to quarter end, completed the sale of 27.14 million shares\n of PBS for proceeds of $140.82 million\n- Also subsequent to the quarter end, provided funding of $27,173,400\n to Waseca Energy Inc. ("Waseca"), a newly created private oil and gas\n company, in exchange for a 79.72% interest\n\n\n"We had an excellent third quarter, realizing value for the investments\nmade over the past year. This strengthened our balance sheet and demonstrated\nour ability to execute our strategy," said Kevin Bambrough, President and CEO\nof SRC. "We believe that current credit crisis will create exceptional\ninvestment opportunities in the natural resource sector. With our strong\nbalance sheet, we are very well positioned."\n\n\nFinancial Review\n\n\nFor Q3 2008 net earnings were $67.15 million or $0.76 per basic share\ncompared to a net loss of $468,332 or $0.02 per basic share for Q3 2008. YTD\nnet earnings were $73.84 million or $1.13 per basic share compared to $707,580\nor $0.05 per basic share for the prior year. The increase in net earnings was\nprimarily a result of gains realized from the sale of securities, in\nparticular the sale of 17.05 million PBS shares.\n\n\nGeneral and administrative expenses, increased for Q3 2008 to $20 million\ncompared to $647,318 for Q3 2007. General and administrative expenses for the\nYTD period increased to $...

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