Business
Sprott Resource Corp. Announces Third Quarter 2009 Results
Sprott Resource Corp. Announces Third Quarter 2009 Results
About this update from Winchester Equity Corporation
[{"type":"text","content":"\n\n\n\nNov. 13, 2009 (Canada NewsWire Group) -- TORONTO, Nov. 13 /CNW/ -- (TSX: SCP) - Sprott Resource Corp. (\"SRC\" or the \"Company\") today announced its financial results for the three-and nine-month periods ended September 30, 2009. The consolidated financial statements and related management's discussion and analysis can be found on SEDAR (www.sedar.com) and www.sprottresource.com.Financial Highlights for Q3 2009 and Year to Date (\"YTD\") 2009:Consolidated Income Statements-------------------------------------------------------------------------Three Three Nine NineMonth Month Month MonthPeriod Period Period PeriodEnded Ended Ended EndedSept. 30, Sept. 30, Sept. 30, Sept. 30,2009 2008 2009 2008-------------------------------------------------------------------------Net earnings (loss) ($000's) (3,040) 67,155 (3,721) 73,838Earnings (loss) per share -basic (0.04) 0.76 (0.05) 1.13Earnings (loss) per share -diluted (0.04) 0.75 (0.05) 1.12-------------------------------------------------------------------------Consolidated Balance Sheets-------------------------------------------------------------------------As atSept. 30, Dec. 31,2009 2008$000's $000's-------------------------------------------------------------------------Cash, cash equivalents andshort-term investments $143,105 $203,547Gold & silver bullion (at cost) $87,877 $61,930Portfolio investments $44,136 $28,564Total Assets $304,213 $314,286Current liabilities $3,424 $21,946Total Liabilities $9,841 $29,530Net assets (total assets minustotal liabilities) $294,372 $284,756Net assets/share $3.46 $3.48--------------------------------------------------------------------------------------------------------------------------------------------------Operational and Business Highlights- Since June 30, 2009, the Company's gold bullion holdings haveincreased from 40,475 ounces to 73,971 ounces with an aggregate costof 75.6 million. As at November 11, 2009, the closing price of goldbullion (in Canadian dollars) was $1,168 per ounce, valuing theCompany's bullion position at $87.4 million and representing anunrealized gain of $11.8 million. Subsequent to quarter end, theCompany sold its silver bullion position for a gain of $9.9 million.- During the nine month period, the Company's investment portfolio hasgrown to $44.1 million from $28.6 million as at December 31, 2008.The growt...