(JEC) TSX
CALGARY, Dec. 20 /CNW/ - Jura Energy Corporation ("JEC") announced today its financial results for the year ended September 30, 2006.
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Consolidated Balance Sheets
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As at September 30 2006 2005
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Assets
Current
Cash and cash equivalents $ 21,591,496 $ 13,979,830
Accounts receivable 364,664 2,326,290
Loans and notes receivable - 8,280,456
Prepaid expenses and deposits 354,683 102,741
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22,310,843 24,689,317
Oil and gas interests 45,313,221 -
Loans and notes receivable - 3,030,424
Restricted cash deposits 3,949,721 5,032,371
Property and equipment 136,237 221,387
Investments 33,901 354,920
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$ 71,743,923 $ 33,328,419
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Liabilities
Current
Accounts payable and accrued
liabilities $ 2,309,461 $ 1,410,598
Notes payable 863,426 872,019
Income taxes payable - 125,310
Deferred revenue - 286,447
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3,172,887 2,694,374
Non-controlling interest in subsidiaries 833,298 1,769,509
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4,006,185 4,463,883
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Shareholders' Equity
Share capital 178,884,558 142,319,358
Contributed surplus 20,170,769 15,724,319
Deficit (131,317,589) (129,179,141)
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67,737,738 28,864,536
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$ 71,743,923 $ 33,328,419
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Consolidated Statements of Earnings and Deficit
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For the years ended September 30 2006 2005
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Revenue
Rental $ 10,700 $ 18,530
Interest 1,260,071 1,385,689
Gain on sale of assets 619,033 1,626,715
Investment and other 709,183 1,895,108
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2,598,987 4,926,042
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Expenses
Rental 17,304 29,698
General and administrative 5,720,583 7,681,035
Depreciation and amortization 18,254 110,169
Interest 7,523 21,148
Write-downs 82,149 175,800
Recoveries (130,000) (594,753)
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5,715,813 7,423,097
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Loss before income taxes, non-controlling
interest, and discontinued operations (3,116,826) (2,497,055)
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Income taxes (recovery) (42,167) 122
Non-controlling interest in subsidiaries (936,211) -
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(978,378) 122
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Net loss for the year from continuing
operations (2,138,448) (2,497,177)
Discontinued operations, net of income
taxes - (463,308)
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Net loss for the year (2,138,448) (2,960,485)
Deficit, beginning of year (129,179,141) (126,218,656)
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Deficit, end of year $ (131,317,589) $ (129,179,141)
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Loss per share $ (0.03) $ (0.05)
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Loss per share from continuing
operations $ (0.03) $ (0.04)
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Weighted average number of common
shares used in computing basic loss
per share 66,972,395 59,835,356
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Consolidated Statements of Cash Flows
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For the years ended September 30 2006 2005
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Cash flows provided by (used in)
Operating activities
Net loss $ (2,138,448) $ (2,960,485)
Items not involving cash
Depreciation and amortization 18,254 110,169
Gain on sale of assets and investments (619,033) (1,608,566)
Write-downs and recoveries 82,149 (106,668)
Non-controlling interest in
subsidiaries (936,211) -
Foreign exchange loss 110,426 660,223
Imputed stock based compensation
expense 83,657 194,111
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(3,399,206) (3,711,216)
Changes in non-cash balances related
to operations 3,232,268 (4,995,368)
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(166,938) (8,706,584)
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Financing activities
Net proceeds from issue of share capital 13,812,573 -
Decrease in long-term debt, net - (605,200)
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13,812,573 (605,200)
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Investing activities
Purchase of oil and gas interests (18,197,802) -
Purchase of property and equipment (137,661) (2,114)
Loans and notes receivable repayments,
net of advances 11,358,051 (10,309,918)
Proceeds on sale of investments, net 389,342 2,722,895
Proceeds on sale of land 493,942 -
Proceeds on disposition of property
and equipment 229,473 1,322,167
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(5,864,655) (6,266,970)
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Effect of exchange rate changes on cash
held in foreign currency (169,314) (546,716)
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Increase (decrease) in cash and cash
equivalents 7,611,666 (16,125,470)
Cash and cash equivalents, beginning
of year 13,979,830 30,105,300
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Cash and cash equivalents, end of year $ 21,591,496 $ 13,979,830
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Supplementary disclosure of cash flow
information:
Interest paid $ 7,523 $ 21,696
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Taxes paid $ 81,892 $ 8,554
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About Jura:
Jura is based in Calgary, Alberta, and listed on the Toronto Stock Exchange trading under the symbol JEC.
Forward-looking statements: This document contains statements about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events, and the Corporation's capability to execute and implement its future plans. Actual results may differ materially from those projected by management. For such statements, we claim the safe harbour for forward-looking statements within the meaning of the Private Securities Legislation Reform Act of 1995.
The Toronto Stock Exchange has neither approved nor disapproved the
information contained herein.