TORONTO, Aug. 8 /CNW/ - Selected excerpts from Metalore Resources Limited first quarter report, ended June 30/ 07, are as follows:
METALORE RESOURCES LIMITED
FIRST QUARTER FINANCIALS (2008 Fiscal Year)
For the three months ended June 30, 2007 with comparative
figures for the three months ended June 30, 2006 (unaudited)
STATEMENT OF INCOME AND RETAINED EARNINGS
2007 2006
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$ $
Revenue
Natural gas production 416,782 472,315
Royalties 1,111 1,977
Investment & interest income 24,806 12,269
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442,699 486,561
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Expenses
Production expenses 87,839 83,859
Royalties 41,600 47,718
Amortization, depletion 50,000 58,500
Administrative expenses 48,250 40,819
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227,689 230,896
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Income before taxes 215,010 255,665
Future income taxes (note 4) 64,500 81,810
Current - minimum corporation taxes 10,000 12,500
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Net income 140,510 161,355
Retained earnings, beginning of period 9,248,397 8,847,374
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Retained earnings end of period 9,388,907 9,008,729
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Earnings per share 0.08 0.09
Capital Resources & Liquidity
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Quarter Y/E Y/E
Jun 30/07 Mar 31/07 Mar 31/06
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Cash $ 441,929 $ 321,016 $ 251,200
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Current Assets (including cash) 1,306,822 1,219,438 874,775
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Current Liabilities 481,883 430,546 373,706
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Excess of Current Assets over
Current Liabilities 824,939 788,892 501,069
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Forward Contracts for Natural Gas
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As of June 30, 2007, Metalore Resources Limited has one forward contract
in place.
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Contract Period Minimum Contract Price (in US$)
Quantity per MMBTU
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April 07 through Oct 07 7,000 MMBTU per month $ 8.02
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Quarterly Report Information
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To obtain all quarterly and/or other information please visit the SEDAR or company website after August 10, 2007 (www.metaloreresources.com)
The TSX Exchange does not accept responsibility for the adequacy of this
release. No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained herein.