COEUR D'ALENE, IDAHO, Aug. 10, 2012 /CNW/ - WGI Heavy Minerals, Incorporated ("WGI") (TSX: WG) today announced that its results for the second quarter of 2012 could be found on SEDAR.com
Selected Financial Information
The selected quarterly information of operating results and financial
position should be read in conjunction with the unaudited financial
statements of the Company for the quarter ended June 30, 2012, as well
as the accompanying notes, which are reported in U.S. dollars and have
been prepared in accordance with IFRS for the quarters ended June 30,
2012 and June 30, 2011.
| For the three months ended | For the six months ended | ||||||
| Extracted from Audited Financial Statements | June 30, 2012 | June 30, 2011 | June 30, 2012 | June 30, 2011 | |||
| (in thousands other than earnings per share) | $ 000's | $ 000's | $ 000's | $ 000's | |||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||
| Revenues | 8,072 | 10,967 | 15,750 | 20,369 | |||
| Earnings/(loss) from operations | (376) | 400 | (739) | 688 | |||
| Net earnings/(loss) for the period | (763) | 316 | (1,230) | 243 | |||
| Basic/fully diluted income/(loss) per share | (0.032)/(0.032) | 0.013/0.013 | (0.052)/(0.051) | 0.010/0.010 | |||
|
As at June 30, 2012 |
As at Dec. 31, 2011 |
||||
| $ 000's | $ 000's | ||||
| (unaudited) | (unaudited) | ||||
| Cash, cash equivalents, securities and short term investments | 4,223 | 5,741 | |||
| Total assets | 22,504 | 23,808 | |||
| Long-term financial liabilities and current portion of long-term debt | 301 | 383 |
About WGI
The principal business of WGI Heavy Minerals, Incorporated is the
processing and sale of industrial abrasive minerals and the sourcing,
assembly and sale of ultra-high pressure waterjet cutting machine
replacement parts and components. The Company, through its
subsidiaries, markets and sells abrasive products and services and
waterjet replacement parts globally.
This news release contains forward-looking statements concerning the business, operations, and financial performance and condition of WGI Heavy Minerals, Incorporated. A number of the matters discussed and statements made in the press release contain forward-looking statements reflecting current expectations regarding future assets. When used in this press release, the words "believe", "anticipate", "intend", "estimate", "expect", "project", and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. These forward-looking statements are based on current expectations and are naturally subject to risks, uncertainties, and changes in circumstances beyond management's control that may cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may cause such differences include but are not limited to: exploration and development risks; risks related to permits and title to property; risks related to foreign countries and regulatory requirements; operating hazards; foreign currency fluctuations; competition; fluctuations in the market price of mineral commodities and transportation costs; uncertainty as to calculations of mineral deposit estimates; uninsured risks; and dependence upon key management personnel and executives. Actual results may differ materially from those expressed here. You should not place undue reliance on such forward-looking statements. The Company is under no obligation to update or alter such forward-looking statements, whether as a result of new information, future events, or otherwise.
Expressed in U.S. dollars unless otherwise stated.
SOURCE: WGI Heavy Minerals, Incorporated
Greg Emerson, Ed Kok
810 Sherman Ave., Coeur d'Alene, ID 83814 U.S.A.
(208) 666-6000 Fax (208) 666-4000 www.wgiheavyminerals.com
Greg Emerson, President & CEO
(208) 770-2202 E-mail greg@wgiheavyminerals.com
Ed Kok, Executive Vice-President, Investor Relations
(208) 770-2208 E-mail ed@wgiheavyminerals.com