Vista Gold Corp. Announces First Quarter Financial Results and Recent Developments
14 Mai 2005 - 1:00AM
PR Newswire (US)
Vista Gold Corp. Announces First Quarter Financial Results and
Recent Developments DENVER, May 13 /PRNewswire-FirstCall/ -- Vista
Gold Corp. (AMEX:VGZ) Toronto announced today its financial results
for the quarter ended March 31, 2005, as filed on May 13, 2005,
with the US Securities and Exchange Commission in the Corporation's
Quarterly Report on Form 10-Q. For the quarter ended March 31,
2005, Vista reported a consolidated net loss of US$1.0 million or
US$0.05 per share compared to a consolidated net loss of US$1.1
million or US$0.08 per share for the quarter ended March 31, 2004.
Net cash used for operations in the quarter ended March 31, 2005,
was US$0.7 million compared to US$0.4 million for the same period
in 2004. Net cash used in investing activities in the quarter ended
March 31, 2005, was US$0.3 million compared to US$2.4 million for
the same period in 2004. The decreased spending in investing
activities in the 2005 quarter primarily reflected the US$2.3
million paid by the Corporation into the reclamation bond account
for the Hycroft mine in Nevada in the 2004 quarter. The Corporation
received net cash from financing activities of US$0.4 million in
the quarter ended March 31, 2005, compared to US$2.2 million for
the same period in 2004, with the amounts in both periods
representing proceeds from the exercise of warrants and options.
The financial position of the Corporation included current assets
at March 31, 2005, of US$6.1 million compared to US$6.8 million at
December 31, 2004, and total assets at March 31, 2005, of US$32.2
million compared to US$32.8 million at December 31, 2004. Current
liabilities were US$0.2 million at March 31, 2005, compared to
US$0.3 million at December 31, 2004. Total liabilities at March 31,
2005, were US$4.4 million, approximately the same as at December
31, 2004, and shareholders' equity at March 31, 2005, was US$27.9
million compared to US$28.3 million at December 31, 2004. The
Corporation's working capital as of March 31, 2005, was US$5.9
million compared to US$6.6 million at December 31, 2004. The
financial information for the first quarter of 2005 is summarized
in the following table. Selected Financial Data Three Months Ended
March 31, U.S. $000's, except loss per share 2005 2004 Results of
operations Net loss $(958) $(1,146) Basic and diluted loss per
share (0.05) (0.08) Net cash used in operations (692) (448) Net
cash used in investing activities (264) (2,437) Net cash provided
by financing activities 398 2,203 Financial position March 31,
December 31, 2005 2004 Current Assets $6,069 $6,826 Total Assets
32,234 32,788 Current liabilities 178 256 Total liabilities 4,368
4,444 Shareholders' equity 27,866 28,344 Working capital 5,891
6,570 The annual general meeting of the Corporation's shareholders
was held on May 9, 2005. Re-elected to the Board of Directors for a
one-year term were John M. Clark, W. Durand Eppler, C. Thomas
Ogryzlo, Robert A. Quartermain and Michael B. Richings.
PricewaterhouseCoopers LLP was re-appointed independent auditor. An
amendment to the Corporation's Stock Option Plan was approved
increasing the maximum number of Common Shares which may be issued
under the Plan from 1,000,000 Common Shares to 1,750,000 Common
Shares. On May 12, 2005, in connection with the Corporation's
purchase of the Awak Mas deposit in Indonesia, the Corporation
transferred US$1.2 million to an escrow account to be placed in
trust and released to the vendors upon completion of the final
transaction documents. The statements that are not historical facts
are forward-looking statements involving known and unknown risks
and uncertainties that could cause actual results to vary
materially from targeted results. Such risks and uncertainties
include those described from time to time in the Corporation's
periodic reports, including its latest annual report on Form 10-K
filed with the U.S. Securities and Exchange Commission. The
Corporation assumes no obligation to publicly update any
forward-looking statements, whether as a result of new information,
future events or otherwise. For further information, please contact
Greg Marlier at (720) 981-1185, or visit the Vista Gold Corp.
website at http://www.vistagold.com/ DATASOURCE: Vista Gold Corp.
CONTACT: Greg Marlier of Vista Gold Corp., +1-720-981-1185 Web
site: http://www.vistagold.com/
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