Vista Gold Corp. Announces First Quarter Financial Results
15 Mai 2006 - 10:39PM
PR Newswire (US)
DENVER, May 15 /PRNewswire-FirstCall/ -- Vista Gold Corp.
(AMEX:VGZ) Toronto announced today its financial results for the
three months ended March 31, 2006, as filed on May 15, 2006, with
the US Securities and Exchange Commission in the Corporation's
Quarterly Report on Form 10-Q. Vista reported a consolidated net
loss for the three-month period ended March 31, 2006 of US$1.1
million or US$0.05 per share compared to a consolidated net loss of
US$1.0 million or US$0.05 per share for the same period in 2005.
The small increase in the net loss for the first quarter of 2006
compared to the prior-year period primarily reflected increases in
corporate administration and investor relations costs of US$0.2
million, partially offset by decreases in stock-based compensation
expense and exploration, property evaluation and holding costs, and
increases in interest income and in gains on the sale of marketable
securities. Net cash used for operations for the three-month period
ended March 31, 2006, was US$1.0 million compared to US$0.7 million
for the same period in 2005. The increase of US$0.3 million for the
three-month period can be attributed to reduction in accounts
receivable from the same period in 2005. Net cash used for
investing activities increased to US$1.4 million for the
three-month period ended March 31, 2006, compared to US$0.3 million
for the same period in 2005. The increase of US$1.1 million is
mostly the result of Vista Gold placing funds in escrow for the
acquisition during the 2006 first quarter of the Mt. Todd gold mine
in Northern Territory, Australia. The acquisition is expected to be
complete and escrow funds distributed early in the third quarter.
Net cash provided by financing activities for the three-month
period ended March 31, 2006, increased to US$5.5 million from
US$0.4 million for the same period in 2005. In February 2006, the
Corporation completed a non-brokered private placement financing
consisting of 649,684 equity units, each priced at US$5.05. Each
equity unit consisted of one common share and one warrant. Net
proceeds from the financing were US$3.21 million consisting of
gross proceeds of US$3.28 million offset by legal fees and costs to
register shares of US$69,147. Warrants exercised during the period
ended March 31, 2006, produced cash proceeds of US$2.0 million
compared to US$0.4 million for the same period in 2005. Stock
option exercises produced cash of US$293,000 during the period
ended March 31, 2006 compared to US$25,000 for the same period in
2005. Subsequent to March 31, 2006, proceeds for warrants exercised
through May 9, 2006, were US$12,597,111 and proceeds from the
exercise of options were US$58,660. The financial position of the
Corporation at March 31, 2006, included current assets of US$7.1
million compared to US$3.1 million at December 31, 2005, and total
assets of US$42.3 million compared to US$38.0 million at December
31, 2005. Current liabilities were US$0.4 million at March 31,
2006, approximately the same as at December 31, 2005. Total
liabilities at March 31, 2006, were US$4.6 million, also
approximately the same as at December 31, 2005. Shareholders'
equity at March 31, 2006, was US$37.8 million compared to US$33.4
million at December 31, 2005. The Corporation's working capital as
of March 31, 2006, was US$6.6 million compared to US$2.6 million at
December 31, 2005. The selected financial data including the
results of operations for the three-month period ended March 31,
2006, compared to the same period in 2005 and the financial
position as of March 31, 2006, compared to December 31, 2005, are
summarized in the following table: Selected Financial Data Three
Months Ended March 31, 2006 2005 U.S. $000's, except loss per share
Results of operations Net loss $(1,108) $(958) Basic and diluted
loss per share (0.05) (0.05) Net cash used in operations (1,041)
(692) Net cash used in investing activities (1,449) (264) Net cash
provided by financing activities 5,456 398 Financial position March
31, December 31, 2006 2005 Current assets $7,059 $3,094 Total
assets 42,348 37,999 Current liabilities 422 452 Total liabilities
4,563 4,596 Shareholders' equity 37,785 33,403 Working capital
6,637 2,642 The annual general meeting of the Corporation's
shareholders was held on May 8, 2006. 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 1,750,000 Common Shares to a variable amount
equal to 10% of the issued and outstanding Common Shares on a
non-diluted basis. 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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