Running Fox 09 Q1: 3 Month Revenues Up 99% to $4.381 Million EBITDA Earnings Up 324% to $741,000, Net Income Up 1279% to $524,486
5/1/2009 9:00:11 AM - Market Wire
CALGARY, ALBERTA, May 1, 2009 (Marketwire via COMTEX News Network) --
Running Fox Resource Corp. (TSX VENTURE:RUN)(PINK SHEETS:RFXRF)(FRANKFURT:C8Q)
Steven Schurman, CEO, U.S. Professional Geologist, reports:
Running Fox has filed its 2009 first quarter financial statements on SEDAR.
Revenues for the 3 month period increased 99 % to $4,381,403. This compares favorably to $2,195,325 for the comparable 3 month period in 2008.
3 month income from operations (EBITDA) increased 324 % to $741,001.
This compares favorably to $228,462 for the comparative period in 2008.
Where the Company provides "Non-GAAP Financial Measures," readers should note that the Non-GAAP Financial Measures do not have a standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other issuers. Management feels this information is useful to readers of the financial statements to evaluate the income on an operational basis.
After accounting amounts for amortization and depletion, and costs for interest and taxes, the net income increased over 1,200 % to $524,486 for the 3 month period.
This compares favorably to $41,003 for the comparative period in 2008.
(The Company booked an accounting amount for amortization and depletion of $260,669 for the 3 months)
Advanced High Grade Gold Project
While Running Fox is focused on revenue generation in the energy sector, rising gold prices have stimulated interest in its high grade gold project in British Columbia, Canada where diamond drill intercepts have assayed high grade gold such as 55 feet of 1.04 ounces (see 43-101 and Assesment Reports on SEDAR or on the Running Fox website, see "Top 40")
Diamond Drilling On Running Fox New Mexico Uranium Project
Running Fox has been notified of the diamond drilling permit applications filed by its Joint Venture partner who is earning an interest in Running Fox's New Mexico Uranium Project located in the United States.
The partner is earning up to a 50% interest by expending $600,000 U.S. in exploration and drilling, and by paying Running Fox up to 3.5 million shares (1.5 million shares having been received to date).
Running Fox has 41.7 million shares outstanding, with positive exposure to energy, uranium, and gold.
On behalf of the Board of Directors:
Steven Schurman, CEO, U.S. Prof. Geologist.
The Company relies on legislation applicable to forward looking statements, if any, seeking safe harbour.
SOURCE: Running Fox Resource Corp.
Running Fox Resource Corp. 403-742-0527 www.foxgold.ca
Copyright (C) 2009 Marketwire. All rights reserved.