Running Fox Six Month Revenues Up and EBITDA Earnings Up
7/31/2009 2:27:36 PM - Market Wire
VANCOUVER, BC, Jul 31, 2009 (MARKETWIRE via COMTEX News Network) --
RUNNING FOX RESOURCE CORP. TSX-V "RUN" U.S. OTC "RFXRF" Frankfurt "C8Q"
Steven Schurman, CEO, U.S. Professional Geologist, reports:
Running Fox has released its 2009 six month results:
Revenues for the 6 month period increased 35 % to $4,827,510. This compares favorably to $3,563,592 for the comparable 6 month period in 2008.
6 month earnings (EBITDA) increased 190 % to $296,205. This compares favorably to $101,552 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. The Company also booked an accounting amount for amortization and depletion of $351,669 for the 6 months
Trent Moore, VP comments: " The Company is holding its own on an EBITDA basis while surviving a very difficult business climate in Alberta, even though our Alberta natural gas production was shut-in for the Shell Canada Waterton Plant upgrades, which is now back in operation. While we will not make excuses for the economic climate, overall Company revenues and profitability were impacted by the continued downturn in the North America energy sector. This is attributed to the ongoing recession, as well as to low natural gas and oil prices, which reduce drilling and therefore oilfield service contracts and work. We believe energy prices will rise and renew our oilfield service work and increase cash flow from our natural gas and liquid condensate production. in the meantime, our gold and uranium projects are garnering some attention."
Running Fox has 41.7 million shares outstanding, with positive exposure to energy, uranium, and gold. Visit www.foxgold.ca for more information.
On behalf of the Board of Directors: Steven Schurman, CEO, U.S. Prof. Geologist.
