Capital Gold Corporation Announces an Increase of 29% in Net Income Compared to Previous Quarter Thursday June 12, 9:00 am ET Earnings of $0.02 Per Share for the Third Quarter
NEW YORK, June 12 /PRNewswire-FirstCall/ -- Capital Gold (TSX: CGC - News; OTC Bulletin Board: CGLD - News) reported today an increase in net income for the third fiscal quarter, ending April 30, 2008, as compared to the second quarter, resulting in earnings per share of $0.02 for the quarter and $0.04 for the nine months.
-- Net income was approximately $2,740,000 in the third quarter. The Company had a 29% increase in net income compared to $2,126,000 in the second quarter. Earnings per share for third quarter were $0.02 and $0.04 for the nine months ended April 30, 2008. -- For the quarter ending April 30, 2008, net sales were $8,730,000 from 9,466 ounces of gold sold at an average price of $922 per ounce, as compared to sales of $8,043,000 from 9,550 ounces sold at an average price of $843 per ounce for the second quarter. -- Cash costs of $247 were achieved for the nine months ending April 30, 2008 -- well below the gold industry average of approximately $371 per ounce.
· New ADR Plant Construction. · Click Here to Download Image
John Brownlie, Capital Gold's Chief Operating Officer, said: "In the third quarter, we continued to forecast our production goal of 50,000 for the 2008 calendar year. The mine produced over 4,200 ounces of gold and gold equivalent during the month of May, an increase over the prior months. We anticipate that production for June and July will be similar to that of May."
Brownlie added, "The construction of the new ADR plant, and refinery upgrades to accommodate increased production, are progressing as planned for commissioning during September. To date, the civil works and procurement are complete, and most of the US sourced equipment is on-site. The ADR tanks and piping will be tested this month." Capital Gold management believes once these upgrades are in place, they will achieve their projected production rate of 70,000 ounces of gold in 2009.
A conference call discussing the third quarter results will be held on Thursday, June 12th, 2008, at 1:00 PM Eastern Time and will be accessible through the following:
Dial-In Numbers: 1-800-942-2493 (North America) 1-212-231-2900 (International)
Please dial in and register at least five minutes prior to the call. Chris Chipman, Chief Financial Officer, John Brownlie, Chief Operating Officer and Jeff Pritchard, VP Investor Relations will host the conference call. There will be a question and answer period at the end of the call. The call will be archived and available on the Company's web site within 48 hours.
About Capital Gold
Capital Gold Corporation (CGLD: CGC) is a gold production and exploration company. Through its Mexican subsidiaries and affiliates, it owns 100% of the El Chanate gold property in Sonora, Mexico. The proven and probable reserve is now 832,000 ounces of gold. Further information about Capital Gold and the El Chanate Gold Mine is available on the Company's website, www.capitalgoldcorp.com.
Statements in this press release, other than statements of historical information, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from those projected or suggested due to certain risks and uncertainties, some of which are described below. Such forward-looking statements include comments regarding the establishment and estimates of mineral reserves and non-reserve mineralized material, future increases in mineral reserves, the recovery of any mineral reserves, grade, processing rates and capacity, estimated future gold production, potential mine life and future growth of the company. Factors that could cause actual results to differ materially include timing of and unexpected events during construction, expansion and start-up; variations in ore grade, tonnes mined, crushed or milled; delay or failure to receive board or government approvals; the availability of adequate water supplies; mining or processing issues, and fluctuations in gold price and costs. There can be no assurance that future developments affecting the Company will be those anticipated by management.
Any forecasts contained in this press release constitute management's current estimates, as of the date of this press release, with respect to the matters covered thereby. We expect that these estimates will change as new information is received and that actual results will vary from these estimates, possibly by material amounts. While we may elect to update these estimates at any time, we do not undertake to update any estimate at any particular time or in response to any particular event. Investors and others should not assume that any forecasts in this press release represent management's estimate as of any date other than the date of this press release. Additional information concerning certain risks and uncertainties that could cause actual, results to differ materially from that projected or suggested is contained in the Company's filings with the Securities and Exchange Commission (SEC) over the past 12 months, copies of which are available from the SEC or may be obtained upon request from the Company.
-------------------------------------------------------------------------------- Source: Capital Gold Corporation
UPDATE 1-Aventine Renewable posts 2nd-quarter net loss Thu Jul 31, 2008 7:08pm EDT
LOS ANGELES, July 31 (Reuters) - Ethanol maker Aventine Renewable Energy Holdings Inc (AVR.N: Quote, Profile, Research, Stock Buzz) reported a quarterly net loss on Thursday due to losses on investment securities.
The net loss was $1.9 million, or 5 cents per share, in the second quarter, compared with a profit of $12.6 million, or 30 cents per share, a year ago.
Excluding the loss from auction-rate securities, the company earned 16 cents a share. On that basis, Wall Street analysts, on average, expected earnings of 12 cents per share, according to Reuters Estimates.
Aventine liquidated all of its remaining auction-rate securities during the quarter, the company said, raising $97.1 million in the sale. In February, the company had warned that it may have to delay construction on two new plants because some of its assets had unexpectedly become tied up in auction- rate securities that it could not sell.
Revenue was $601.6 million in the second quarter, compared with $394.9 million last year. The company sold 220.3 million gallons of ethanol during the quarter, compared with 158.7 million last year.
Corn costs during the quarter rose to $5.38 per bushel compared with $3.99 per bushel last year.
Aventine also said it would buy the 21.58 percent of Nebraska Energy LLC it does not already own by issuing 1 million shares of common stock. (Reporting by Nichola Groom; editing by Jeffrey Benkoe and Andre Grenon)
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