RE: fni - threecpx"Q1-2007 is the number to watch and not the 2007 guidance. Q2-2007 is already done with as of this weekend. So within the next six weeks, FNI should report Q1 and Q2 results, with Q1 being overdue."
Didn't they just report results for the year ended 12/31/06. This means that their 1st quarter 07 would be Jan-Mar/07, which just ended and their 2nd quarter for 07 would be Apr-Jun/07. Therefore Q1/06 in not overdue. Also they report the revenue for each quarter's production in the following quarter.
"The revenues represent only nine months of value of the metal contained in the ore shipped for milling, as the value of the ore shipped in the fourth quarter of 2006 will be recorded as
revenue in the first quarter of 2007 as per the Company’s revenue recognition policy."
This being the case, I wouldn't expect huge revenue numbers for Q1/07 because Q4/06 production was below Q3/06. The revenue from this production will be reported in Q1/07. The lower production should be partially offset by higher NI prices.
"Lockerby Mine Operations
Selected operating statistics for the twelve month period ended December 31, 2006 were as follows:
Item 1st Q 2nd Q 3rd Q 4th Q Total
Ore Delivered to Mill - Tonnes 24,495 30,636 24,967 17,519 97,617
Nickel Mill Head Grade % 1.95 1.48 1.09 1.52 1.51
Copper Mill Head Grade % 1.04 0.82 .78 .90 .88
Payable Nickel (pounds) 788,027 747,731 436,899 437,780 2,410,437
Payable Copper (pounds) 469,574 474,596 365,330 295,085 1,604,585"
I think the key figure to look at for Q1 is the production number. I would expect to see a substantiall increase over Q4/06. Then the related revenue will be reported in Q2/07.
Crackie