Q3 Results were very poorTruly I did not expect results to be this poor. As a stakeholder this is really disturbing. What will happen to SP today I wonder? Can't take another scalping today of this and cannot sell because of depressed value. Did I say depressed?
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- Revenues of $1.8 million on sales of 1,297 ounces for the three months ended June 30, 2011 compared to $7.8 million on sales of 6,535 ounces for the same period a year ago, with the current quarter decline resulting from the depletion of the Las Tojas gold deposit at the end of the second quarter;
- Operating loss of
.1 million for the three months ended June 30, 2011 compared to operating profit of $1.3 million for the same period a year ago;
- Net loss of $7.0 million (
.06 loss per share) for the third quarter of fiscal 2011 compared to net loss of $1.1 million (
.01 loss per share) for the third quarter of fiscal 2010. The current quarter's loss was due to significantly lower revenues after the depletion of the Las Tojas deposit at the end of the second quarter of fiscal 2011 and stock-based consideration expense of $5,214 reflecting the fair value of shares issued to the Company's majority shareholder in connection with amendments made to its pre-emptive rights and its provision to Orvana of a US$15 million bridge loan;