Afferro Mining Inc AFRIF

earns 6 cents per shr in qtr !

[logical1234]

This is huge. Stock price not reflecting it. I think investors are confused by the sudden turnaround. Maybe take a couple days to adjust thinking, bring in new buyers. 6 cents for the year would be huge. Afton Announces Third Quarter Earnings of 6 cents per Share BURLINGTON, ON, Dec. 1 /CNW/ - Afton Food Group Ltd. (TSX: AFF) today announced the Company's results, for the third quarter and year to date for the period ended September 30, 2003. For the third quarter, the Company reported revenue of $5 million and earnings of $1.6 million prior to interest and amortization charges of $845 thousand. The after tax income was $737 thousand and earnings per share were $0.06 for the quarter. These results are favourable in comparison to the third quarter of 2002 that showed earnings of $1 million prior to interest and amortization charges of $1.1 million. The after tax loss was $155 thousand and a loss per share of $0.01. For the nine months ended, the Company reported revenues of $15.3 million and earnings of $3 million before interest and amortization charges. Interest and amortization amounted to $2.7 million resulting in after tax earnings of $264 thousand. This compares favourably to the loss of $7.7 million before interest and amortization incurred during the first nine months of 2002. Interest and amortization for the first nine months of 2002 was $3 million resulting in an after tax loss of $7.2 million. The year to date earnings per share are $0.02 in 2003 compared to a loss of $0.66 in 2002. As previously announced, the company completed new financial agreements with its senior and subordinated lenders, which are incorporated in these statements. The Company is now completing agreements with its unsecured creditors, which include the creditors and the landlord for the closed call center and landlords for closed stores. Once these negotiations are completed, Afton expects to have a positive working capital position. In addition, Afton's new management team is focused on improving its franchised operations and is in the process of significantly increasing its brand presence, all as contemplated in its 20 point action plan. Increased emphasis has been placed on revenue growth, brand development, new store sales and improvements in same store sales. Based on discussions with the TSX Venture Exchange, Afton expects its shares to be trading on the TSX Venture on December 8, 2003.