Audrey Resources Inc. posts net earnings of $1.4 million for the first quarter of 1995.MONTREAL--(BUSINESS WIRE)--May 10, 1995--Audrey Resources Inc. (ME, TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : AUY; NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : AUYMF) Audrey Resources Inc. announced that following the start-up of commercial production at the Mobrun Mine on January 1, 1995, the company posted net earnings of $1.4 million ($0.03 per share) for the first quarter of 1995. Revenues from metal sales totalled $16.2 million, and cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses amounted to $2.7 million ($0.06 per share). For the first quarter of 1995, production of metals in concentrates totalled 6,674 tonnes of zinc zinc, metallic chemical element; symbol Zn; at. no. 30; at. wt. 65.38; m.p. 419.58°C;; b.p. 907°C;; sp. gr. 7.133 at 25°C;; valence +2. Zinc is a lustrous bluish-white metal. It is found in Group 12 of the periodic table. (14,714,000 lbs Zn), 748 tonnes of copper (1,649,000 lbs Cu), 3,884 ounces of gold and 37,099 ounces of silver. The company has entered into three-year agreements with refiners to process all of its copper concentrates and 80% of its zinc concentrates Zinc concentrate is a highly hazardous product used in the production of zinc metal and zinc alloys, which is the result of a flotation process after the zinc ore has been mined and milled. . A total of $5.1 million was invested during the first quarter, including $3.8 million to complete the preproduction pre·pro·duc·tion adj. 1. Taking place or existing before production: preproduction planning. 2. program. Audrey Resources is the sole owner of the Mobrun Mine, located near the city of Rouyn-Noranda in northwestern Quebec. The company's 45 million common shares are listed on the Montreal and Toronto Stock exchanges Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. as well as the NASDAQ in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . -0- AUDREY RESOURCES INC. FINANCIAL HIGHLIGHTS ______________________________________________________________ Three-month period 1st quarter ended March 31 1995 1994 ______________________________________________________________ EARNINGS (Cdn $000) Revenue $16,204 $3 Net earnings (loss) 1,444 (736) Earnings (loss) per share 0.03 (0.02) Average number of common shares outstanding (thousand) 45,480 36,384 Cash flow from (used in) operations 2,737 (277) ______________________________________________________________ MINING OPERATIONS (1) Concentrate production Zinc (tonnes) 13,307 -- Copper (tonnes) 3,953 -- Metal production Zinc (tonnes) 6,674 -- Copper (tonnes) 748 -- Silver (ounces) 37,099 -- Gold (ounces) 3,884 -- Operating cost per tonne ($/tonne) 42 -- NSR revenue per tonne ($/tonne) 74 -- ______________________________________________________________
FINANCIAL POSITION (Cdn $000) March 31, December 31,
1995 1994
Cash $636 -- Total assets 91,859 $79,584 Working capital 2,662 (4,822) Shareholders' equity 30,395 28,951 ______________________________________________________________ (1) The Mobrun Mine entered into commercial production on January 1, 1995. There were no metal sales in 1994 as the mine was in the preproduction phase. CONTACT: Robert LaValliere Investor Relations Investor relations The process by which the corporation communicates with its investors. 514/878-3166 REPEATS: New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 212-575-8822 or 800-221-2462; Boston 617-330-5311 or 80 |
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