Azco Issues Fiscal Report.VANCOUVER, British Columbia--(BUSINESS WIRE)--Sept. 30, 1997-- Azco Mining Inc.(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , AMEX AMEX See: American Stock Exchange :AZC AZC American Zionist Council AZC Chief Aviation Maintenance Administrationman (Naval Rating) .) AZCO Mining Inc. announces in its Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , as filed with the U.S. Securities and Exchange Commission, the results for its fiscal year ended June 30, 1997. The net loss for the twelve months ended June 30, 1997 was $8,155,700 as compared to a net gain of $17,127,455 for the same period ended June 30, 1997. This year's decrease in net income is due to the Company's sale of assets in December of 1995. Cash, cash equivalents, and short term investments were $17,080,260 at June 30, 1997 as compared to $25,696,492 at June 30, 1996. This decrease is due to the corporate and exploration expenditures in fiscal 1997. Results of operations for the year ended June 30, 1997 as compared to the year ended June 30, 1996 are as follows: -0-
Year ended Year ended
June 30, 1997 June 30, 1996
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Income $ 1,368,753 $ 26,893,607
Expenses 9,524,453 9,766,152
Net Income (loss) (8,155,700) 17,127,455
Income (loss) per share (0.32) .67
Weighted average shares
common and common equivalent 25,787,247 25,554,322
On behalf of the Board of Directors of AZCO Mining Inc. Ryan A. Modesto Principal Accounting Officer This news release has been prepared by management of the company who takes full responsibility for its contents. The American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. and the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. neither approve nor disapprove dis·ap·prove v. dis·ap·proved, dis·ap·prov·ing, dis·ap·proves v.tr. 1. To have an unfavorable opinion of; condemn. 2. To refuse to approve; reject. v.intr. the contents of this news release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there by any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. CONTACT: Azco Mining Inc. Ryan A. Modesto, 604/682-7286 604/685-4320 (FAX) 1-800-563-7939 |
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