Cathedral Reports Results For The Six Months Ended June 30, 1999.VANCOUVER, British Columbia--(BUSINESS WIRE)--Aug. 26, 1999-- Cathedral Gold Corporation (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CAT.) reports net income of $12,000 ($0.00 per share) for the second quarter ended June 30, 1999 and a net loss of $194,000 ($0.01 per share) for the six month period. This compares with a net loss of $191,000 ($0.01 per share) for the second quarter of 1998 and a net loss of $148,000 ($0.01 per share) for the six month period of 1998. Gold sales revenues for the second quarter of 1999 were $299,000 on sales of 748 ounces of gold at an average selling price The average sales price of goods or commodities. Especially used in the retail sector and technology distribution. of US$272 per ounce (Cdn$400) compared to revenues of $314,000 from sales of 735 ounces of gold at an average selling price of US$291 per ounce (Cdn$428) for the comparable period of 1998. Revenues during the first six months of 1999 were $414,000 on the sale of 1,013 ounces of gold sold at an average selling price of US$276 per ounce (Cdn$409). This compares to revenue of $795,000 in the first six months of 1998 from the sale of 1,854 ounces of gold sold at an average price of US$297 per ounce (Cdn$428). The operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the 1999 second quarter was $44,000 compared to an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $54,000 for the second quarter of 1998. The six month operating loss for 1999 was $136,000 compared to an operating income of $50,000 for 1998. At the end of the quarter, the amount drawn by Cathedral under its line of credit with Imperial Metals Corporation was US$1,125,421. Year 2000 Issues The Company has been evaluating the potential impact of Year 2000 (Y2K See Y2K problem and Y2K compliant. Y2K - Year 2000 ) issues on its operations and taking appropriate measures to ensure uninterrupted operations into the year 2000 and beyond. All internal business systems use purchased software which is Y2K compliant Capable of correctly processing any data that deals with a date beyond the year 1999. See Y2K problem. with any required upgrades to be completed by the end of September 1999. The Company is also formulating contingency plans A plan involving suitable backups, immediate actions and longer term measures for responding to computer emergencies such as attacks or accidental disasters. Contingency plans are part of business resumption planning. based on the assessment of risk. |
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