Colony Reports Second Quarter Results for the Six Months Ended April 30, 1999.VANCOUVER Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , British Columbia--(BUSINESS WIRE)--June 25, 1999-- Colony Pacific (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CYX.) Colony Pacific Explorations Ltd. (CYX-TSE) reports revenues for the second quarter of $48,000 compared to revenues of $48,000 in the second quarter of 1998. The Company recorded a net loss for the second quarter of $70,000 ($0.00 per share) versus a net loss of $55,000 ($0.00 per share) in the prior year's quarter. The six month loss is $64,000 ($0.00 per share) versus a loss of $3,375,000 ($0.19 per share) in the 1998 period, mostly attributable to a $3,308,000 mineral property writedown writedown A reduction in the value of an asset carried on a firm's financial statements. For example, the firm's accountants, believing the inventory is overvalued, may decide to take a writedown by reducing inventory valuation. . The April 30, 1999 quarter net loss included mineral property writedowns totalling $51,000. The Company remains debt free and had working capital of $1,516,000 at April 30, 1999. The Company continues to evaluate new business opportunities. 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. Y2K issues primarily affect the technology used by the Company in the management of internal financial data in business applications. 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 September 1999. In some situations Y2K risk has been assessed as a result of third party relationships, particularly in relation to the Company's oil and natural gas operations. The Company is working with these operators to ensure that no interruptions will occur. 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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