Printer Friendly

ST. GEORGE METALS, INC. REPORTS OPERATING RESULTS FOR YEAR ENDED JAN. 31, 1993

 HOUSTON, June 15 /PRNewswire/ -- St. George Metals, Inc. (the "company") reported operating results for its year ended Jan. 31, 1993. The company reported a net loss of $4,139,000 for the current year as compared to a loss of $1,753,000 for the previous year. Current year loss includes a write down of $3,163,000 related to the Dean Mine and $252,000 related to other properties/leases the company has abandoned. This compares with $944,000 for properties/leases written off last year.
 The operating results through Jan. 31, 1993 include interest income of $10,000 compared to $25,000 for the year earlier. The decrease resulted from declining investment rates and the company's lower cash position. There were no active joint ventures during 1993, and therefore the company received no management fees vs. $8,000 received in the previous year.
 Administrative expenses for the year ended Jan. 31, 1993, were $736,000 vs. $842,000 for the prior year. This decrease was primarily due to a decrease in services and compensation due under the company's employee bonus plan; there was however, an increase in interest expense relating to the $4,300,000 in additional indebtedness incurred in fiscal 1992 and 1993 to finance operations at the Dean Mine, all of which interest is in arrears.
 At fiscal year end Jan. 31, 1993, the company reported total assets of $6,436,000 and $314,000 of current assets. Liabilities were $5,804,000. Net equity equaled $632,000, comprised of stated capital of $10,547,000 and retained earnings deficit of ($9,915,000). The company's cash position as of April 30, 1993 was approximately $45,000.
 The company's operations continue to focus primarily on the Dean Mine. Additional funds will be required to pay mining expenses already incurred and to complete exploration and development activities on the Dean Mine. At this time, the company is exploring various financing alternatives, but has no commitments, and, if such financing is not obtained, the company will be unable to continue its operations.
 The Vancouver Stock Exchange has neither approved nor disapproved the content of this release.
 -0- 6/15/93
 /CONTACT: William H. Hoffman III of St. George Metals, Inc., 713-977-4471/


CO: St. George Metals, Inc. ST: Texas IN: MNG SU: ERN

TM -- NY105 -- 2336 06/15/93 16:58 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 15, 1993
Words:393
Previous Article:EASTEX ANNOUNCES REGISTRATION STATEMENT FOR UNDERWRITTEN PUBLIC OFFERING
Next Article:COMPUTRAC, INC. ANNOUNCES FIRST QUARTER RESULTS
Topics:


Related Articles
ST. GEORGE METALS BEGINS DEAN MINE PROCESSING OPERATIONS, EXPECTS $3 MILLION REVENUES BY FISCAL YEAR-END
ATEK METALS CENTER, INC. REPORTS EARNINGS FOR FIRST QUARTER OF FISCAL 1993
BURNUP & SIMS REPORTS THIRD QUARTER RESULTS
MOLTEN METAL TECHNOLOGY ANNOUNCES FIRST-QUARTER RESULTS
ATEK METALS CENTER, INC. REPORTS EARNINGS FOR SECOND QUARTER OF FISCAL 1993
SALEM CORPORATION ANNOUNCES RESULTS
ISCO REPORTS CORRECTED SECOND QUARTER FISCAL 1993 RESULTS AND DECLARES QUARTERLY DIVIDEND
GEORESOURCES, INC. REPORTS FIRST QUARTER 1993 EARNINGS
JETRONIC INDUSTRIES, INC. REPORTS NET PROFIT FOR YEAR ENDED JAN. 31, 1993, AND COMMITMENT FOR NEW FINANCING
ZEMEX CORPORATION ANNOUNCES SIGNIFICANTLY IMPROVED EARNINGS FOR 1994

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters