Earnings out:
Highlights of Second Quarter Report to Shareholders (Six Months to June 30, 1999)
TORONTO, July 29 /CNW/ - SouthernEra Resources Limited (SUF-TSE) today
announced that net income for the three months to June 30, 1999, after writing
off $3 million in exploration costs, was $1.9 million on revenue of $13.7
million, compared to $4.1 million on revenue of $8.1 million for the same
three months in 1998. On a per share basis the earnings were 7 cents for the
quarter, compared to 16 cents in 1998.
Cash flow from operations was $9.2 million or 35 cents per share for the
three months, compared to $6 million, or 24 cents per share for the same
quarter in 1998.
Production at the Marsfontein Joint Venture in the second quarter
totalled 123,800 tonnes yielding 276,486 carats compared to the first quarter
production of 82,800 tonnes yielding 200,132 carats. The recovered grade was
228 carats per hundred tonnes compared to an average of 242 in the first
quarter. The average realized price per carat was US $114 compared to US $121
in the previous quarter.
Mining at SouthernEra's 100% owned Klipspringer underground mine
commenced in July at the initial rate of 6,000 tonnes per month. Tonnage
throughput is expected to increase to 15,000 tonnes per month by year end.
Exploration and property acquisition costs for the quarter totalled $9.9
million and capital expenditures for the quarter were $4.8 million. Working
capital at June 30 was $4.3 million.
For the six month period revenue was $25.5 million (1998, $8.1 million)
and net income was $6.9 million or 26 cents per share (1998, $2.1 million and
8 cents per share). Cash flow from operations was $18.8 million or 72 cents
per share (1998, $4.2 million and 16 cents per share).
The full text of the quarterly report, which is being mailed to
shareholders, will be available on the Company's website.
There will be a conference call for investors to discuss earnings on
Thursday, July 29th at 10:30 a.m. EST. Investors should call 416-695-9703. The
replay number is 416-695-9766. There is also a live and archived broadcast of
the conference call at www.q1234.com.
%SEDAR: 00004535E
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For further information: Christopher M. H. Jennings, President, Phone:
(416) 359-9282; Frank van de Water, Vice-President, Finance, Fax:
(416) 359-9141; Nicholas Sayce, Investor Relations, e-mail:
inbox@southernera.com; www.southernera.com
PHIL |
