AZC News.
Monday May 17, 4:54 pm Eastern Time
Company Press Release
SOURCE: Azco Mining Inc.
AZCO issues fiscal report
VANCOUVER, May 17 /CNW-PRN/ - AZCO Mining Inc. announces the results for its third quarter ended March 31, 1999. The net loss for the nine months ended March 31, 1999 of $2,591,069 compares to a net loss of $1,609,134 for the same period ended March 31, 1998. The increase in the current period net loss is the result of federal income tax accruals recorded in the period ended March 31, 1998.
Cash, and cash equivalents were $13,709,646 at March 31, 1999 as compared to $19,457,513 at March 31, 1998.
Results of operations for the quarter ended March 31, 1999 as compared to the quarter ended December 31, 1995 are as follows:
For the Three month period For the nine month period
ended March 31, ended March 31,
1999 1998 1999 1998
---- ---- ---- ----
Income $227,318 $250,360 $731,136 $795,374
Expenses 1,092,143 1,206,313 3,326,391 4,297,745
Income taxes (4,186) (178,000) (4,186) (1,893,237)
Net loss (860,639) (777,953) (2,591,069) (1,609,134)
Basic loss per
share (0.03) (0.03) (0.10) (0.06)
Weighted average
shares 26,402,745 25,678,410 25,828,510 25,520,160
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 AND THE TORONTO STOCK EXCHANGE NEITHER APPROVE NOR DISAPPROVE THE CONTENTS OF THIS NEW RELEASE.
THIS NEWS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE 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.
SOURCE: Azco Mining Inc.
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