Alta Gold Co. Announces First Quarter 1999 Results
HENDERSON, Nev.--(BUSINESS WIRE)--May 17, 1999--Alta Gold Co. (Nasdaq/NM:ALTAQ - news) today announced results for the first quarter ended March 31, 1999, during which the company reported net income of $30,000 ($0.00 per share) from revenue of $6,672,000.
For the first quarter of 1998, the company had $366,000 in net income ($0.01 per share) from revenue of $3,624,000.
The 84% increase in revenue in the first quarter of 1999 resulted primarily from the initial gold production at Olinghouse. The decrease in net income is due primarily to $807,000 in charges during the first quarter of 1999 for interest expense and the amortization of financing costs.
Similar costs incurred in the first quarter of 1998, prior to the initiation of gold production at Olinghouse, had appropriately been capitalized.
On April 14, 1999, the company filed Chapter 11 Bankruptcy. Nasdaq responded by halting trading of the company's common stock on April 15, 1999 and by giving notice on April 23, 1999 of its intent to delist the company's securities. The company filed an appeal regarding the delisting of the company's common stock and a hearing date of June 17, 1999 was set by Nasdaq.
No assurance can be given that a hearing regarding Nasdaq's determination will be successful. Management believes that until the company's common stock is delisted, Nasdaq will continue to halt any trading of the company's stock on the Nasdaq National Market.
If the company's common stock is delisted, trading, if any, in the common stock would thereafter have to be conducted in the so-called ''pink sheets'' or, if available, the OTC Bulletin Board.
Alta Gold is engaged in the exploration, development, mining and production of gold on properties in Nevada. The company also has three base metals properties in the western United States which are in various stages of development.
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