Hi Everyone
William's latest press release, 4th QTR and 1997 financials.
I also want to thank all the people who have wished me luck here on the thread and over the e-mail. I really appreciate your kind words.
Thanks, Brad.
WILLIAM RESOURCES INC. NEWS RELEASE
390 Bay Street, Suite 2008
Toronto, Ontario M5H 2Y2
Internet Address williamres.com May 20, 1998
FOR IMMEDIATE RELEASE
Trading Symbol TSE - WIM
WILLIAM RESOURCES INC.
REPORTS DECEMBER 31, 1997
FISCAL RESULTS
PRODUCTION
Cash Cost Gold Ozs Per Oz
1997 (12 Months) 209,326 US$266
1996 (9 Months) 50,682 US$349
FINANCIAL
FOURTH QUARTER FISCAL PERIOD
1997 1996* 1997 1996*
(US $000)
Revenue 21,069 11,774 94,005 31,738
Loss before write-downs (10,597) (3,547) (27,693) (7,222)
Net loss (15,418) (6,427) (77,514) (10,102)
Operating cash flow** (2,072) (1,613) (553) (3,952)
* During 1996, the Company changed its year-end from March 31 to December 31; therefore, the periods reported on for 1996 are the three months and nine months ended December 31, 1996.
** Prior to working capital changes.
For the year ended December 31, 1997, the consolidated net loss, prior to write-downs, was $27,693,000 or $0.61 per share on revenue of $94,005,000, compared to a net loss of $7,222,000 or $0.19 per share on revenue of $31,738,000 for the nine months ended December 31, 1996. After a write-down of $49,821,000, the net loss for the current year ended December 31, 1997 was $77,514,000 or $1.58 per share, compared to a net loss of $10,102,000 or $0.27 per share for the nine month period ended December 31, 1996. The net loss for the three months ended December 31, 1997 was $15,418,000 or $0.32 per share on revenue of $21,069,000, compared to a net loss of $6,427,000 or $0.17 per share on revenue of $11,774,000 for the three months ended December 31, 1996. The loss in the current quarter includes a write-down of $4,821,000 to record certain investments at market value. The loss per share for both years gives effect to 1 for 3 share consolidation which occurred June 20, 1997.
For the current fiscal year, revenue was $94,005,000 of which $72,640,000 was from the sale of 204,164 ounces representing the Company's share of 209,326 ounces of gold produced by five operating mines, and $21,365,000 was derived from services provided by the BLM Service Group. For the nine months ended December 31, 1996, revenue was $31,738,000 of which $16,860,000 was from the sale of gold produced from the Rustler's Roost and the Jacobina mines and $14,878,000 was derived from services provided by the BLM Service Group.
Cash used in operating activities before working capital changes was $553,000 for the year ended December 31, 1997 compared to $3,952,000 for the nine month period ended December 31, 1996. In the fourth quarter of 1997, operations required cash of $2,072,000 compared to cash required of $1,613,000 for the corresponding period ended December 31, 1996.
William is a gold mining company listed on The Toronto Stock Exchange (symbol TSE: WIM). Its wholly-owned gold mines include Bj'rkdal in Sweden, Jacobina in Brazil and Pahtavaara in Finland. Bj'rkdal is Europe's largest gold mine. William also provides engineering and contracting services to the international mining industry through the BLM Service Group.
Contact: Stan Bharti, President or
George Faught, Senior Vice President, Finance
Telephone: (416) 861-9500
Fax: (416) 861-8165
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