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Gold/Mining/Energy : Sedna Geotech (SOT.V), explosive growth PE of 7 -- Ignore unavailable to you. Want to Upgrade?

To: Ciao who wrote (64)	12/7/1998 8:26:00 PM
From: Jon Matz	Read Replies (1) \| Respond to of 68

Just released, this sucks big time - 9 month results Sedna Geotech Inc SOT Shares issued 13,287,141 Dec 7 close $0.17 Mon 7 Dec 98 News Release Mr. Hans Kuppers reports FINANCIAL HIGHLIGHTS Nine months ended Sept. 30 (in thousands of U.S. dollars) 1998 1997 Revenues $ 5,616 $ 8,986 Depreciation/ amortization $ 1,250 $ 787 Financial expenses, net $ 724 $ 376 Net earnings (loss) $ (1,835) $ 1,830 EBITDA $ 320 $ 3,687 Sedna owns 14 reverse circulations and two water wells drilling rigs, used primarily in the emerging mining markets of Peru and Brazil. Rig utilization during the period January to September fell from 86 per cent to 40 per cent. A number of business and economic conditions contributed to the reduction in profitability during this fiscal period. In particular, the mining industry globally has experienced low commodity prices and this has had a direct effect on new and continued exploration drilling, particularly with respect to junior mining companies. Sedna is committed to building its business operations in the emerging markets of Latin America. According to an article published by Sociedad Nacional de Mineria y Petroleo in their monthly magazine No. 10, Oct. 1998, between 1997 and 2000, it is expected that the direct investment, including drilling activity, in the mining industry in Peru will be over $750-million (U.S.). During this current year Sedna has taken steps to put in place the infrastructure which will be required when market conditions improve. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com This is just my opinion, but it sure looks like this company would be doing everyone a favor by going out of business ---- soon!