Orosur Mining Inc. Reports Operating Results for the Third Quarter Ended February 28, 2015; Reports Consolidated Earnings Results for the Third Quarter and Nine Months Ended February 28, 2015; Provides Production Guidance for the Fiscal 2015; Reports Impairment of Assets for the Third Quarter Ended February 28, 2015
The company reported consolidated earnings results for the third quarter and nine months ended February 28, 2015. For the quarter, the company reported sales of $16,445,000 against $16,741,000 a year ago. Loss before income tax was $1,608,000 compared to profit before income tax of $84,000 a year ago. Total loss for the period was $1,884,000 compared to $15,000 a year ago. Total comprehensive loss for the period was $2,235,000 compared to $15,000 a year ago. Basic and fully diluted loss per common share was $0.02. The company invested $2.4 million in capital expenditures and $1.5 million in exploration expenditures in the quarter compared to $1.8 million and $1.1 million respectively a year ago. Cash flow from operations was $3.0 million compared to $3.5 million a year ago.
For the nine months, the company reported sales of $50,375,000 against $60,061,000 a year ago. Loss before income tax was $4,721,000 compared to profit before income tax of $4,710,000 a year ago. Total loss for the period was $4,408,000 compared to total income for the period of $2,486,000 a year ago. Total comprehensive loss for the period was $5,279,000 compared to total comprehensive profit for the period of $2,486,000 a year ago. Basic and fully diluted loss per common share was $0.06 compared to basic and fully diluted income per common share of $0.013 a year ago. Net cash generated from operating activities was $7,941,000 against $15,133,000 a year ago. Purchase of property, plant and equipment and development costs was $6,759,000 compared to $3,621,000 a year ago. Cash net of debt was $2,500,000 as on February 28, 2015.
The company maintains its forecast production guidance for fiscal year 2015 between 50,000 to 55,000 ounces of gold at operating cash costs of between $850 to $950 per ounce.
For the third quarter ended February 28, 2015, the company reported impairment of assets was $63,000.