Lower production translated into a third-quarter loss for
For the three months ended Sept. 30, the company lost $4.2 million (or 7 cents per share) on revenue of $17.9 million, compared with $49 million ($1 per share) on $27.7 million in the equivalent period of 1997. Last year’s third quarter included a $45-million writedown on mining interests and related assets.
Production between the two periods dropped to 35,811 from 59,727 oz., which reflects the mining of low-grade ore at the Bjorkdal mine in Sweden. Accordingly, cash from operations nosedived to $1.6 million from $7.7 million.
During the first nine months of the year, William lost $15.7 million on $54.5 million in revenue, compared with a year-ago loss of $62.1 million on $72.9 million.
As of Sept. 30, the junior had $1.8 million in cash prior to bank debt.
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