|By Marketwired .||
|November 14, 2012 02:35 AM EST||
PARIS -- (Marketwire) -- 11/14/12 -- EURO Ressources S.A. ("EURO" or the "Company") (PARIS: EUR) today announced its unaudited interim financial results prepared in accordance with International Financial Reporting Standards ("IFRS") for the third quarter and nine months ended September 30, 2012. These unaudited financial results were approved by the Board of Directors on November 9, 2012. All financial amounts are expressed in Euros unless otherwise specified.
Under IFRS, EURO reported a net profit of EUR 5.67 million (EUR 0.091 per share) for the third quarter of 2012 and a net profit of EUR 17.68 million (EUR 0.283 per share) for the nine months ended September 30, 2012; this compares to a net profit of EUR 5.85 million (EUR 0.094 per share) for the third quarter of 2011 and a net profit of EUR 15.60 million (EUR 0.250 per share) for the nine months ended September 30, 2011.
To comply with French requirements, EURO reported revenues of EUR 10.22 million under French GAAP and IFRS for the three months ended September 30, 2012, as compared to EUR 9.97 million for the three months ended September 30, 2011, an increase of 2.6%. Further details on revenues are discussed below.
The following comments on the financial results for the quarter and nine months ended September 30, 2012, are taken from EURO's IFRS Management's Discussion and Analysis:
Three months ended September 30, 2012 as compared to three months ended September 30, 2011
The revenues are essentially attributable to the Rosebel royalty with EUR 10.16 million (2011: EUR 9.90 million) earned from Rosebel. The Rosebel gold mine produced 100,056 ounces of gold during the third quarter of 2012, which compares to 99,125 ounces of gold during the third quarter of 2011, an increase of 1%. The 2.6% increase in revenues is mainly due to the weakened euro currency for EUR 0.42 million, and to the 1% production increase for EUR 0.1 million for the third quarter of 2012 as compared to the third quarter of 2011, partially offset by the decrease in the average gold price to $1,652 per ounce for the third quarter of 2012 as compared to $1,702 per ounce for the third quarter in 2011 for EUR 0.3 million.
Operating expenses for the third quarter of 2012 were EUR 0.26 million, a 13% increase compared to EUR 0.23 million for the third quarter of 2011; the increase is due to the weakened euro currency for EUR 0.03 million.
The 13% increase in amortization expense to EUR 0.17 million for the third quarter of 2012 (2011: EUR 0.15 million), is due to the weakened euro currency for EUR 0.02 million.
EURO recorded an income tax expense of EUR 3.89 million for the third quarter of 2012 (2011: EUR 3.25 million). This increase is primarily due to the second rectifying Finance Act enacted in August 2012, which imposes a 3% (EUR 0.54 million) additional tax on all dividend distributions.
Nine months ended September 30, 2012 as compared to nine months ended September 30, 2011
EURO recorded revenues of EUR 30.36 million for the first nine months of 2012 compared to EUR 25.34 million for the same period in 2011, with EUR 30.09 million earned from the Rosebel royalty (EUR 25.16 million during the same period in 2011). The 20% increase in revenues is substantially due to the increase in the average gold price for the nine months ended September 30, 2012 to $1,652 per ounce of gold (2011: $1,534 per ounce of gold) for EUR 2.4 million, to the weakened euro currency for EUR 2.3 million, and to a 0.4% increase in gold production with 297,093 ounces of gold production for the period ended September 30, 2012 as compared to 295,870 ounces produced during the same period in 2011 for EUR 0.17 million.
Operating expenses for the nine months ended September 30, 2012 were EUR 0.70 million, a 3% reduction compared to EUR 0.73 million for the nine months ended September 30, 2011; this continues to reflect the general decline in activity for EURO.
The 13% increase in amortization expense to EUR 0.49 million for the nine months ended September 30, 2012 (2011: EUR 0.44 million) is substantially due to the weakened euro currency.
EURO recorded an income tax expense of EUR 11.00 million for the nine months ended September 30, 2012 (2011: EUR 7.76 million). The increase is mainly due to the increase in revenues for the nine months ended September 30, 2012 as compared to the same period in 2011, the weakened euro currency, and the second rectifying Finance Act enacted in August 2012 which imposes a 3% (EUR 0.54 million) additional tax on all dividend distributions.
Liquidity and Capital resources
Cash and cash equivalents at September 30, 2012 totaled EUR 3.55 million (December 31, 2011: EUR 5.58 million). All of the cash and cash equivalents are unrestricted. EURO expects to have sufficient cash flow to fund its on-going operational needs.
EURO is a French company whose principal asset is the Rosebel Royalty on gold production at the Rosebel mine operated by IAMGOLD Corporation ("IAMGOLD"). EURO has approximately 62.5 million shares outstanding. IAMGOLD France S.A.S., an indirect wholly owned subsidiary of IAMGOLD, owns today approximately 86% of all outstanding shares.
Statements Regarding Forward-Looking Information: Some statements in this news release are forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties. There can be no assurance that future developments affecting the Company will be those anticipated by management.
Not for distribution to United States newswire services or for dissemination in the United States. The securities referred to herein have not been registered under the United States Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States or to a U.S. person absent registration, or an applicable exemption from the registration requirements of, the Securities Act.
Additional information relating to EURO Ressources S.A. is available on SEDAR at www.sedar.com.
EURO RESSOURCES THIRD QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 2012: http://hugin.info/143433/R/1657707/536241.pdf
SYS-CON Events announced today that Ciqada will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Ciqada™ makes it easy to connect your products to the Internet. By integrating key components - hardware, servers, dashboards, and mobile apps - into an easy-to-use, configurable system, your products can quickly and securely join the internet of things. With remote monitoring, control, and alert messaging capability, you will meet your customers' needs of tomorrow - today! Ciqada. Let your products take flight. For more inform...
Apr. 18, 2015 07:00 AM EDT Reads: 1,530
SYS-CON Events announced today that GENBAND, a leading developer of real time communications software solutions, has been named “Silver Sponsor” of SYS-CON's WebRTC Summit, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. The GENBAND team will be on hand to demonstrate their newest product, Kandy. Kandy is a communications Platform-as-a-Service (PaaS) that enables companies to seamlessly integrate more human communications into their Web and mobile applications - creating more engaging experiences for their customers and boosting collaboration and productiv...
Apr. 18, 2015 06:00 AM EDT Reads: 2,214
SYS-CON Events announced today that BroadSoft, the leading global provider of Unified Communications and Collaboration (UCC) services to operators worldwide, has been named “Gold Sponsor” of SYS-CON's WebRTC Summit, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. BroadSoft is the leading provider of software and services that enable mobile, fixed-line and cable service providers to offer Unified Communications over their Internet Protocol networks. The Company’s core communications platform enables the delivery of a range of enterprise and consumer calling...
Apr. 18, 2015 05:30 AM EDT Reads: 2,144
VoxImplant has announced full WebRTC support in the newest versions of its Android SDK and iOS SDK. The updated SDKs, which enable audio and video calls on mobile devices, are now compatible with the WebRTC standard to allow any mobile app to communicate with WebRTC-enabled browsers, including Google Chrome, Mozilla Firefox, Opera, and, when available, Microsoft Spartan. The WebRTC-updated SDKs represent VoxImplant's continued leadership in simplifying the development of real-time communications (RTC) services for app developers. VoxImplant (built by Zingaya, the real-time communication servi...
Apr. 18, 2015 02:45 AM EDT Reads: 1,782
The IoT Bootcamp is coming to Cloud Expo | @ThingsExpo on June 9-10 at the Javits Center in New York. Instructor. Registration is now available at http://iotbootcamp.sys-con.com/ Instructor Janakiram MSV previously taught the famously successful Multi-Cloud Bootcamp at Cloud Expo | @ThingsExpo in November in Santa Clara. Now he is expanding the focus to Janakiram is the founder and CTO of Get Cloud Ready Consulting, a niche Cloud Migration and Cloud Operations firm that recently got acquired by Aditi Technologies. He is a Microsoft Regional Director for Hyderabad, India, and one of the f...
Apr. 18, 2015 01:00 AM EDT Reads: 889
SYS-CON Events announced today that Optimal Design, an Internet of Things solution provider, will exhibit at SYS-CON's Internet of @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Optimal Design is an award winning product development firm offering industrial design and engineering services to the consumer, medical, and defense markets.
Apr. 17, 2015 05:30 PM EDT Reads: 1,564
SYS-CON Events announced today that Vicom Computer Services, Inc., a provider of technology and service solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. They are located at booth #427. Vicom Computer Services, Inc. is a progressive leader in the technology industry for over 30 years. Headquartered in the NY Metropolitan area. Vicom provides products and services based on today’s requirements around Unified Networks, Cloud Computing strategies, Virtualization around Software defined Data Ce...
Apr. 17, 2015 02:00 PM EDT Reads: 1,310
What exactly is a cognitive application? In her session at 16th Cloud Expo, Ashley Hathaway, Product Manager at IBM Watson, will look at the services being offered by the IBM Watson Developer Cloud and what that means for developers and Big Data. She'll explore how IBM Watson and its partnerships will continue to grow and help define what it means to be a cognitive service, as well as take a look at the offerings on Bluemix. She will also check out how Watson and the Alchemy API team up to offer disruptive APIs to developers.
Apr. 17, 2015 12:00 PM EDT Reads: 1,392
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal today!
Apr. 17, 2015 12:00 PM EDT Reads: 2,042
With IoT exploding, massive data will transform businesses with opportunities to monetize almost anything that can be measured. In this C-Level Roundtable Discussion at @ThingsExpo, Brendan O’Brien, Aria Systems Co-founder and Chief Evangelist, will lead an expert panel of consultants, thought leaders and practitioners who will look at these new monetization trends, discuss the implications, and detail lessons learned from their collective experience. Finally, the panel will point the way forward for enterprises who wish to leverage the resulting complex recurring revenue models, adding valu...
Apr. 17, 2015 11:15 AM EDT Reads: 1,369
How is unified communications transforming the way businesses operate? In his session at WebRTC Summit, Arvind Rangarajan, Director of Product Marketing at BroadSoft, will discuss how to extend unified communications experience outside the enterprise through WebRTC. He will also review use cases across different industry verticals. Arvind Rangarajan is Director, Product Marketing at BroadSoft. He has over 19 years of experience in the telecommunications industry in various roles such as Software Development, Product Management and Product Marketing, applied across Wireless, Unified Communic...
Apr. 17, 2015 09:45 AM EDT Reads: 1,533
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? Join this panel of experts as they peel away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud environment, and we must architect and code accordingly. At the very least, you’ll have no problem filling in your buzzword bingo cards.
Apr. 16, 2015 05:30 PM EDT Reads: 2,099
Internet of Things (IoT) will be a hybrid ecosystem of diverse devices and sensors collaborating with operational and enterprise systems to create the next big application. In their session at @ThingsExpo, Bramh Gupta, founder and CEO of robomq.io, and Fred Yatzeck, principal architect leading product development at robomq.io, will discuss how choosing the right middleware and integration strategy from the get-go will enable IoT solution developers to adapt and grow with the industry, while at the same time reduce Time to Market (TTM) by using plug and play capabilities offered by a robust I...
Apr. 13, 2015 12:15 PM EDT Reads: 1,872
@ThingsExpo has been named the Top 5 Most Influential Internet of Things Brand by Onalytica in the ‘The Internet of Things Landscape 2015: Top 100 Individuals and Brands.' Onalytica analyzed Twitter conversations around the #IoT debate to uncover the most influential brands and individuals driving the conversation. Onalytica captured data from 56,224 users. The PageRank based methodology they use to extract influencers on a particular topic (tweets mentioning #InternetofThings or #IoT in this case) takes into account the number and quality of contextual references that a user receives.
Apr. 12, 2015 04:00 PM EDT Reads: 1,894
SYS-CON Events announced today that Dyn, the worldwide leader in Internet Performance, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Dyn is a cloud-based Internet Performance company. Dyn helps companies monitor, control, and optimize online infrastructure for an exceptional end-user experience. Through a world-class network and unrivaled, objective intelligence into Internet conditions, Dyn ensures traffic gets delivered faster, safer, and more reliably than ever.
Apr. 11, 2015 09:15 AM EDT Reads: 2,224
IoT is still a vague buzzword for many people. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. He also discussed how IoT is perceived by investors and how venture capitalist access this space. Other topics discussed were barriers to success, what is new, what is old, and what the future may hold. Mike Kavis is Vice President & Principal Cloud Architect at Cloud Technology Pa...
Apr. 11, 2015 09:00 AM EDT Reads: 6,011
The only place to be June 9-11 is Cloud Expo & @ThingsExpo 2015 East at the Javits Center in New York City. Join us there as delegates from all over the world come to listen to and engage with speakers & sponsors from the leading Cloud Computing, IoT & Big Data companies. Cloud Expo & @ThingsExpo are the leading events covering the booming market of Cloud Computing, IoT & Big Data for the enterprise. Speakers from all over the world will be hand-picked for their ability to explore the economic strategies that utility/cloud computing provides. Whether public, private, or in a hybrid form, clo...
Apr. 8, 2015 02:30 PM EDT Reads: 3,989
The WebRTC Summit 2015 New York, to be held June 9-11, 2015, at the Javits Center in New York, NY, announces that its Call for Papers is open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 16th International Cloud Expo, @ThingsExpo, Big Data Expo, and DevOps Summit.
Apr. 8, 2015 09:00 AM EDT Reads: 2,271
As Marc Andreessen says software is eating the world. Everything is rapidly moving toward being software-defined – from our phones and cars through our washing machines to the datacenter. However, there are larger challenges when implementing software defined on a larger scale - when building software defined infrastructure. In his session at 16th Cloud Expo, Boyan Ivanov, CEO of StorPool, will provide some practical insights on what, how and why when implementing "software-defined" in the datacenter.
Apr. 7, 2015 12:00 PM EDT Reads: 1,488
While not quite mainstream yet, WebRTC is starting to gain ground with Carriers, Enterprises and Independent Software Vendors (ISV’s) alike. WebRTC makes it easy for developers to add audio and video communications into their applications by using Web browsers as their platform. But like any market, every customer engagement has unique requirements, as well as constraints. And of course, one size does not fit all. In her session at WebRTC Summit, Dr. Natasha Tamaskar, Vice President, Head of Cloud and Mobile Strategy at GENBAND, will explore what is needed to take a real time communications ...
Apr. 6, 2015 10:00 AM EDT Reads: 1,640