Talon Metals Corporation, a mineral exploration company based in the British Virgin Islands, announced the financial results for the third quarter of 2009. In the Consolidated Interim Financial Statement for the three and nine month periods ended September 30, 2009, Talon Metals reported a net loss of $1,241,929 or $0.05 per share (basic and diluted) for the quarter period and net loss of $3,891,204 or $0.14 per share (basic and diluted) for the first nine months of the year.
This is compared to net loss in the amount of $4,185,194 or $0.16 per share (basic and diluted), reported by the company in the three months period ended September 30, 2008, and net loss of $3,891,204 or $0.14 per share (basic and diluted) for the first nine months of 2008.
For the reported periods ended September 30, 2009, capitalized exploration was $284,773 (for the third quarter period) and $917,177 (for the nine months period), – compared to capitalized exploration of $343,399 for the three months period ended September 30, 2008 and $1,279,240 for the nine months period of 2008. The capitalized exploration amount of this year’s three and nine months periods relates mainly to the acquisition by the company of the Sergipe Potash Project, while capitalized exploration amounts for the respective periods of the last year related to the Agua Branca project and Sao Jorge project.
Thunderbird Resorts Inc., a BVI-registered company limited by shares, has filed the Interim Management Statement for the third quarter of the year. The reported financial results of Thunderbird include US$44.3 million revenues – very close to the US$44.5 million result reported for the third quarter of 2008. Corporate costs in Q3 2009 were reduced from US$3.9 million for the same period in 2008 to US$2.0 million in 2009. Annual run rate for corporate costs currently makes approximately US$5.5 million, compared to US$12 million in 2008.
Also, for the third quarter of 2009 the BVI Group reported the decrease of adjusted Earnings before Interest and Tax from US$8.6 million in the same period of 2008 to US$8.2 million in 2009. Property Earnings before Interest and Tax in the third quarter of 2009 decreased to 23% (as a percentage of revenues) from 28% in the third quarter of 2008.
Thunderbird Resorts continues to restructure certain loans, and is actively pursuing cash flow improvement options, and the consolidated revenue results for October 2009 show solid improvement over September results.
Thunderburd’s CEO and President Jack Mitchell commented on the results saying that regardless of the effects of the worldwide economic downturn on the markets, in the third quarter of 2009 the Group experienced stabilization in revenues in its existing operations, as compared to the previous reporting periods of 2009. He said, however, that the BVI Group reported a net loss of approximately US$12.1 million.
In September, Thunderburd launched public offering and private placement of up to 75,000,000 shares of its common stock, and on 19 October 2009 announced its termination. In light of difficult economic situation, the Group will continue to focus on its existing markets and operations, with less emphasis on new markets.
China Gengsheng Minerals, Inc., China’s leading manufacturer of mineral-based and heat-resistant industrial materials, conducting its business through the BVI-registered subsidiary Gengsheng International Corporation and its Chinese subsidiaries, reported its unaudited financial results for the third quarter of 2009.
In the third quarter ended September 30, 2009, company’s sales revenue made US$14.9 million – that is 16% growth from the same period of 2008. The company also reported 39.5% increase of net income attributable to company’s stockholders – in Q3 2009 it was US$1.7 million. Net income margin was 11.2% compared to 9.3% in the third quarter of 2008.
Diluted Earnings per Share were $0.07 against $0.05 in the third quarter of 2008. Also, at September 30, 2009 cash on hand was US$1.9 million. Cost of sales for the third quarter made US$10.7 million, a 21.7% increase compared to US$8.8 million in the same period of 2008. Gross profit was US$4.2 million, which is a 3.6% increase from the third quarter of 2008. Selling expenses made US$1.5 million. General and administrative expenses were $1.1 million; operating expenses were $2.6 million – a 5% decrease from Q3 2008.
Income before taxes and non-controlling interest was approximately $1.71 million in the third quarter of 2009, compared to US$1.28 million in 2008. The increase is primarily attributable to an increase in sales and other income.
As one of the main developments for the reported period, the company announced the invention of a new type of castable which is a breakthrough in industrial material technology. Also, in September the company received US$337,000 subsidy from the Henan Provincial Government for purposes of the development and commercialization of its new product line, the fine precision abrasives.
The British Virgin Islands-registered Dehaier Medical Systems filed for an initial public offering for selling 1.25-1.5 million shares at a price of US$7 to US$9 per share. Shares will be traded under the symbol DHRM.
The BVI company is focused on developing, manufacturing and selling home respiratory and oxygen products and other medical devices in China. It has a subsidiary in Hong Kong and is the owner of a majority stake in a China-based company Dehaier Medical Technology Co. Ltd.
From the initial public offering, Dehaier Medical Systems could raise US$10 million to US$12 million.
In the first nine months of 2009, Dehaier reported a profit of US2.1 million – compared to US$980,000 reported for 12 months of 2008. Also, for this period company revenue totaled US$9.4 million – almost the same amount as for the full year 2008.