Timberline Announces Third Quarter 2012 Financial Results
COEUR D'ALENE, IDAHO, Aug 07, 2012 (MARKETWIRE via COMTEX) -- Timberline Resources Corporation CA:TBR +9.09% (nyse mkt:TLR) TLR -1.59% ("Timberline" or the "Company") today announced consolidated financial results for its third fiscal quarter ended June 30, 2012. A summary of selected financial results is presented in the following table:
($US 000's, except earnings per Quarter Ended June Nine Months Ended
share) 30, June 30,
2012 2011 2012 2011
------------------- -------------------
Loss from continuing operations $ (1,765) $ (890) $ (4,532) $ (4,676)
Income from discontinued operations - 1,418 2,122 2,486
Consolidated net income (loss) (1,765) 528 (2,410) (2,190)
Consolidated net income (loss) per
share, basic and diluted (0.03) 0.01 (0.04) (0.04)
Mineral exploration expenses 1,155 481 2,664 2,766
Working capital 4,671 350 4,671 350
Timberline reported a consolidated net loss of $1.77 million for the quarter ended June 30, 2012, including exploration expenditures of $1.16 million. The Company's exploration expenditures during the quarter were related primarily to its ongoing exploration drill program, permitting activities, and metallurgical studies at the South Eureka Property in Nevada.
As previously announced, in November 2011 Timberline closed the sale of its Timberline Drilling, Inc. ("TDI") subsidiary. The results of TDI are reported in the Company's financial statements under discontinued operations. The Company's consolidated results include income from discontinued operations of $2.12 million and $2.49 million for the nine months ended June 30, 2012 and 2011, respectively. The income from discontinued operations for the nine months ended June 30, 2012 includes a gain on the sale of TDI of $1.64 million.
To read the entire news release follow the link below:
August 7, 2012 (Source: Marketwire)
Disclosure: Timberline Resources is a Vulture Bargain Candidate of Interest (VBCI) and is our fully fledged Vulture Bargain #4. Members of the GGR team are actively accumulating shares of TLR and continue to hold a speculative long position in the company.
