Nevada Chemicals, Inc. Announces 2006 Results
29 Marzo 2007 - 2:00PM
Business Wire
John T. Day, President and Chief Executive Officer of Nevada
Chemicals, Inc. (NASDAQ:NCEM), today announced that for the year
ended December 31, 2006, the Company had net income of $3,224,000,
or $0.46 per share, or an 81% increase compared to net income in
2005 of $1,779,000, or $0.26 per share. Total revenues and equity
in earnings increased to $7,002,000 in 2006, an increase of 128%
over 2005. The business activities of the Company for 2006 include
a management contract with, and a 50% ownership interest in,
Cyanco, through a wholly owned subsidiary, Winnemucca Chemicals,
Inc. Net income from 2005 to 2006 increased 81% due primarily to
Cyanco�s increased sales, lower raw material prices coupled with
the catch-up of the pricing lag effect for Cyanco customers, and
increased earnings on the Company�s short-term investments. The
increase in net income from these sources was partially offset by
increases in income tax accruals related to ongoing income tax
audits, general and administrative expenses, due in large part to
increased legal and accounting fees and stock-based compensation
resulting from a new accounting pronouncement requiring the
expensing of the value of stock options issued during the year.
During 2006, Nevada Chemicals, Inc. announced quarterly dividends
of $0.07 per share in the first quarter, increasing to $0.08 per
share each quarter thereafter, for a total of $0.31 per share or
$2,159,000 in dividends to shareholders of record, which represents
67% of net income. The dividend for the 4th quarter was paid in
January 2007. At December 31, 2006, the Company�s balance sheet was
strong, with no long-term debt, and cash and cash equivalents
totaling nearly $16 million. Day said that he is encouraged by the
increase in the price of gold during the last several years, and he
anticipates that the higher gold prices will continue to translate
into greater mining activity. Day said, �However, the continued
recent volatility in the price of key raw materials, in particular
those related to energy, including natural gas, ammonia, caustic
soda, and electricity, do affect the cost of Cyanco products.
Fortunately, most of the sales contracts have cost
escalators/de-escalators to protect Cyanco as well as the
customer.� The Board of Directors of Nevada Chemicals, Inc. has
fixed the close of business on Monday, March 26, 2007 as the record
date for the purpose of determining shareholders entitled to
receive Notice of its Annual Meeting of Shareholders. The Annual
Meeting of Shareholders of Nevada Chemicals, Inc. is currently
scheduled for Thursday, May 3, 2007 at the Hampton Inn in Sandy,
Utah, 10690 South Holiday Park Drive, at 2:00 p.m. local time.
Nevada Chemicals, Inc., through its 50% ownership in Cyanco, a
chemical producer of sodium cyanide located in Winnemucca, Nevada,
is the premier producer of cyanide for the gold mining industry in
the western United States. NEVADA CHEMICALS, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND BALANCE SHEET
DATA � Years Ended December 31, 2006� 2005� � Revenues and equity
in earnings $7,002,000� $3,072,000� � Net Income $3,224,000�
$1,779,000� � Net Income per Common Share, Diluted $0.46� $0.26� �
Total Assets $25,662,000� $26,137,000� � Stockholders' Equity
$23,110,000� $21,510,000� � Weighted Average Common Shares
Outstanding - Diluted 6,961,000� 6,954,000� � Common Shares Issued
and Outstanding at Year End 6,983,172� 6,901,406� Note: The
foregoing contains �forward-looking� statements that are pursuant
to the safe harbor provisions of the Private Securities Reform Act
of 1995. Editors and investors are cautioned that forward-looking
statements involve risks and uncertainties that may affect the
Company�s business prospects and performance. These include, but
are not limited to, economic, competitive, governmental,
technological and other factors discussed in the Company�s reports
to shareholders and periodic filings with the Securities and
Exchange Commission, which are incorporated herein by this
reference.
Grafico Azioni Nevada Chemicals (NASDAQ:NCEM)
Storico
Da Apr 2024 a Mag 2024
Grafico Azioni Nevada Chemicals (NASDAQ:NCEM)
Storico
Da Mag 2023 a Mag 2024