cto - profit announcement

CTO have announced a modest operating profit which form part of their 2010 Statutory Accounts.

The audited accounts appears to be a turning point for this company...

This forum has gone quiet since the company announcement. I guess everyone is digesting the material.

Does anyone wish to comment on the financial statements?

How about you amer222333? As an interested poster that doesn't hold any stock, you are always quick to quip about CTO's misgivings...

Ok then I'll make the first comment to perhaps spur some constructive discussion.

Reading & summarising the cashlow statement:

1. Warrior (now called the Imperial mine, as it will now focus on the expansion of other known deposits), is according to the financial statements CASHFLOW POSITIVE.

2. Approx $10m of shareholder's money through issues over the past 12 months had been used to partially fund development, where the balance of development expenditure, approx came from the mine's operating surpluses.

3. Cash at the beginning of the year was used to repay borrowings.

You can all argue the toss about the development/production ratio expenditure outflow but the facts are as reported.

After all that has been said & done, these are the company's Statutory Accounts & that is your definitive rationale behind choosing to invest in this company or not.

It is too early to say how profitable the new deposits will be as they are opened up as part of the Imperial Mine development expansion, but we will get a fair idea in the course of the next 12 months.