The mining operation, based in Coeur d’Alene, reported consolidated revenues of $3.96 million and a consolidated after-tax net loss of $0.93 million. Subsidiaries Timberline Drilling Incorporated and World Wide Exploration reported combined revenues of $3.96 million and a combined after-tax net income of $0.15 million for the first quarter. This marks the third consecutive quarter of positive combined net income for Timberline’s contract drilling subsidiaries.
Timberline CEO Randal Hardy commented, “Our Butte Highlands Gold Project joint venture is progressing, and our contract drilling subsidiaries performed well in the traditionally challenging first fiscal quarter. We expect that our drilling revenues and profitability will continue to increase as the economy improves, resource companies obtain financing, and metals prices remain strong.”
He stated the drilling team is focusing on cost reductions and productivity improvements. Additionally, the drilling operation at Butte Highlands, continued to work throughout the winter months.
Timberline’s corporate office and exploration division reported a net loss of $1.08 million for the quarter ended December 31, 2009, which included $0.28 million in non-cash charges, $0.05 million in exploration expenditures, $0.64 million in general and administrative costs, and $0.14 million in interest expenses, offset by interest and other income of $0.03 million.