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Breakwater Resources down 17% after swinging to loss
Posted on May 09, 2008
Breakwater Resources Ltd.'s shares were down 17% Friday morning after the company reported that it had swung to a first quarter loss. At just after 10:30 a.m. ET, Breakwater stock was down 17 to 84 on volume of more than 12 million shares. The company said it realized a loss of $6.9-million or 2 per share inthe first quarter of 2008 compared with net earnings of $15.3-millionor 4 per share in the first quarter of 2007. The company said it incurred higher direct operating costs of $24.4-million in the quarter, while gross sale revenues, up $3.9-million, were impacted negatively by ...
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