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*on buyback* COSCO Capital, Inc.
#1
BUSINESS PROFILE

Alcorn Gold Resources Corporation (APM) was originally incorporated on January 19, 1988 as Alcorn Petroleum and Minerals Corporation with the primary purpose of engaging in the exploration, development and production of oil and gas, and metallic and non-metallic reserves in partnership with other companies or in its individual capacity. On January 13, 2000, the Securities and Exchange Commission (SEC) approved the amendment of APM's primary purpose from an oil and mineral exploration and development corporation into a holding company. The SEC also approved the Company's change of name to Alcorn Gold Resources Corporation.

APM participates as a major or minor partner in several consortia exploring for oil in various petroleum concession areas. The concession areas are found in offshore and onshore areas of Palawan, the Visayas region, and the island of Mindanao. Among the Company's oil interests is Service Contract 14 (SC 14) North West Palawan, which is considered as the largest oil discovery in the Philippines' petroleum exploration history, with more than 48 million barrels of oil produced from its wells. However, in December 1995, the consortium decided to temporarily suspend production operations in the West Linapacan Oilfields of SC 14 due to high production costs, low production levels and low prevailing price of oil. Since the oil production suspension, APM had no principal products or services for the past three years indicating the relative contributions to sales or revenues of each product or service.

To mitigate the risks involved with the oil production operation, APM formally sold its 1.503% participating interest in Galoc oil field to Galoc Production Company and other joint venture partners on June 30, 2009.

Source: SEC Form 17-A (2009)


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#2
APM...aka ALCORN Gold Resources Corp, a holding company of Mr. Lucio Co whose businesses are on mining and oil exploration is set to ahve its ASM on June 24. Pure Gold one of its baby have expressed its intention for an IPO, will it spell difference for the company???

Techincally, its now consolidating at .016 level - 0.017 with a low possibility of 0.015 as support.Heart
"The gut-feel of the 55-year old trader is more important than the mathematical elegance of the 25-year old genius."
-Alan Greenspan-
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#3
Review of Operations – Three Month Period Comparison

For the first quarter of the year ended March 31, 2011, the Company posted total revenues of P6.3 million, of which P4.6 million comes from interest income and P1.2 million comes from dividend income. Total revenues increased by 28 per cent compared last year due to minimal forex loss and higher yield in investments.

Total expenses for the 1st quarter amounted to Php4.4 million, a decrease of 48 per cent from the previous year. The fall in total expenses was primarily on account of personnel costs.

As a result of the foregoing, the Company posted a net income of Php1.9 million for the first quarter of year 2011, equivalent to a 145 per cent over net loss of Php4.3 million in 2010.

Source: Q12011 Financial Report
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#4
(06-08-2011, 07:27 AM)BORDzTRADAMUS Wrote: APM...aka ALCORN Gold Resources Corp, a holding company of Mr. Lucio Co whose businesses are on mining and oil exploration is set to ahve its ASM on June 24. Pure Gold one of its baby have expressed its intention for an IPO, will it spell difference for the company???

Techincally, its now consolidating at .016 level - 0.017 with a low possibility of 0.015 as support.Heart

Arthas Perfect Moment?Rolleyes closing price yesterday exactly as your possibility of support = 0.015. Big Grin
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#5
(06-15-2011, 09:16 AM)Ruach Wrote:
(06-08-2011, 07:27 AM)BORDzTRADAMUS Wrote: APM...aka ALCORN Gold Resources Corp, a holding company of Mr. Lucio Co whose businesses are on mining and oil exploration is set to ahve its ASM on June 24. Pure Gold one of its baby have expressed its intention for an IPO, will it spell difference for the company???

Techincally, its now consolidating at .016 level - 0.017 with a low possibility of 0.015 as support.Heart

Arthas Perfect Moment?Rolleyes closing price yesterday exactly as your possibility of support = 0.015. Big Grin
retested na po Arthas Pete Moment Big GrinBig GrinBig Grin
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#6
Wow Top Gainer pala ito today. Congratulations sa holders. Early boarding time. Tama ata hula ko dun sa Arthas Pete Moment stands for APM but I was not able to ride. If I have time, I will put more details about the Company of APM. Smile
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#7
Still possible to trade within the range....016 has still thin bids after GTCs were served the past week, almost a Billion shares. ASM 6 days to go.
Would appreciate more details and fundamentals that you can share...Heart
"The gut-feel of the 55-year old trader is more important than the mathematical elegance of the 25-year old genius."
-Alan Greenspan-
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#8
Partial Financial Condition of APM as of Q1 2011:

Cash and cash equivalents: 322,185,000

Total Current Assets: 537,824,000

Total Assets: 867,620,000

Current Liabilities: 1,506,000

Stockholders Equity: 866,114,000

For me, this company is cash rich with no long term liabilities. As you can also see above, cash availability can actually pay all the current liabilities of the company.

Let me put what the Company stated in their analysis:

March 31, 2011 vs December 31, 2010

The Company’s total assets amounted to Php867 million as of the end of Mach 31, 2011. Total assets increased by .36 percent on account of higher available-for-sale financial assets levels arising from payment of subscriptions to common stock.

Total cash and cash equivalents declined by 7 per cent mainly due to usage of cash in operations. On the other hand, available for sale financial assets rose 15 per cent on account of proceeds from subscription on capital stock.

Deferred assets grew by .13 percent from Php158.1 million in the previous year. The increase was due to additional capitalized costs incurred for various projects during the quarter.

Total current liabilities decreased by 28 per cent due to payment of liabilities. The company has no long term obligations.

Let us see how they source and use their cash:

Sources and Uses of Cash

The Company's primary source of liquidity is cash provided from investing activities (e.g. interest income). Principal uses of cash are operating expenses and project developments. The Company did not use any debt financing.

Net cash used in operations for the period is P5.3 million basically refers to administrative expenses for the period adjusted by changes in current assets and current liabilities.

The bulk of the net cash flow provided by investing activities came from interest received during the period P4.6 million and funds used in various mineral projects of the Company of P0.210 million.

Management believes that the current levels of internally generated funds and additional capital issuance are needed to meet the Company's immediate future cash needs and current work program commitments.

On page 19 of the Quarterly Reporting, the Net Book Value can be seen while EPS is found on Page 20:

Net book value (based on P0.01 par) 0.01243

Earnings Per Share: 0.000027

Let us compute annualized EPS:

Annualized EPS = EPS multiplied by 4 quarters
Annualized EPS = 0.000027 x 4
Annualized EPS = 0.000108

Price to Earnings Ratio (P/E) annualized based on closing price today, June 15, 2011:

Price = 0.017
Annualized EPS = 0.000108

P/E Ratio Annualized = 157.41

If I don't annualized the EPS, the P/E ratio will be:

Price = 0.017
EPS Q1 2011 = 0.000027

P/E Ratio = 629.63

Source: http://www.pse.com.ph/html/ListedCompani...ar2011.pdf

(Next Posting will be about Petroleum Projects...)
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#9
Maam ang ibig sabihin ni MASTER B bumili na kayo
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#10
(06-15-2011, 06:49 PM)arthas.one Wrote: Maam ang ibig sabihin ni MASTER B bumili na kayo

Let the fundies speak for itself...Lady Ruach was able to dig deeper and she has done it not just for this one but for the rest of the stocks we have.... She is mature and intellectual person to decide on her own...She is EQUIPPED with proper training, experience and DISCILPINE... a personality to reckoned with here at SMP HeartHeartHeart
"The gut-feel of the 55-year old trader is more important than the mathematical elegance of the 25-year old genius."
-Alan Greenspan-
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