MONTREAL, June 26 /CNW Telbec/ - For the three-month period ended
April 30, 2007, MCO CAPITAL INC. ("MCO Capital" or "the Company"; ticker
symbol MCO.H/NEX) did not record any income and incurred operating expenses of
$16,153 consisting primarily of professional fees. During the same quarter in
2006, the Company had recorded no income and had incurred operating expenses
of $29,119. Therefore, the Company closed the second quarter of fiscal 2007
with a net loss of $16,153 or $0.004 per share, compared with a net loss of
$29,119 or $0.007 per share during the same quarter the previous year. The
share capital remained unchanged, being 4,233,689 Class B shares issued and
outstanding. For the six-month period ended April 30, 2007 MCO Capital Inc.
did not record any income and incurred operating expenses totaling $28,095 and
consisting primarily of professional fees. During the same period in 2006, the
Company had recorded no income and cumulated operating expenses of $34,575.
Therefore, the Company posted a total net loss of $28,095 or $0.007 per share
during the first half of fiscal 2007, compared with a net loss of $34,575 or
$0.008 per share during the same period of the previous year.
Since the beginning of fiscal 2007, operating activities have used cash
flows of $23,792 (compared with $28,090 the prior year), due to the period's
net loss and a slight increase in taxes receivable. In regards to financing
activities, MCO reimbursed $78,004 interest-free advances due to a company
under common control, and contracted new interest-free advances of $30,000
with a shareholder company, $20,000 of which in the first quarter and $10,000
in the second. As a result of the various cash flows of the period, the
Company's cash decreased by a net amount of $71,796 to stand at $8,367 as at
April 30, 2007, compared with $80,163 on October 31, 2006.
At the end of the second quarter of fiscal 2007, total assets stood at
$21,415 compared with $92,774 on October 31, 2006, and consisted of cash and
taxes receivable. Total liabilities, in the amount $63,500, consisted of
creditors and fees payable, in addition to the aforementioned interest-free
advances. Shareholders' equity showed a deficit of $42,085, compared with a
deficit of $13,990 six months earlier.
Board members and officers are currently considering various alternatives
in regards to the Company's future.
For further information:
For further information: Philippe Marleau, President, MCO Capital Inc.,