MONTREAL, June 30 /CNW Telbec/ - For the three-month period ended April
30, 2009, MCO CAPITAL INC. ("MCO Capital" or "the Company"; ticker symbol
MCO.H/NEX) did not record any income and incurred operating expenses of
$10,416 consisting primarily of professional fees. During the same period in
2008, the Company had recorded income of $384 and incurred operating expenses
of $12,740. Therefore, MCO closed the second quarter of fiscal 2009 with a net
loss of $10,416 or $0.002 per share, compared with a net loss of $12,356 or
$0.003 per share during the same quarter of 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, 2009, MCO did not record
any income and incurred operating expenses totalling $20,071, compared with
income of $384 and operating expenses of $27,296 for the corresponding period
in 2008. The total net loss for the first six months of the current fiscal
year therefore amounted to $20,071 or $0.005 per share, compared with $26,912
or $0.006 per share the previous year.
Since the beginning of fiscal 2009, operating activities used cash of
$10,423 (compared with a use of $20,868 the prior year). In regards to
financing activities, the Company received $10,000 during the second quarter,
representing an additional interest-free advance from the parent company. As a
result of the various cash flows of the six-month period, the Company's cash
decreased by a net amount of $423 to stand at $2,540 as at April 30, 2009,
compared with $2,963 on October 31, 2008.
At the end of the second quarter of fiscal 2009, total assets stood at
$6,185 compared with $6,290 on October 31, 2008, and consisted of cash and
taxes receivable. Total liabilities, in the amount $157,966, consisted of
interest-free advances from the parent company totalling $130,000, as well as
accounts payable and accrued liabilities in the amount of $27,966.
Shareholders' equity showed a deficit of $151,781, compared with a deficit of
$131,710 three months earlier.
The Company will require additional financing or internally generated
cash flow to fund its continuing operations. Such funding may come from
additional equity financing, whether by way of private placement or through a
strategic alliance or from other sources. The outcome of these matters cannot
be predicted at this time. 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.,