MCO Capital Inc.'s Results for the Third Quarter of Fiscal 2009

MONTREAL, Sept. 17 /CNW Telbec/ - For the three-month period ended July 31, 2009, MCO CAPITAL INC. ("MCO Capital" or "the Company"; ticker symbol MCO.H/NEX) did not record any income and incurred operating expenses of $17,334 consisting primarily of professional fees. During the same period in 2008, the Company had recorded no income and incurred operating expenses of $17,714. Therefore, MCO closed the third quarter of fiscal 2009 with a net loss of $17,334 or $0.004 per share, compared with a net loss of $17,714 or $0.004 per share during the same quarter of the previous year. For the nine-month period ended July 31, 2009, MCO did not record any income and incurred operating expenses totalling $37,405, compared with income of $384 and operating expenses of $45,010 for the corresponding period in 2008. The total net loss for the first nine months of the current fiscal year therefore amounted to $37,405 or $0.009 per share, compared with $44,626 or $0.011 per share the previous year. The share capital remained unchanged, being 4,233,689 Class B shares issued and outstanding.

Since the beginning of fiscal 2009, operating activities used cash of $39,831 (compared with a use of $35,472 the prior year). In regards to financing activities, the Company received sums totalling $40,000 in the form of additional interest-free advances (including $30,000 during the third quarter). As a result of the various cash flows of the nine-month period, the Company's cash increased by a net amount of $169 to stand at $3,132 as at July 31, 2009, compared with $2,963 on October 31, 2008. At the end of the third quarter of fiscal 2009, total assets stood at $8,485 compared with $6,290 on October 31, 2008, and consisted of cash and taxes receivable. Total liabilities, in the amount $177,600, consisted of interest-free advances from the parent company and from a company under common control, for a total of $160,000, as well as accounts payable and accrued liabilities in the amount of $17,600. Shareholders' equity showed a deficit of $169,115, compared with a deficit of $131,710 nine 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., (514) 397-0188

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890