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Cabo Mining Enterprises Corp. reports first recorded revenues

Vancouver, BC – Cabo Mining Enterprises Corp. (“Cabo” or the “Company”)
(TSX-V:CBE) today reported first quarter net earnings before taxes of $379,000 ($0.014 per common share – basic) and net earnings after taxes of $356,000 ($0.013 per common share – basic); compared to a loss of $59,000 ((0.006) per common share – basic) recorded in the first quarter of 2004. “The strength of the metals markets has spurred exploration activity leading to increased mineral drilling demand, helping us deliver solid financial results during the first quarter,” stated John Versfelt, Chairman, President and CEO of Cabo. “And it is solid financial performance that generates a healthy balance sheet and the ability to pursue Cabo’s growth plans with confidence.”

1st Quarter Highlights

(CND $000s, except earnings per share)  Q1-05

Q1-04 

FY04 
Revenue

$5,292

$-  $-
Net Earnings Before Taxes

 379

(59) 

(345) 

Net Earnings After Taxes

 356

 (59)

(345) 

Earnings per Share ($) Basic Before Taxes

 0.014

(0.006) 

(0.032) 

Earnings per Share ($) Basic After Taxes

 0.013

(0.006) 

(0.032) 

Gross Margin %

 17.9%

Working Capital (deficiency)

 7,005

(298) 

6,562 

Cabo recorded first quarter revenues of $5.29 million, the first significant revenues
for the Company.

  • Net earnings for the quarter were $379,000 before taxes and $356,000 after taxes resulting in earnings per share of $0.014 and $0.013 respectively.
  • The overall gross margin percentage for the quarter was 17.9%. The gross margin has shown improvement compared with the gross margins of the Company’s subsidiaries prior to their acquisition by the Company.
  • Cabo has a current asset balance of $10.12 million and working capital in excess of $7 million, putting Cabo in a strong financial position.
  • The Company signed letters of intent to acquire Stratacan Inc., and Stratacan (Quebec) Inc., and Thor Drilling Ltd.
  • The Company acquired 100% of Prairie C’s interest in the Cobalt properties.
  • The Company raised $1 million in flow-through financing.

Last Updated: 11/25/2004