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Crystallex International Corporation is a Canadian-based gold company with a successful record of developing and operating gold mines in Venezuela and elsewhere in South America

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Where we at?

posted on May 03, 2008 04:23PM

I took a look to 07 Consolidated Financial Statement and did a brief valuation.

CA - 21M

FA - 318 M

TA - 339M

CL - 11M

FL - 99M

E - 229M

TL&E - 339M

Outstanding shares 262M

With the issurance of new stock back in Feb 08, KRY has CA of 86M and debt remains unchange, fully diluted shares around 300M. Maybe we will have 20M loss in 1st qtr, but the book value per shares (net of debt) remains at (339+65- 110-20)/300M shares which is approximately $0.9 per shares. There is no point to panic at 77cents per share as of now. Unless someone points it out to me that I have miss important components in the calculation.

07 BS
CA 21.0 M CL 11.0 M
FA 318.0 M FL 99.0 M
　 　 　 E 229.0 M
TA 339.0 M TL&E 339.0 M
Shares outstanding: 262.0 M
Assume we have 20M loss in 1st Qtr of 08 and all in cash
With the issurance of new stocks back in Feb 08, out BS shoulds looks very similar to:
08 1st qtr estimated BS
CA 66.0 M <- (21+65-20) CL 11.0 M
FA 318.0 M FL 99.0 M
　 　 　 E 274.0 M
384.0 M 384.0 M
Shares oustanding: 300.0 M
Assume we can sales our FA in each of the following levels:
% Worth FA worth CA Debt Equity Worth Oustanding Shares Equity/Shares
　 　 　 　 FA+CA-Debt 　 　
140.0% 445.2 M 66.0 M 110.0 M 401.2 M 300.0 M 1.34
130.0% 413.4 M 66.0 M 110.0 M 369.4 M 300.0 M 1.23
120.0% 381.6 M 66.0 M 110.0 M 337.6 M 300.0 M 1.13
110.0% 349.8 M 66.0 M 110.0 M 305.8 M 300.0 M 1.02
100% 318.0 M 66.0 M 110.0 M 274.0 M 300.0 M 0.91
90.0% 286.2 M 66.0 M 110.0 M 242.2 M 300.0 M 0.81
80.0% 254.4 M 66.0 M 110.0 M 210.4 M 300.0 M 0.70
70.0% 222.6 M 66.0 M 110.0 M 178.6 M 300.0 M 0.60
60.0% 190.8 M 66.0 M 110.0 M 146.8 M 300.0 M 0.49


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