Tuesday, August 16, 2011

Oh ECU Silver (ECU.to), can I count the ways I love thee?

Never failing to provide enormous guffaws Chez Otto every three months or so, the 2q11 earnings numbers are out at ECU Silver (ECU.to), though "earnings" is a very loose term when it comes to the worst cam dog of a silver mining company out there. TO THE CHARTS, I SAY!

Incredibly, not only did ECU.to report a loss during this amazing price environment for silver and other metals, it also reported its biggest net loss since the dog days of late 2008, $4.386m.

Assets stood like this (cash down to just $656,000, by the way)

Here are liabilities and, oh surprise, the current column is creeping up again.

Working capital is now at negative $16.6m

Meanwhile, the CEO Michel Roy gets $450k+ in cash salary and minions get $250k payouts, all paid for by these sparkling results. Numbers do NOT lie, however bullshit pumpers do. DYODD.

UPDATE: At 09:35am EST, about 45 minutes after this post went up and five minutes into the trading day, the scam runners at ECU.to finally get round to telling their sheep about this latest round of results. Find the NR here.