LONDON, October 9, 2014 /PRNewswire/ --
Investor-Edge.com has issued free post-earnings analysis on Novagold Resources Inc. (NYSE MKT: NG). On October 07, 2014, the company reported its Q3 FY14 financial results (period ended August 31, 2014) for its flagship 50%-owned Donlin Gold project in Alaska and its 50%-owned Galore Creek copper-gold-silver project in British Columbia. Click on http://www.investor-edge.com/FreeReports to read our free earnings review on Novagold Resources. During Q3 FY14, Novagold Resources Inc.'s loss from operations narrowed by 32% on Y-o-Y basis, and its loss per basic and diluted share lowered by 2 cents from Q3 FY13. Our free coverage report can be accessed at:
http://www.investor-edge.com/register
Earnings Overview
Novagold Resources Inc.'s loss from operations during the reported quarter decreased to $10.76 million from $15.87 million in Q3 FY13. The reported decrease in loss from operations is primarily attributable to the lower general and administrative expense and lower losses from the company's equity investment in the Galore Creek project. The company's general and administrative expense during Q3 FY14 reduced 3% Y-o-Y to $5.04 million, on account of lower office rent and professional fees. During Q3 FY14, Novagold Resources Inc.'s net loss narrowed to $12.01 million or $0.04 per share, from $19.96 million or $0.06 per share in the previous year. Analysts from Bloomberg had expected the company to report net loss of $8.44 million or $0.03 per share in the reported quarter. The company's net loss decreased due to the reduction in the loss from operations, lower interest expense and a write-down of marketable securities in 2013. The free research on NG can be downloaded as in PDF format at:
http://www.Investor-Edge.com/NGFreeReport
As of August 31, 2014, Novagold Resources Inc. had $170.8 million in cash and term deposits, compared to $176.3 million at the beginning of Q3 FY14. The decrease of $5.5 million in cash and term deposits in the third quarter was primarily related to the company's funding for the share of the Donlin Gold and Galore Creek projects and administrative costs.
During Q3 FY14, Novagold Resources Inc. continued to advance the Donlin Gold permitting process by compiling and submitting all of the outstanding environmental data and analysis to the U.S. Army Corps of Engineers. The company also launched a collaborative effort with the National Fish and Wildlife Foundation to protect, conserve and restore Alaska's fish and wildlife. Sign up and read the free analyst's notes on NG at:
http://www.Investor-Edge.com/NG-09102014
In its outlook for FY 2014, Novagold Resources Inc. expects to spend approximately $15 million to fund its share of expenditures at the Donlin Gold and Galore Creek projects. In addition, the company expects spending of $15 million for general and administrative costs, interest, working capital and other corporate purposes.
Stock Performance
A day after the earnings release, on Wednesday, October 08, 2014, shares in Novagold Resources Inc. surged 13.08% and ended the session at $2.94. The stock vacillated between $2.55 and $2.98 during the trading session. A total of 2.25 million shares were traded, which was above its three months average volume of 1.11 million shares. Over the previous three trading sessions and from the beginning of 2014, the company's shares have gained 7.30% and 15.75%, respectively, although, the stock has declined 20.11% over the last one month. Shares in Novagold Resources Inc. are trading below their 50-day and 200-day moving averages of $3.54 and $3.51, respectively. Further, the stock has a Relative Strength Index (RSI) of 21.87. Visit Investor-Edge and access the latest research on NG at:
http://www.Investor-Edge.com/NGEarningsCoverage
Sneak Peek to Corporate Insider Trading
In the last one month, Novagold Resources Inc. has reported three transactions by three insiders. On September 30, 2014, David Ottewell, VP and CFO of Novagold Resources Inc., bought 1,710 shares of the company worth $6,395.40 at a price of $3.74 per share. On the same day, Gregory A. Lang Arison, President and CEO of Novagold Resources Inc., purchased 3,483 shares of the company worth $13,026.40 at a price of $3.74 per share. Further, on September 30, 2014, David Deisley, EVP and General Counsel of Novagold Resources Inc., bought 2,193 shares of the company worth $8,201.82 at a price of 3.74 per share. Complimentary in-depth research on NG is available at:
http://www.Investor-Edge.com/NGInsiderTrading
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