North American Tungsten Corp. Ltd. reported earnings results for the third quarter ended June 30, 2013. The company announced a net loss of $6.3 million or $0.03 per share for the three months ended June 30, 2013 and a net loss of $13.7 million or $0.06 per share for the nine months ended on that date.

These compare with a net loss of $2.2 million and net income of $6.9 million for the comparable periods of the prior year. The net loss for the quarter was magnified by the recognition of $1.8 million for employment contract settlements and $1.8 million of impairments of property, plant and equipment surplus to the requirements of the company. Sales revenues of $21.0 million for the quarter were 4% lower, on higher volumes but lower prices, as compared to the third quarter of fiscal 2012.

Sales revenues of $57.4 million for the nine month period were 30% lower, on marginally higher volume and significantly lower sales prices, than in the same period in fiscal 2012. Cash flows from operations, before capital outlays and financing activities, were negative $1.2 million in the quarter and negative $0.1 million in the nine months period.