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Timberline Announces Third Quarter 2010 Financial Results

COEUR D'ALENE, Idaho, Aug. 10, 2010 (GLOBE NEWSWIRE) -- Timberline Resources Corporation (NYSE Amex:TLR) (TSX-V:TBR) ("Timberline") today announced consolidated financial results for its third fiscal quarter ended June 30, 2010. A summary of the results is presented in the following table:

  ($US 000's, except earnings per share and gross margin %) 3 Months Ending June 30 9 Months Ending June 30
  2010 2009 2010 2009
Revenue $6,441  $4,361 $15,669 $12,545
Consolidated net income (loss) (815) 241 (2,656) (5,706)
Consolidated net income (loss) per share, basic and diluted (0.02) 0.01 (0.06) (0.17)
Net income (loss) from drilling subsidiaries 264 332 638 (1,780)
Mineral exploration expenses 250 62 536 374
Working capital 5,218 276 5,218 276
Gross margin % 16% 18% 17% 3%

Timberline's contract drilling subsidiaries, Timberline Drilling Incorporated ("Timberline Drilling") and World Wide Exploration, S.A. de C.V. ("World Wide") reported combined revenues of $6.44 million and a combined net income of $0.26 million for the third quarter. This marks the fifth consecutive quarter of positive combined net income for Timberline's contract drilling subsidiaries. Timberline's corporate office and exploration division reported net expenditures of $1.08 million for the quarter ended June 30, 2010. 

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