McIntyre posts nine-month profit

For the nine months ended Sept 30, McIntyre Mines posted a profit of $1.65 million or 45 cents per share before extraordinary income, compared to a profit of $1.3 million or 36 cents per share in the year-earlier period.

After extraordinary income of $16.09 million or $4.42 per share, McIntyre’s profit rises to $17.746 million or $4.87 per share for this most recent 9-month period.

Income from operations increased to $3.9 million in this year’s 9-month period from a loss of $8.8 million in the 1985 period due to improved mining results and a refund from a pension plan.

For the first three quarters of this year, revenue was $57.4 million compared to $36.7 million in the 1985 period. Sales of metallurgical coal increased to 884,000 long tons this year from 498,000 long tons in 1985.

For the latest 9-month period, McIntyre’s share of Falconbridge Ltd.’s loss before extraordinary items was $3.336 million and its share of Falconbridge’s extraordinary gains was $16 million. In the first three quarters last year, McIntyre’s share of Falconbridge’s earnings was $7.075 million.

Looking at the third quarter, net income was $9.164 million of $2.52 per share, including extraordinary income of $6.8 million or $1.88 per share. Before extraordinary items, net income amounted to $2.3 million or 64 cents per share compared to a loss of $2.3 million or 66 cents per share in the corresponding period of 1985.

Income from operations in the third quarter was $1.5 million compared to a loss of $3.4 million in the same quarter of 1985. Revenue from coal sales was $20.3 million during the recent third quarter compared to $16.9 million in the same quarter last year.

McIntyre’s share of earnings before extraordinary items reported by Falconbridge was $750,000 in this third quarter compared to $814,000 last year.

The company also recorded its share of Falconbridge’s third quarter extraordinary gains amounting to $6.8 million.