Brenda has loss in third quarter

Brenda Mines reports a third- quarter net loss of $2.8 million or 61 cents a share, on revenues of $11.6 million. The company reported a third-quarter loss last year of $3,076,000, but notes results from that period are not comparable to the latest quarter since the mine was shut down for part of the 1985 third quarter.

For the nine months to Sept 30 this year, Brenda had a net loss of $2,641,000, or 57 cents a share, on revenues of $41,592,000, against a loss of $5,638,000 or $1.32 a share, on revenues of $8,071,000, in the 1985 nine months.

Brenda says a reserve is being set up over the remaining life of the mine, to provide for minesite reclamation and shutdown expenses. Third quarter results include a provision of $2.25 million for this purpose, with $750,000 actually accruing to the third quarter, and an additional $1.5 million as a correction to the first half results.