Earnings Report (February 20, 1989)

For the year ended Dec 31, the company reports net income of $59.4 million or 91 cents per share on revenue of $140.8 million compared with net income of $47.6 million or 74 cents per share on revenue of $122.8 million in 1987.

Inco (TSE) reports net earnings for the fourth quarter of $219 million(US) compared with $75 million in 1987.

For the year ended Dec 31, the company reports net income of $735.4 million compared with $125.2 million in 1987.

Fourth quarter and year 1988 results include extraordinary credits of $16.8 million and $44.6 million, respectively, or 16 cents per share in the fourth quarter and 42 cents per share for the year, from utilization of prior years’ tax losses.

Minerex Resources (VSE) reports net earnings for the six months ended Nov 30 at $789,436 or 8 cents per share compared to net earnings of $419,887 or 5 cents per share for the period June to Aug 31, which was the first period in which the company reported earnings.

Sherritt Gordon of Toronto reports net earnings of $56.5 million or $2.27 per share on revenue of $545.4 million for the year ended Dec 31. For the period a year earlier, the company reported net earnings of $5.9 million or 10 cents per share on revenue of $305.8 million.

Newmont Mining reports fourth quarter net income of $53.4 million(US) or 79 cents per share. For the period a year earlier, the company reported net income of $4.1 million or 06 cents per share.

For the year ended Dec 31, the company reports net income of $178.4 million or $2.65 per share compared with net income of $341 million or $5.30 per share in 1987.

Amax Gold (NYSE) reports net earnings for the fourth quarter of $4.4 million(US) or 7 cents per share compared to net earnings of $8.9 million or 15 cents per share in 1987.

The company reports net earnings for the year ended Dec 31 of $43 million or 72 cents per share. For the same period a year earlier the company reported net earnings of $40.4 million or 67 cents per share.

The company’s fourth quarter net earnings were reduced by an $8.7 million fourth quarter write- down of the carrying value in Canamax Resources (TSE). This write-down was the result of Canamax’s previously announced decision to enter into an agreement to sell its Ketza River mine in the Yukon Territories.

Gibraltar Mines (TSE) reports net earnings for the year ended Dec 31 of $8.34 million or 69 cents per share on revenue of $50.01 million compared to net earnings of $4.25 million or 35 cents per share on revenue of $73.93 million in 1987.

The company reports its earnings in 1988 were adversely affected by a strike which halted mining and milling operations for 29 weeks commencing in mid-May. Results were, however, the best in eight years and illustrate the extent to which the company’s earnings depend on the price of copper.

Nevada Goldfields (TSE) reports an unaudited after tax loss of $100,382(US) or 1 cents per share on net sales of $8.89 million for the 24-week period of fiscal 1988 ended Dec 10.

Earnings suffered from declining gold prices and an increase in sub-grade ore development at Kingston and the Humboldt adit at Aurora. Waste and sub-grade development have increased at both mines in order to provide sufficient mineable ore to operate the mills at maximum throughput.

Asarco Inc. reports fourth quarter net earnings of $73.12 million(US) or $1.74 per share on revenue of $599.25 million. For the period a year earlier, the company reported net earnings of $55.83 or $1.27 per share on revenue of $439.91 million.

For the year ended Dec 31, the company reports net earnings of $207.24 or $4.92 per share on revenue of $1,988 million compared with net income of $256.56 million or $6.70 per share on revenue of $1,355 million in 1987.

Hecla Mining (NYSE) reports net earnings for the fourth quarter of $3.8 million(US) or 14 cents per share on revenue of $26.5 million compared to net earnings of $4.6 million or 17 cents per share on revenue of $24.8 million in 1987.

The company reports net earnings for the year ended Dec 31 of $15.1 million or 56 cents per share on revenue of $105.4 million. For the same period a year earlier, the company reported net earnings of $10.3 million or 38 cents per share on revenue of $88.7 million.

Pegasus Gold (TSE) reports net earnings for the fourth quarter of $2.64 million(US) or 11 cents per share on revenue of $37.05 million compared to net earnings of $3.43 million or 14 cents per share on revenue of $41.07 million in 1987.

The company reports net earnings for the year ended Dec 31 of $17.77 million or 75 cents per share on revenue of $162.75 million. For the same period a year earlier the company reported net earnings of $14.49 million or 70 cents per share on revenue of $110.43 million.

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