Toronto-based Goldcorp Investments (TSE), the company that controls gold producers Dickenson Mines (TSE) and Wharf Resources (TSE), has reported a consolidated loss of $60.5 million or $3.45 per share for the year ended Dec. 31. The consolidated loss includes a net writedown of $52.3 million or $2.98 per share on mining assets held by 69.4% owned Dickenson. Goldcorp also wrote down its investments in marketable securities to market value by $4.6 million.
Earnings for 1989 have been restated to include a $12.6-million realized loss on investments, resulting in a loss for 1989 of $15.7 million or 90 cents per share. Revenues in 1990 increased to $64.6 million from $48.3 million in the previous year.
Meanwhile, Goldcorp’s parent company CSA Management (TSE) has changed its fiscal year-end to Dec. 31 from March 31. In 1990, CSA reported a net loss of $316,000 or 10 cents a share on revenues of $2.2 million compared to net income of $392,000 or 12 cents per share on revenues of $3.4 million for the year ended March 31, 1990.
CSA says the loss at Dec. 31, includes a net writedown of $675,000 relating to certain investments and a $455,000 loss on the sale of a wholly owned subsidiary.
Following the writedown and cancellation of 130,000 Class A shares, shareholders’ equity on Dec. 31 was $19 million or $6.33 per share, cash reserves were $8.6 million and the company has no debt.
Goldcorp Investments (TSE) 12 months ended Dec. 31 1990 1989 Revenue $64,600 $48,300 Net earnings (loss) (60,500) (15,700) per share (3.45) (0.90) CSA Management (TSE) 9 months ended Dec. 31 1990 Year ended March 31, 1990 Revenue 2,236 3,414 Net earnings (loss) (316) (392) per share (0.10) (0.12)
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