Net earnings of $1.7 million were reported by Granges (TSE) for the 1990 first quarter, compared with $655,000 for the similar period of the previous year. The jump in earnings was the result of an increase in gold production from the Crowfoot/Lewis gold mine in Nevada, and the elimination of losses incurred at the Tartan Lake mine in Manitoba following its November, 1989, closure. The company noted that interest earned on cash balances was also a major factor in the improved earnings.
Granges estimates 1990 earnings will be in the order of $6.3 million, net of all expenses and including interest income.
Granges recently filed a notice of intention with The Toronto Stock Exchange to purchase up to one million of its common shares over the next 12 months. Company management notes that the market purchases would be advantageous to all shareholders since the shares are, in their opinion, undervalued. Granges (TSE) $000s except per-share items 1st quarter ended Mar. 31 1990 1989 Revenue $14,390 $15,047 Net earnings 1,704 655 Net earnings 0.05 0.03
(per share)
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