Northgate earnings

Northgate Exploration (TSE) of Toronto reports net income for the 3-month period ended Sept 30, of $216,000 or 1 per share on revenue of $5.1 million. For the same quarter a year earlier the company reported net income of $2.5 million or 15 per share on revenue of $13.6 million. For the 9-month period ended Sept 30, the company reports net income of $2.2 million or 10 per share on revenue of $14.5 million. For the same period a year earlier the company reported net income of $1.4 million or 8 per share on revenue of $40.7 million.

Results for 1987 include an extraordinary tax recovery of $1.1 million or 7 per share from the application of prior years’ losses. Revenues for the first nine months of 1988 principally comprise interest earned on short-term investments. Revenues and expenses for the comparable period in 1987 largely relate to the Chibougamau mining operations which were sold in Dec 1987 for $160 million. As of Sept 30, Northgate had cash totalling $178.6 million.