An ongoing strike at the Brunswick lead-zinc mine near Bathurst, N.B., has led to another disappointing third quarter for Brunswick Mining and Smelting (TSE). Brunswick reported a net income of $181,000 (no earnings per share) for the quarter compared with earnings of $49,000 in the third quarter of 1989, when a maintenance shutdown at the mine cut quarterly production.
The value of mineral production for the quarter dipped to $29,023 from $63,013 in the third quarter of 1989.
For the first nine months of the year, earnings were $26.7 million (68 cents per share) compared with $34.2 million (93 cents per share) in the same period last year. The company said the reduced earnings reflect lower zinc prices in the first quarter.
Workers at both the mine and smelter are still off the job, and no talks are currently scheduled. Salaried personnel at both divisions have maintained operations at 20- 25% of capacity.
Brunswick has declared a dividend of 35 cents per share payable on Dec. 17 to shareholders on record as of Nov. 19. Brunswick Mining and Smelting (TSE) 3 months ended Sept. 30 1990 1989 Revenue $29,023 $63,013 Net earnings 181 49
per share 0.00 0.00 9 months ended Sept. 30 Revenue $239,549 $270,089 Net earnings 26,676 34,199
per share 0.68 0.93
Be the first to comment on "Strike hurts third quarter at Brunswick"