Qrtly Earnings,
Some high school kids in New Jersey, in a contest, using paper money, took $10K and turned it into over a Million $. Perhaps, Northgate should have hired them as consultants to invest the company's $25M. Maybe, I should do so, too.
Regards to anyone still out there.
Northgate Reports 1997 Results
TORONTO--(BUSINESS WIRE)--Northgate Exploration Limited of
Toronto (NGX: TSE, NYSE, ME, London SE) reports unaudited
consolidated net income of $479,000 or $0.02 per share for the year
ended December 31, 1997, compared with net income of $937,000 or
$0.03 per share for the year ended December 31, 1996. Lower earnings
in 1997 were primarily attributable to decline in Canadian interest
rates during the year.
At December 31, 1997, Northgate had working capital of
$23.5 million and investments of $3.8 million which in aggregate
includes $23.6 million in cash and $3.5 million in secured notes.
NORTHGATE EXPLORATION LIMITED
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(Expressed in thousands of Canadian dollars except per share amounts)
Three months ended Year ende
December 31 December 31
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1997 1996 1997 1996
----- ----- ----- -----
REVENUE
Metal production $ 733
Investment and sundry income $ 455 $ 176 $1,580 1,990
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455 176 1,580 2,723
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EXPENSES
Mining 618
Administrative and general 280 289 1,101 1,112
Depreciation 3 56
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280 292 1,101 1,786
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NET INCOME (LOSS) FOR THE PERIOD $ 175 $ (116) $ 479 $ 937
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EARNINGS (LOSS) PER SHARE $0.006 $(0.004) $ 0.02 $ 0.03
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CONTACT:
Northgate Exploration Limited, Toronto
Terry Lyons, 604/669-3141 or 416/362-6683
KEYWORD: NEW YORK
BW0286 FEB 12,1998 |
