Earnings,
A big percentage improvement, but I doubt that it will really help this helpless company's Stock price.
Northgate Exploration Limited of Toronto Announces Income Results
TORONTO--(BUSINESS WIRE)--Feb. 23, 1999--Northgate Exploration
Limited of Toronto, (TSE:NGX.)(NYSE:NGX) reports unaudited consolidated
net income of $1,635,000 or $0.05 per share for the year ended
Dec. 31, 1998, compared with net income of $479,000 or $0.02 per
share for the year ended Dec. 31, 1997.
The improvement in results is mainly attributable to higher
investment income related to a U.S. $35 million debenture acquired in
June 1998.
At Dec. 31, 1998 the Corporation had investments with a book
value of $57.1 million and long term debt of $30.3 million.
NORTHGATE EXPLORATION LIMITED
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(Expressed in thousands of Canadian dollars except per share amounts)
Three months ended Year Ended
December 31 December 31
1998 1997 1998 1997
REVENUE
Investment and
sundry income $1,432 $455 $3,917 $1,580
EXPENSES
Administrative and
general 238 280 933 1,101
Interest 621 1,349
859 280 2,282 1,101
NET INCOME FOR
THE PERIOD $573 $175 $1,635 $479
EARNINGS PER SHARE $0.02 $0.01 $0.05 $0.02
CONTACT:
Northgate Exploration Limited, Toronto
Terry Lyons, 604/669-3141 or 416/362-6683
Fax: 416/367-3250
KEYWORD: NEW YORK
BW0330 FEB 23,1999
15:24 PACIFIC
18:24 EASTERN
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