Believe it or not, Pursuit is officially making a profit:
International Pursuit Corporation Third Quarter Report
TORONTO, ONTARIO--International Pursuit Corporation (the "Company"
or "Pursuit") (IPJ-TSE) reported results for its nine month
period ended September 30, 1997.
Third Quarter Results
The Company's net income was $311,321 or 1.2 cents per share for
the nine months ended September 30, 1997, versus a net loss of
$521,904 or 2.8 cents per share for the nine months ended
September 30, 1996.
Revenue for the nine months ended September 30, 1997 for Pursuit
was $4,331,077 versus $1,877,345 for the nine months ended
September 30, 1996. The Company's revenues were generated through
gains on marketable securities of $3,991,733, interest income of
$247,151 and dividend income of $92,193. The Company's gains on
marketable securities and dividend income increased from $610,765
and $488, respectively, and the Company's interest revenue
decreased from $1,266,092, for the nine month period ended
September 30, 1996 primarily due to the investment of refunded
interest bearing Indonesian Contract of Work deposits that were
outstanding during the majority of 1996 into the Company's
portfolio of marketable securities.
Expenses for the nine months ended September 30, 1997 for Pursuit
were $3,909,756 versus $2,659,249 for the nine months ended
September 30, 1996. The Company's expenses for the nine months
ended September 30, 1997 included general and administrative
expenses of $2,842,526, a loss on sale of investment of $206,501
and interest expenses of $860,729. The increase in general and
administrative expenses from $2,172,146 for the nine months ended
September 30, 1996 was due to overhead costs associated with the
expansion of the Company's asset base in Mongolia.
Provision for income taxes for the nine months ended September 30,
1997 for Pursuit was $110,000 versus a recovery of income taxes of
$260,000 for the nine months ended September 30, 1996.
As at September 30, 1997 the market value of the Company's cash,
marketable securities and investment in Java Gold, net of amounts
due to brokers, approximated $28.3 million compared to $28.0
million as at March 31, 1997 (including the cash held by Dayak
Goldfields which was acquired by the Company in May 1997). The
increase was the result of realized and unrealized gains in the
Company's portfolio of marketable securities net of interest
expenses, despite combined expenditures of approximately $9.1
million on the Company's mineral properties, normal course issuer
bid program and other expenses.
ON BEHALF OF THE BOARD
Stephen R. Dattels
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