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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (9154)	2/19/1998 11:11:00 PM
From: Arnie	of 15196

EARNINGS / NOVA revises 1997 Earnings CALGARY, Feb. 19 /CNW/ -- On January 27, 1998 NOVA announced unaudited net income of $362 million ($0.78 per share) for the year ended December 31, 1997. Subsequent to this announcement, NGC Corporation (25.7% owned by NOVA) announced it would be recording one-time charges in 1997 primarily relating to the company's planned restructuring in its natural gas liquids and crude oil business. These charges totaled U.S.$194 million after-tax and were significantly higher than the amount NOVA had provided for in calculating its net income for 1997. NOVA's share of the NGC special charges, adjusted for differences between U.S. and Canadian generally accepted accounting principles, is $57 million. This is $37 million higher than what NOVA has provided for and accordingly the previously announced net income will be reduced by this amount. The revised unaudited figures are as follows: << Fourth Quarter Full Year 1997 1997 -------------- --------------- ($millions) ($millions) Net Income before asset write-downs $ 88 $ 447 Asset write-downs (122) (122) -------------- --------------- Net Income (Loss) $ (34) $ 325 -------------- --------------- -------------- --------------- Net Income (Loss) per share, fully diluted (dollars) (dollars) - before asset write-downs $ 0.19 $ 0.96 -------------- --------------- -------------- --------------- - after asset write-downs $ (0.08) $ 0.70 -------------- --------------- -------------- --------------- >>

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