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CALLAHAN MINING REPORTS NINE MONTHS LOSS OF $1.12 PER SHARE

     CALLAHAN MINING REPORTS NINE MONTHS LOSS OF $1.12 PER SHARE
    PHOENIX, Nov. 12 /PRNewswire/ -- Callahan Mining Corp. (NYSE: CMN) today reported a nine months loss of $8,542,000, or $1.12 per share vs. a net loss of $1,346,000, equal to $0.18 per share, in the same period of 1990.  Consolidated revenues were $8,714,000 compared with $10,575,000 in the first three quarters a year ago.
    The net loss for the third quarter of 1991 was $6,433,000, or $0.84 per share vs. a net loss of $345,000, or $0.05 per share, in the comparable period of 1990.  Third quarter 1991 revenues were $3,015,000 vs. $3,341,000 in the same quarter a year ago.
    Results for the third quarter of 1991 include previously announced write downs of the Ropes gold mine and the Caladay project and the establishment of a reserve for the abandonment of Ropes aggregating a net $6,002,000, or $0.79 per share.  In addition, professional fees and expenses of approximately $350,000, or $0.05 per share, were incurred in the third quarter related to the proposed merger with Coeur d'Alene Mines Corp.  The nine months 1991 results include an additional first quarter accrual of $300,000 of supplemental pension plan expense for the former president of the company who resigned on Feb. 28, 1991.  Because of this additional accrual, Callahan has restated its first and second quarter 1991 financial statements.
    The Flexaust Co. division reported a 25 percent increase in pretax earnings ($983,000 vs. $789,000 for the first nine months of 1990) despite a 12 percent reduction in sales ($7,602,000 vs. $8,609,000).  The increase in pretax income reflects the effect of cost containment measures, improved operating efficiences and significantly reduced self-insured medical claims under the company's employee benefits program.
    It presently is expected that special meetings of shareholders of Callahan and Coeur d'Alene Mines Corp. will be held in late 1991 to vote on the previously announced merger agreement pursuant to which Callahan will became a wholly owned subsidiary of Coeur.
    -0-                      11/12/91
    /CONTACT:  W.P. Lohden of Callahan Mining, 602-953-5965/
    (CMN) CO:  Callahan Mining ST:  California IN:  MNG SU:  ERN AL-KJ -- SD002 -- 3511 11/12/91 13:45 EST
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Publication:PR Newswire
Date:Nov 12, 1991
Words:389
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