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ATLAS CONSOLIDATED MINING & DEVELOPMENT CORP. REPORTS THIRD QUARTER AND NINE MONTHS RESULTS

 MANILA, Philippines, Nov. 19 ~PRNewswire~ -- Atlas Consolidated Mining & Development Corp. (AMEX: ACMB) today reported a third quarter net loss of $4,827,000 or $.058 per share, compared to the $5,821,000 net loss, or $.07 per share ended Sept. 30, 1992, Atlas posted a net loss of $11,060,000 or $0.132 per share compared to a net loss of $11,061,000 or $.132 per share recorded for the same period in 1991.
 Management stated that total copper production was 45 percent lower than planned because of the shortfall in ore tonnage mined from open pit operations, and underground mines. Gold production at the Masbate operations for the third quarter was 4 percent lower due to lower tonnage of heap leaching ore treated.
 At a special meeting held Nov. 18, 1992, Atlas stockholders approved spinning off the company's 140 M.W. powerplant in Cebu to form a separate electric power generating plant under a joint venture with Atlas retaining majority control. The company stated this was in line with its strategic plans to develop other revenue by turning under-utilized assets, like the power plant, foundry and machine shops into profit, foundry and machine shops into profit centers.
 ATLAS CONSOLIDATED MINING & DEVELOPMENT CORP.
 (In 000s except per share)
 Three Months ended Sept. 30 1992(A) 1991(B)
 Net operating revenues $23,584 $38,214
 Net income (loss) before
 extraordinary items (4,826) (5,821)
 Extraordinary items
 (Gain on payment of long-term debt (1) --
 Net income (loss) (4,827) (5,821)
 Earnings (loss) per share(C)
 (before extraordinary item) ( .058) (.070)
 Net earnings (loss) per share (.058) (.070)
 (A) -- Converted at 24.9068 Philippine pesos to $1.00 for 1992
 (B) -- Converted at 27.2932 Philippine pesos to $1.00 for 1991
 (C) -- Based on 83,611 shares
 (In 000s except per share)
 Nine months ended Sept. 30 1992(A) 1991(B)
 Net operating revenues $81,003 $123.872
 Net income (loss) bef. extraord. items (15,634) (11,061)
 Extraordinary items
 (gain on payment of long-term debt) 4,574 --
 Net income (loss) (11,060) (11,061)
 Earnings (loss) per share
 (income (loss) before extraord. items (0.187) (0.132)
 Extraordinary items, net of income tax .055 --
 Net income (loss) per share (.132) (.132)
 (A) -- Converted at 25.6361 Philippine pesos to $1.00 for 1992.
 (B) -- Converted at 27.7889 Philippine pesos to $1.00 for 1991.
 -0- 11~19~92
 ~CONTACT: Henry Rockwell of Rockwell Associates, 203-262-6596, for Atlas Consolidated Mining & Development Corp.~
 (ACMB)


CO: Atlas Consolidated Mining & Development Corp. ST: New York IN: MNG SU: ERN

TS-AH -- NY044 -- 2843 11~19~92 11:42 EST
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Publication:PR Newswire
Date:Nov 19, 1992
Words:439
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