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KERKHOFF INDUSTRIES INC. ANNOUNCES THIRD QUARTER RESULTS

 KERKHOFF INDUSTRIES INC. ANNOUNCES THIRD QUARTER RESULTS
 VANCOUVER, British Columbia, April 21 /PRNewswire/ -- Kerkhoff


Industries Inc. (AMEX: KIX) announced revenues for the three months ended Feb. 29, 1992 were $Cdn 134,000 as compared with $Cdn 4,832,000 for the similar period in 1991. For the three months under review, the company incurred a loss of $Cdn 239,000 ($Cdn 0.07 per share) from continuing operations as compared with a loss of $Cdn 15,000 ($Cdn 0.01 per share) in the comparative period last year.
 "Revenues continue to be relatively minimal since there have been no sales of development properties during the period," a company spokesman said in Vancouver today. "The comparative revenues represent the final sale of the Sunwest Commercial building and remaining apartments.
 "Work continues on the Spadina development in Chilliwack, while the Buena Vista Limited Partnership in which the company holds indirectly a 50 percent interest closed on a prime property in White Rock, British Columbia. Plans are well advanced for a development comprising 38,700 square feet of residential and approximately 4,100 square feet of commercial space."
 He said that with the recent change of control in the company, a change in business direction is anticipated.
 "We are currently exploring and evaluating a number of potential acquisitions in the biotechnical and medical areas," he said. "Nevertheless, no formal agreements have as yet been reached and obviously there can be no assurance that the present negotiations will result in such agreements being made."
 KERKHOFF INDUSTRIES INC. AND SUBSIDIARIES
 Condensed Consolidated Balance Sheet
 (Unaudited - expressed in Canadian dollars.
 U.S. dollar equivalent at Feb. 29, 1992 equals .846)
 Feb. 29, May 31,
 1992 1991
 (000's omitted)
 Assets
 Current Assets
 Cash $239 $162
 Accounts receivable 234 1,218
 Total current assets 473 1,380
 Development properties (Note 2) 4,389 6,424
 Equipment 39 49
 Other assets (Note 8.1) 100 228
 Total $5,001 $8,081
 Liabilities and shareholders' equity
 Current liabilities
 Accounts payable $74 $313
 Accrued liabilities 47 280
 Loan payable --- 100
 Current portion of long-term debt 51 49
 Total current liabilities 172 742
 Mortgages payable on properties
 under development (Note 3) 270 2,413
 Long-term debt 3,697 3,528
 Shareholders' equity
 Capital stock
 Authorized
 Unlimited common shares
 without par value issued
 (Note 4) 3,589 100 common shares 6,495 6,325
 Foreign currency translation
 adjustments 106 62
 Deficit (5,739) (4,989)
 Total 862 1,398
 Total $5,001 $8,081
 KERKHOFF INDUSTRIES INC. AND SUBSIDIARIES
 Condensed Consolidated Statement of Operations and Deficit
 (Unaudited - expressed in Canadian dollars.
 U.S. dollar equivalent at Feb. 29, 1992 equals .846)
 Three months ended Nine Months Ended
 Feb. 29, Feb. 29,
 1992 1991 1992 1991
 (000's omitted except per share data)
 Revenue $134 $4,832 $345 $23,271
 Direct expenses 66 4,175 351 21,658
 Total 68 657 (6) 1,613
 General and administrative
 expenses 227 688 534 1,311
 Interest expense on long term
 debt 80 --- 210 ---
 Income (loss) from operations
 before minority (239) (31) (750) 302
 Minority interest in subsidiary
 company --- 16 --- 0
 Income (loss) from continuing
 operations (239) (15) (750) 302
 Loss from discontinued
 operations --- (987) --- (898)
 Loss before extraordinary
 items (239) (1,002) (750) (596)
 Extraordinary items (note 7) --- (1,158) --- (1,158)
 Net loss (239) (2,160) (750) (1,754)
 Deficit, beginning of period (5,500) (1,506) (4,989) (1,912)
 Deficit, end of period ($5,739) ($3,666)($5,739) ($3,666)
 Earnings (loss) per share
 Income (Loss) from continuing
 operations ($0.07) ($0.01) ($0.21) $0.09
 Loss before extraordinary
 items ($0.07) ($0.29) ($0.21) ($0.18)
 Net loss ($0.07) ($0.64) ($0.21) ($0.54)
 Weighted average number of
 shares outstanding 3,589 3,350 3,509 3,276
 Kerkhoff Industries is currently engaged in real estate development in the Pacific Northwest. The company is exploring potential acquisitions in the biotechnical and medical areas. The company's common stock trades on the AMEX under the symbol "KIX."
 -0- 4/21/92
 /CONTACT: John Wells, president and CEO of Kerkhoff Industries, 604-681-8242/
 (KIX) CO: Kerkhoff Industries Inc. ST: British Columbia IN: CST SU: ERN


DM -- LA036 -- 0953 04/21/92 18:04 EDT
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