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KERKHOFF INDUSTRIES INC. REPORTS SECOND QUARTER RESULTS

 KERKHOFF INDUSTRIES INC. REPORTS SECOND QUARTER RESULTS
 VANCOUVER, British Columbia, Jan. 15 /PRNewswire/ -- Kerkhoff Industries Inc. (AMEX: KIX) announced revenues for the three months ended Nov. 31, 1991 were $Cdn 109,000, as compared with $Cdn 18,371,000 for the similar period in 1990. For the three months under review, the company incurred a loss of $Cdn 303,000 ($Cdn 0.08 per share) from continuing operations as compared with a profit of $Cdn 589,000 ($Cdn 0.18 per share) in the comparative period last year.
 "Revenues are relatively minimal since there have been no sales of development properties during the period," Bill Kerkhoff, president and chief executive officer, said in Vancouver today. "By November last year, we had sold out most of the units of the Sunwest Tower in Surrey, as well as a small apartment block we owned in Chilliwack."
 "Work is progressing well on the Spadina development in Chilliwack, a scenic town approximately one hour's drive from Vancouver. Final plans were submitted to the city in late Nov. 1991, and a building permit is expected in the near future. Presales of the units have gone well, with expressions of interest received for nearly half the units. Final arrangements are being made with respect to construction financing so that construction is expected to commence in early March 1992."
 He said that currently the company has three further properties in the lower Mainland of British Columbia under option or in advanced state of negotiation, while it is exploring the possibility of a major development in Kelowna, the "retirement capital" of Canada.
 KERKHOFF INDUSTRIES INC. AND SUBSIDIARIES
 Condensed Consolidated Statement of Operations and Deficit
 (In thousands, execept per share data; unaudited) (a)
 Three months Six months
 ended ended
 Nov. 30, Nov. 30,
 1991 1990 1991 1990
 Revenue $109 $18,371 $211 $18,439
 Direct expenses 216 17,388 285 17,483
 Total (107) 983 (74) 956
 General and administrative
 expenses 147 351 307 623
 Interest expense on long term
 debt 49 --- 130 ---
 Income/(loss) From operations
 before minority (303) 632 (511) 333
 Minority interest in subsidiary
 company --- (43) --- (16)
 Income/(loss) from continuing
 operations (303) 589 (511) 317
 Income/(loss) from discontinued
 operations --- (276) --- 89
 Net (loss) income (303) 313 (511) 406
 Deficit, beginning of period (5,197) (1,819) (4,989) (1,912)
 Deficit, end of period ($5,500) ($1,506) ($5,500) ($1,506)
 Earnings (loss) per share
 Income/(Loss) from continuing
 operations ($0.08) $0.18 ($0.15) $0.10
 Net (loss) income ($0.08) $0.10 ($0.15) $0.13
 Weighted average number of
 shares outstanding 3,589 3,284 3,470 3,240
 (a) Expressed in Canadian dollars; U.S. dollar equivalent at Nov. 30, 1991 equals .8811./
 Kerkhoff Industries is engaged in real estate development in the Pacific Northwest.
 -0- 1/15/92
 /CONTACT: W. (Bill) Kerkoff, president and CEO of Kerkhoff Industries Inc., 604-585-2001/
 (KIX) CO: Kerkhoff Industries Inc. ST: British Columbia IN: CST SU: ERN


EH-JL -- LA025 -- 0291 01/15/92 21:43 EST
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Date:Jan 15, 1992
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