Spending slump hurts Hillsborough

Reduced expenditures on exploration and development by the mining industry have had a negative effect on Hillsborough Resources’ (TSE) 1989 revenue. The mining contractor reported revenues of $31 million for the year ended Dec. 31, 1989, compared with $34 million for 1988. Net income amounted to $1.1 million (23 cents per share), compared with $1.4 million (30 cents per share) in 1988. But Hillsborough is looking forward to better earnings in 1990. First-quarter income has increased from $156,000 (3 cents per share) in 1989, to $490,000 (10 cents per share) for the first three months of 1990, as a result of lower operating costs. As for the rest of the year, the company says it has already lined up $30 million worth of contracts.

An annual dividend of 10 cents per share will be paid to shareholders on June 15. Hillsborough Resources (TSE) $000s except per-share items Year ended Dec. 31 1989 1988 Revenue $31,016 $34,176 Net earnings 1,102 1,404

per share 0.23 0.30004 Hillsborough Resources (TSE) $000s except per-share items Quarter ended Mar. 31 1990 1989 Revenue $5,872 $5,501 Net earnings 490 156

per share 0.10 0.03

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