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Show Net Income Up for New Park San Francisco, Calif.-New Park Mining Company (AMEX1 today reported net income for the third quarter ending September Sep-tember 30, 1971, of $112,027, equal to 3? per share, compared to an operating loss of $34,924 and extraordinary losses of $426,801, or a net loss of 13? per share for the same period of 1970. Revenues of $4,624,099 for the quarter were up about 4 from the second quarter of this year, and compare with $3,662, -313 for the third quarter of last year. Net earnings for theyear-to-. date are $466,328, includingnet extraordinary income of $7, 526, equal to 13? per share, compared com-pared to a net loss of $359,778, including the extraordinary loss, or a loss of 10? per share for the first nine months of 1970. R. J. Shopf, New Park President, Pres-ident, noted that the rate of earnings for the third quarter was lower than that of the first six months of 1971, reflecting a third quarter loss by Great Basin Steel Company which practically offset profitable performances by other New Park operations LOR, Inc., Soloco (South Louisiana Contractors, Con-tractors, Inc.) Taylor Steel Company, and the Mayflower Mine. Shopf repeated an earlier forecast that New Park's 1971 operating income will be the second highest in the history of the company. According to Shopf , LCR, Inc. Louisiana-based firm which specializes in drilling equipment equip-ment and services to the petroleum pet-roleum industry, should further improve its record third quar- ter earnings as a result of federal fed-eral offshore lease sales on the Gulf Coast, scheduled for November Nov-ember and December. LOR is in the process of completing its new Singapore facility for serving serv-ing the oil industry in Southeast South-east Asia, and is engaged in North Sea business development develop-ment from its London office. Soloco, oil well site developer develop-er and the largest contributor to New Park's earnings, is expected to benefit from increasing in-creasing activity in on-shore drilling projects on the Gulf Coast. |