Thursday, July 8, 2010

Kirkland Lake Gold (TSE:KGI) Plunges After Quarterly Losses

Kirkland Lake Gold Inc. (TSE:KGI) missed its numbers for the quarter and is getting hammered today as a result. It also missed its numbers for the fiscal year ending April 30.

Concerning the fourth quarter which ended April 30, the company had a net loss of C$1.7 million, or 3 Canadian cents a share, compared with a net profit of C$2.3 million, or 2 Canadian cents a share, the same time last year.

Minus special items, analysts were looking for the company to earn 1 Canadian cent a share for the quarter.

For the fiscal year ending the same date, Kirkland lost $12.2 million, or 20 cents a share. Last year the company had a net loss of $10.5 million, or 19 cents a share.

In a statement, the company said production didn't meet expectations because of "unavoidable conflicts with some project work which interfered briefly with production."

Production for the quarter plunged 7 percent to 14,995 ounces.

Guidance for 2010 gold production in the fiscal year is from 90,000 ounces to 100,000 ounces.

On a daily basis, the company stated they have a goal of reaching 1,200 to 1,400 tons by November 2011.

As of 1:16 PM EDT, the company stood at $7.85 a share, falling $0.74, or 8.61 percent.

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