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EARNINGS

St. Joe Gold Reports Drop in Net Income

September 11, 1986

St. Joe Gold Corp., a Clayton, Mo., mining company controlled by the Irvine-based Fluor Corp., reported $1 million net income for its fiscal 1986 third quarter ended July 31, down more than 58% from net income of $2.4 million in the third quarter of fiscal 1985.

Third-quarter net income for 1986 was increased by $900,000 as a result of a tax-sharing agreement with the Fluor Corp., which owns 90% of St. Joe Gold's stock. The same agreement increased the mining company's 1985 third-quarter profit by $1.8 million.

Sales in the third quarter of fiscal 1986 were $24.2 million, down 4% from $25.1 million.

The company blamed the quarter-to-quarter earnings decline on a lower volume of gold in the ore taken from its mines, only partially offset by higher gold prices.

But St. Joe Gold's net income for the first nine months of fiscal 1986 was $6.3 million, up 50% from $4.2 million in the same period of fiscal 1985, and sales were $79.5 million, up 10% from $72.1 million for the year-ago period, reflecting a higher volume of gold and higher gold prices during the first half of the fiscal year.

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