Inco LimitedInco Limited Quick Quote: T.N 25.24 (-0.52)
Highest Annual Earnings since 1990 of U.S.$400 Million for 2000
2/6/01
INCO LTD ("N-TBHDNPQX") - Highest Annual Earnings since 1990 of U.S.$400 Million for 2000
Inco Limited announced its audited results for the year 2000. The Company had a good finish to the year with fourth quarter net earnings of $78 million, or 39 cents a common share (38 cents a share on a fully diluted basis), compared with $40 million, or 18 cents a share, for the corresponding period of 1999. Results for 2000 were net earnings of $400 million, or $2.06 a share ($1.97 a share on a fully diluted basis), compared with $12 million, or a loss of eight cents a share after preferred dividends, for 1999. Results for 2000 included an unusual deferred tax benefit of $38 million, or 21 cents a share, recorded in the second quarter. The tax benefit was due principally to the revaluation of deferred income tax liabilities for the reduction in future tax rates in the Province of Ontario.
"The year 2000 has to go down as one of the best in Company history," said Inco Chairman and Chief Executive Officer Mike Sopko. "It was the year all of our hard work paid off with the best financial performance in a decade. Clearly, our strategic focus on low-cost, profitable growth, aggressive cost- cutting and the expansion of our value-added specialty nickel products is working," he noted.
"Even though we still have the challenges of a slowing economy and continuing high energy costs ahead of us in 2001, we will not lose our focus on profitability and growth, both in our existing operations and in our development properties," he added.