November 9, 2009 / 1:40 PM / 9 years ago

UPDATE 1-Quadra Mining 3rd-quarter net income falls

* Q3 Net EPS $0.15 vs $0.31 a year ago

* Q3 revenue down almost 25 pct

(All figures in U.S. dollars, unless noted)

TORONTO, Nov 9 (Reuters) - Quadra Mining QUA.TO said on Monday its third-quarter net income fell almost 30 percent, due to lower than normal sales volumes, along with other one-time items.

The Canadian copper and gold miner earned $14.7 million, or 15 cents a share, in the quarter ended Sept. 30. That compared with a profit of $20.8 million, or 31 cents a share, in the year-before period.

Revenue fell almost 25 percent, to $87.2 million, largely due to lower average copper prices.

Excluding the impact of a derivative loss, a gain on marketable securities and tax adjustments, the company earned $21.4 million, or 23 cents a share. That compared with adjusted earnings of $17.4 million, or 26 cents a share, a year earlier.

The company had about 94.6 million shares outstanding in the third-quarter of 2009, while it had about 65.9 million shares outstanding in the year-ago quarter.

The Vancouver-based company operates three mines in the United States and Chile, and bought Centenario Copper earlier this year for its copper project in Chile.

Quadra, which said in August it should produce between 175 million to 180 million pounds of copper this year, eventually plans to produce 500 million pounds per year. (Reporting by Euan Rocha, editing by Dave Zimmerman)

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