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Aurizon posts weaker quarter as it fends off hostile takeover

Gold bars.


Aurizon Mines Ltd. reports it had a substantial drop in revenue, net profit and cash flow last year but its fourth quarter earnings per share met analyst estimates.

The Vancouver-based company, which is attempting to fend off a hostile takeover, says its net profit was $31.8-million for the year, including $9.4-million in the fourth quarter.

For the fourth quarter, the profit amounted to 6 cents per share, meeting the consensus estimate compiled by Thomson Reuters.

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However, it was less than half the 13 cents per share reported a year earlier.

Aurizon's revenue last year was $223.5-million, including $56.2-million in the fourth quarter ended Dec. 31.

That's down from about $260-million of revenue in the 12 months ended Dec. 31, 2011, including $84.7-million in the fourth quarter of that year.

Net cash from operating activities was $62.3-million in 2012, including $25.3-million for the quarter. That's down from $121-million in 2011, including $49-million in that year's fourth quarter.

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