GEMCRAFT <GEMH.O> TO BUY ABOUT 130,000 SHARES
Gemcraft Inc told shareholders at the
annual meeting that the company and its principal shareholders
will repurchase about 130,000 shares of its common stock.
    The company's portion of the repurchase obligation equals
about 800,000 dlrs, which the company said it plans to record
as a capital transaction in 1987.
    Originally, Gemcraft said it estimated that it could be
required to buy as many as 300,000 shares for about 3.0 mln
dlrs.
    Gemcraft originally estimated its portion of trading losses
could total as much as 600,000 dlrs and recorded a charge to
earnings in that amount in the 1986 fourth quarter.
    The company said it plans to provide an after-tax credit to
income of about 200,000 dlrs in the second quarter of 1987 to
reflect this difference.
    Gemcraft also told shareholders it sees a profitable 1987
second quarter. In the year-ago period, it reported earnings of
908,000 dlrs, or 6 cts a share on sales of 88.8 mln.
 Reuter
