KIRKLAND LAKE, Ont. - Kirkland Lake Gold Inc. (TSX:KGI) reversed a year-earlier loss and announced a fourth-quarter profit Wednesday as the company reported record gold production for the quarter. Net profit for the three months ended April 30 was $4 million, which amounted to four cents per share, compared with a net loss of $1.7 million in the comparable 2010 quarter. Per share figures were not given for the prior-year period in a company release. Revenue for the quarter rose 91 per cent to $29.9 million as the company's gold production totalled 23,466 ounces, including April production of 10,175 ounces, both record figures. For the full fiscal year, the company reported a net profit of $20.1 million or 29 cents per share, compared with a net loss of $12.3 million or 20 cents per share for all of fiscal 2010. Revenue for the 12-month period was $105.2 million, more than double the 2010 figure of $51.2 million as gold sales soared to 78,809 ounces from 46,962 ounces at an average realized price of $1,333 per ounce, up from $1,091 per ounce. "This year, we successfully increased yearly gold production to 81,860 ounces," said company chairman Harry Dobson. "After meeting all operating costs, spending $59.8 million on sustaining and expansion capital improvements and $9.0 million on exploration, we turned a record net profit of $20.1 million," Dobson said. "Cash flows have been positive for five consecutive quarters, demonstrating achievements in production and operational cash flow growth that the expansion project was designed to accomplish."

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