Announces second quarter earnings of $Cdn 3.2 million and gold production of 35,000 ounces.TORONTO--(BUSINESS WIRE)--Aug. 15, 1996--Campbell Resources Inc. (CCH CCH Colegio de Ciencias y Humanidades (Spanish) CCH Certified Clinical Hypnotherapist CCH Cook County Hospital CCH Certified in Classical Homeopathy CCH Country Club Hills (Fairfax City, VA, USA) : TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , NYSE NYSE See: New York Stock Exchange , ME) is pleased to report net income of Cdn$3,227,000 ($0.022 per share) in the second quarter of 1996, compared with $2,586,000 ($0.022 per share) a year earlier. This contributes to net income for the six months ended June June: see month. 30, 1996 of $6,693,000 ($0.047 per share) representing a 46% increase over $4,596,000 ($0.039) per share) a year earlier. The increased earnings are attributed to higher gold production at both the Joe Mann Mine in quebec Quebec, city, Canada Quebec, Fr. Québec, city (1991 pop. 167,517), provincial capital, S Que., Canada, at the confluence of the St. Lawrence and St. Charles rivers. , and the Santa Gertrudis Santa Gertrudis Heaviest breed of beef cattle, developed in the 20th century by the King Ranch in Texas by crossing Brahman bulls with shorthorn cows. It is usually solid red with occasional small white markings on the forehead or the flanks. Mine in Mexico Mexico, city, Mexico Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. . Gold production increased 20% to 68,300 ounces for the first half of 1996, compared with 56,900 ounces in the same period of 1995. The Joe Mann mine contributed 36,900 ounces compared with 33,000 ounces in 1995, and the Santa Gertrudis mine contributed 31,400 ounces compared with 23,900 ounces a year earlier. Campbell Campbell, city, United States Campbell, city (1990 pop. 36,048), Santa Clara co., W Calif., in the fertile Santa Clara valley; founded 1885, inc. 1952. produced 35,000 ounces in the second quarter, compared with 33,300 ounces in the first quarter of 1996 and 28,900 ounces in the second quarter of 1995. These 1996 year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. production levels meet the Company's internal estimates and management expects 1996 production of 123,000 ounces of gold. Average cash operating cost in the first half of 1996 was reduced to US$234 per ounce ounce, in zoology ounce, in zoology: see leopard. ounce, unit of measurement ounce: see English units of measurement. of gold produced, compared with US$263 per ounce for the same period of 1995. The lower unit operating cost resulted principally from the higher production levels that were achieved at both mines. Cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses increased to $13,135,000 in the first half of 1996, up 76% from $8,009,000 in the corresponding period of 1995. As of June 30, 1996, Campbell had working capital of $66.2 million, including $57.8 million in cash and equivalents. Campbell Resources is a growth-oriented gold mining company with operating mines in Quebec, Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of and Sonora Sonora (sōnō`rä), state (1990 pop. 1,823,606), 70,484 sq mi (182,554 sq km), NW Mexico, on the Gulf of California, S of Arizona. Hermosillo is the capital. , Mexico, and a feasibility-stage gold project in Panama Panama, country, Central America Panama (păn`əmä'), Span. Panamá, officially Republic of Panama, republic (2005 est. pop. . The Company is currently exploring on its mine properties in Quebec and Mexico and is also active in other gold exploration programs in Mexico. -0-
Campbell Resources Inc.
(Incorporated under the laws of Canada)
UNAUDITED CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of Canadian dollars)
June 30 December 31
1996 1995
ASSETS
CURRENT ASSETS
Cash and short-term deposits $57,757 $32,271
Receivables 7,991 7,837
Inventories 6,996 6,387
Prepaids 465 499
------- -------
Total current assets 73,209 46,994
-----------------
OTHER ASSETS 1,284 2,713
-----------------
NATURAL RESOURCES PROPERTIES 140,785 121,526
Less accumulated depreciation and
amortization (54,353) (47,530)
-----------------
86,432 73,996
-----------------
Total Assets $106,925 $123,703
=================
LIABILITIES & SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $5,793 $4,320
Accrued liabilities 1,131 2,591
Income taxes payable 100 123
-----------------
Total current liabilities 7,024 7,034
-----------------
OTHER LIABILITIES 606 593
CONVERTIBLE DEBENTURES 7,714 10,782
DEFERRED MINING TAXES 5,963 5,740
SHAREHOLDERS' EQUITY
Capital stock 118,444 85,040
Foreign currency translation adjustment (208) (175)
Retained earnings 21,382 14,689
-----------------
Total shareholders' equity 139,618 99,554
-----------------
Total liabilities and shareholders'
equity $160,925 $123,703
=================
Campbell Resources Inc. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (Expressed in thousands of Canadian dollars except per share amounts)
Three months ended
June 30
1996 1995
METAL SALES $18,733 $16,445
----------------------
EXPENSES
Mining 11,455 10,965
General administration 783 688
Depreciation and amortization 3,085 2,286
Exploration 548 84
----------------------
15,871 14,023
----------------------
Income from operations 2,862 2,422
Other income (expense)
Interest income 1,094 479
Foreign exchange gain (loss) (170) 225
Convertible debenture interest expense (173) (311)
----------------------
751 393
----------------------
Income before income taxes 3,613 2,818
Income tax provision 386 229
----------------------
NET INCOME $3,227 $2,586
======================
EARNINGS PER SHARE $0.022 $0.022
======================
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (Expressed in thousands of Canadian dollars except per share amounts)
Six months ended
June 30
1996 1995
METAL SALES $37,130 $32,938
----------------------
EXPENSES
Mining 22,788 22,350
General administration 1,420 1,313
Depreciation and amortization 5,723 4,217
Exploration 1,110 143
----------------------
31,041 28,023
----------------------
Income from operations 6,089 4,915
Other income (expense)
Interest income 1,663 880
Foreign exchange gain (loss) (205) (219)
Convertible debenture interest expense (385) (628)
----------------------
1,073 33
----------------------
Income before income taxes 7,162 4,948
Income tax provision 469 352
----------------------
NET INCOME $6,693 $4,596
======================
EARNINGS PER SHARE $0.047 $0.039
======================
CONTACT: Campbell Resources Inc. Elaine Elaine, in Arthurian legend: see Launcelot, Sir. Elaine disguises herself as Guinevere in order to seduce Lancelot. [Br. Lit.: Malory Le Mort d’Arthur] See : Disguise Elaine Ellingham Ellingham is a family name and a place name. For its etymology, meanings, and so forth, see Wiktionary. Places commonly known as Ellingham include:
Manager, Investor Relations Investor relations The process by which the corporation communicates with its investors. 416/366-5201 Fax: 416/367-3294 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion