CAMPBELL RESOURCES ANNOUNCES EARNINGS INCREASE IN SECOND QUARTER.TORONTO Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing , Ontario--(BUSINESS WIRE)--Aug. 8, 1995--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) reports continued growth in production, earnings and cash flow in the second quarter of 1995. Net earnings increased to Cdn $2.6 million ($0.02 per share) in the second quarter of 1995, up from $0.9 million ($0.01 per share) a year earlier. This contributes to net income for the six months ended June June: see month. 30, 1995 of $4.6 million ($0.04 per share) compared with $1.0 million ($0.01 per share) a year earlier. The increased earnings resulted from significantly higher gold production and lower unit operating costs operating costs npl → gastos mpl operacionales , both primarily attributable to the acquisition of 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 July July: see month. 1994. Gold production increased 62% to 56,900 ounces for the first half of 1995, up from 35,100 ounces in the comparable period of 1994. The increase represents the addition of production from the Santa Gertrudis gold mine in northern Mexico. The Joe Mann mine contributed 33,000 ounces, while Santa Gertrudis mine contributed 23,900 ounces. Campbell produced 28,900 ounces in the second quarter, compared with 28,000 ounces in the first quarter of 1995 and 17,700 ounces in the second quarter of 1994. These 1995 year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. production levels approximate the Company's internal estimates and management expects to achieve its 1995 production target of over 115,000 ounces of gold. Average cash operating cost in the first half of 1995 was reduced by 12% to US$263 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$298 per ounce for the same period 1994. 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 $8.0 million in the first half of 1995 compared with $2.5 million in the corresponding period of 1994. As of June 30, 1995, Campbell had working capital of $33.7 million, including $28.2 million cash and equivalents. -0- Campbell Resources Inc. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (Expressed in thousands of Canadian dollars)
Three Months ended June 30
1995 1994
METAL SALES $16,445 $10,386 EXPENSES Mining 10,965 7,373 General Administration 688 581 Depreciation and amortization 2,286 1,693 Exploration 84 4
14,023 9,651
Income from operations 2,422 735 Other income (expense) Other income 709 179 Interest Expense Convertible debentures (311) Other (5) (2)
393 177
Income before income taxes 2,815 912 Income tax provision 229 46
NET INCOME $2,586 $866
====== ====
EARNINGS PER SHARE $0.02 $0.01
===== =====
Six months ended June 30
1995 1994
METAL SALES $32,938 $20,379 EXPENSES Mining 22,350 15,186 General Administration 1,313 1,128 Depreciation and amortization 4,217 3,276 Exploration 143 20
28,023 19,610
Income from operations 4,915 769 Other income (expense) Other income 671 336 Interest expense Convertible debentures (628) Other (10) (3)
33 333
Income before income taxes 4,948 1,102 Income tax provision 352 84
NET INCOME $4,596 $1,018
====== ======
EARNINGS PER SHARE $0.04 $0.01
===== =====
Project Update Santa Gertrudis Phase I exploration drilling was recently completed on the Santa Gertrudis mine property. A total of 132 holes consisting of 34,400 feet, tested 16 targets in the main mine area. In response to significant gold intersections early in this program, which commenced in mid-April, a $400,000 increase to the drill budget was approved and the program was accelerated. Interim drill results from the Phase I drilling were reported in a press release dated June 21, 1995. Assay results are pending for the additional drilling completed on the six most prospective zones in the main mine area, Sofia, Corral corral a small fenced-in enclosure with high, wooden fences, suitable for holding cattle or horses. corral system a management system in which range cattle are put into corrals and fed hay for a period when the environment is most NW, Toro Toro may refer to:
v. i. 1. To commence or begin again. 2. To begin anew to be; to act again as. He seems desirous enough of recommencing courtier. - Johnson. v. t. 1. To commence again or anew. at the beginning of September. Campbell is a Canadian-based, growth-oriented gold mining company with producing mines in Quebec, Canada and in the State of Sonora in northwestern Mexico. The company is currently exploring on its mine properties in Quebec and Mexico and is also engaged in other gold exploration programs in Mexico and Nevada. CONTACT: Elaine Ellingham, 416/366-5201 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion