COEUR D'ALENE MINES REPORTS SECOND QUARTER, SIX MONTHS PROFITS.COEUR D'ALENE Coeur d'Alene, city, United States Coeur d'Alene (kûrdəlān`), city (1990 pop. 24,563), seat of Kootenai co., N Idaho, near the Wash. line; inc. 1907. , Idaho--(BUSINESS WIRE)--Aug. 1, 1995--Led by a third consecutive quarter of record gold production, Coeur d'Alene Mines Corp. today reported second quarter 1995 net income of $3.4 million, or $0.22 per primary share ($0.19 per fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share), compared to a loss of $1.3 million, or $0.09 per primary share, for the same period a year ago. Income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the quarter was $1.2 million, or $0.08 per primary share ($0.11 per fully diluted share). Also contributing to the profitable results was a $2.2 million gain from the sale of certain non-strategic assets. For the first six months of 1995, Coeur coeur (ker) [Fr.] heart. coeur en sabot (on sa-bo´) a heart whose shape on a radiograph resembles that of a wooden shoe; seen in tetralogy of Fallot. reported net income of $232,000, or $0.01 per share, compared to a loss of $3.9 million, or $0.26 per share, during the first six months of 1994. Coeur increased its reserves by approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 20 percent during the second quarter, to over 5.5 million gold equivalent ounces, with the finalization Writing the table of contents (TOC) on a recordable CD or DVD disc. The finalization process ensures that the disc can be played back on most CD and DVD players. See disc-at-once. of an agreement for full ownership of the Kensington Kensington is a district of West London, England within the Royal Borough of Kensington and Chelsea, located 2.8 miles (4.5 km) west of Charing Cross. An affluent and densely-populated area, its commercial heart is Kensington High Street and it contains the well-known museum project in Alaska Alaska (əlă`skə), largest in area of the United States but third smallest (exceeding only Vermont and Wyoming) in population, occupying the northwest extremity of the North American continent, separated from the coterminous United States . Coeur produced more gold during the second quarter than in any previous quarter in company history, a total of 41,822 ounces, compared to 31,523 ounces produced during the same period of the previous year. Average gold prices during the quarter were $387.94 per ounce ounce, in zoology ounce, in zoology: see leopard. ounce, unit of measurement ounce: see English units of measurement. compared to average gold prices of $381.44 for the second quarter of 1994. For the first six months, a total of 78,394 gold ounces were produced, also a first half-year company record. "The company's strategy of continuing its growth in production of gold and silver ounces began showing positive net results this quarter," said Dennis Dennis is a male first name derived from the Greco-Roman name Dionysius meaning "servant of Dionysus", the Thracian god of wine, which is ultimately derived from the Greek Dios (Διος, "of Zeus") combined with Nysos or Nysa (Νυσα), where the E. Wheeler, chairman, president and chief executive officer of Coeur. "We are proceeding with this plan to reach even higher levels of production, revenues and cash flow as we build the company to greater operating profitability." During the second quarter average silver prices were $5.48 per ounce, compared to average prices of $5.38 for the same period last year. A total of 1,679,814 ounces of silver were produced in the second quarter, compared to 1,419,181 during the same period of 1994. For the six months, a total of 3,208,631 ounces of silver were produced, a production increase of ten percent over the same period last year. The company's earnings included income from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. of $2.2 million during the second quarter from the sale of The Flexaust Co., a non-mining asset acquired in the merger with Callahan Callahan, an Irish surname, can refer to: People In sports
Full ownership of Kensington Gold Project completed In a transaction that closed July July: see month. 7, 1995, Coeur acquired 100 percent interest and became the operator of the Kensington gold mine project near Juneau, Alaska “Juneau” redirects here. For other uses, see Juneau (disambiguation). The City and Borough of Juneau (pronounced [ˈdʒu. . Kensington with its nearly two million ounces of reserves raises company-wide reserve levels to more than 5.5 million gold equivalent ounces. Coeur acquired the remaining 50 percent interest in the project previously owned by Echo Bay for $32.5 million, plus a scaled royalty Compensation for the use of property, usually copyrighted works, patented inventions, or natural resources, expressed as a percentage of receipts from using the property or as a payment for each unit produced. on one million ounces of future production on gold sold at $400 per ounce or more, after Coeur recoups its purchase price and expenditures remaining to place the property into production. In a major action that moved construction of the project closer, the Environmental Protection Agency Environmental Protection Agency (EPA), independent agency of the U.S. government, with headquarters in Washington, D.C. It was established in 1970 to reduce and control air and water pollution, noise pollution, and radiation and to ensure the safe handling and (EPA EPA eicosapentaenoic acid. EPA abbr. eicosapentaenoic acid EPA, n.pr See acid, eicosapentaenoic. EPA, n. ) has recommended that the Army Corps of Engineers issue a permit for construction of a tailings Tailings (also known as tailings pile, tails, leach residue, or slickens[1]) are the materials left over[2] after the process of separating the valuable fraction from the worthless fraction of an ore. impoundment An action taken by the president in which he or she proposes not to spend all or part of a sum of money appropriated by Congress. The current rules and procedures for impoundment were created by the Congressional Budget and Impoundment Control Act of 1974 (2 U.S.C.A. and associated works at Kensington, one of two major permits remaining for the project. Golden Cross Mine increases production, lowers costs Higher gold grades in the underground mine at Coeurs 80 percent-owned interest in the Golden Cross Mine in New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. produced a total of 22,390 ounces of gold and 80,380 ounces of silver during the quarter. This compared with 19,055 gold ounces and 62,541 ounces of silver for the same period a year ago. During the first six months of 1995, the mine produced 40,992 ounces of gold and 157,765 ounces of silver to Coeur, a 16 percent increase in gold ounces from the same period a year ago. Cash operating costs operating costs npl → gastos mpl operacionales at Golden Cross were 24 percent lower in the second quarter, at $198.35 per ounce, compared with $259.36 per ounce for the same period a year ago. Full costs during the quarter were $294.75 per ounce compared to $387.38 for the similar period last year. Rochester Rochester (rŏch`ĕstər, –ĭstər). 1 City (1990 pop. 70,745), seat of Olmsted co., SE Minn.; inc. 1858. production higher The Rochester Mine produced 14,253 ounces of gold during the second quarter, or 14 percent more than the 12,468 ounces produced in the second quarter of 1994. A total of 1,582,466 ounces of silver were produced in the quarter at Rochester, up from 1,356,640 ounces during the same period the previous year. Cash operating costs at Rochester during the quarter of $3.65 per ounce of silver equivalent were consistent with the previous years second quarter. Full costs in the second quarter were $4.27 per ounce of silver equivalent. The mine is currently being prepared for a 37 percent increase in gold production beginning next year. El Bronce Mine In its first complete second quarter under Coeur's 51 percent operating control, the El Bronce Mine in Chile Chile (chĭl`ē, Span. chē`lā), officially Republic of Chile, republic (2005 est. pop. 15,981,000), 292,256 sq mi (756,945 sq km), S South America, west of the continental divide of the Andes Mts. produced 5,179 ounces of gold and 16,968 ounces of silver for Coeur's account. For the year, El Bronce has produced 10,158 ounces of gold and 38,579 ounces of silver to Coeur. Operating costs increased during the second quarter to $337.03 per ounce of gold and are the result of the company's planned program to increase production levels at the mine in 1996, and lower per ounce production costs. Full costs at El Bronce in the second quarter were $361.59, and $327.68 for the first six month period. Exploration work at the mine is expected to confirm a significant increase of reserves by the third quarter. Fachinal Mine construction Construction of the company's 100 percent owned Fachinal gold/silver mine in southern Chile Southern Chile is one of the five natural regions of Chile defined by the CONAMA. Southern Chile stretches from below the Río Bío-Bío at about 38° south latitude to below Isla de Chiloé at about 43.4° south latitude. continues within budget and on schedule for a fourth quarter startup (STARTing UP) "At startup" means when the computer is first turned on or when a program is first loaded. See Startup folder. . Construction continued of the primary crushing crushing deaths of newborn animals, especially those in litters, caused by the mother lying on them accidentally. Contributed to by weakness of the neonate or awkward accommodation. A problem in piglets and puppies. Called also overlying. facility, grinding mills Grinding mill A machine that reduces the size of particles of raw material fed into it. The size reduction may be to facilitate removal of valuable constituents from an ore or to prepare the material for industrial use, as in preparing clay for pottery making , and equipment installation in the power plant. Surface mining at the Guanaco guanaco (gwänä`kō) or huanaco (hwän`äko), wild mammal of the camel family, Lama guanicoe, found on arid plains in the Andes Mts. area of the mine commenced with the beginning of stockpiling stock·pile n. A supply stored for future use, usually carefully accrued and maintained. tr.v. stock·piled, stock·pil·ing, stock·piles To accumulate and maintain a supply of for future use. of ores. -0-
COEUR D'ALENE MINES CORPORATION
(Unaudited)
(In thousands except Three Months Ended Six Months
Ended per share data) June 30 June 30
1995 1994 1995 1994
Total Revenues $ 25,682 $ 22,134 $ 45,959 $ 43,712 Total Income $ 7,750 $ 5,648 $ 11,987 $ 9,887 Net Income (Loss) $ 3,408 $ (1,335) $ 232 $ (3,932) Per Share Data: Primary Earnings Per Share Income (Loss) per share from continuing operations $ .08 $ (.10) $ (.14) $ (.28) Income per share from discontinued operations $ .14 $ .01 $ .15 $ .02 Net Income (Loss per share) $ .22 $ (.09) $ .01 $ (.26) Weighted average shares Outstanding 15,613,687 15,354,627 15,597,131 15,346,742 Fully Diluted Earnings Per Share Income (Loss) per share from continuing operations $ .11 Income per share from discontinued operations .08 Net Income(Loss) per share .19 Weighted average shares Outstanding 26,136,722 Operating Highlights ROCHESTER MINE Costs Gold Ounces 14,253 12,468 27,244 27,693 Silver Ounces 1,582,466 1,356,640 3,012,287 2,821,408 Cash Costs per ounce $3.65 $3.63 $3.80 $3.64 Full per ounce $4.27 $4.20 $4.43 $4.22 GOLDEN CROSS MINE Gold Ounces 22,390 19,055 40,992 35,407 Silver Ounces 80,380 62,541 157,765 108,170 Cash Costs per ounce $198.35 $259.36 $217.27 $283.26 Full Costs per ounce $294.75 $387.38 $300.54 $408.94 EL BRONCE MINE Gold Ounces 5,179 N/A 10,158 N/A Silver Ounces 16,968 N/A 38,579 N/A Cash Costs per ounce $337.03 N/A $303.12 N/A Full Costs per ounce $361.59 N/A $327.68 N/A CONSOLIDATED TOTALS Gold Ounces 41,822 31,523 78,394 63,100 Silver Ounces 1,679,814 1,419,181 3,208,631 2,959,578 AVERAGE METALS PRICES Gold Ounces $387.94 $381.44 $383.52 $382.87 Silver Ounces $ 5.48 $ 5.38 $ 5.09 $ 5.33
UNAUDITED
COEUR D'ALENE MINES CORPORATION
(An Idaho Corporation)
Coeur d'Alene, Idaho
CONSOLIDATED BALANCE SHEETS
ASSETS June 30, December 31,
1995 1994
CURRENT ASSETS
Cash and cash equivalents $ 47,134,926 $ 14,707,278
Short-term investments 75,595,470 128,112,407
Receivables 12,218,238 7,677,269
Refundable income taxes 2,700,569 3,435,649
Inventories 33,389,973 34,215,127
Total Current Assets 171,039,176 188,147,730
PROPERTY, PLANT AND EQUIPMENT
Property, plant
and equipment 105,586,930 83,872,789
Less accumulated depreciation 39,678,981 37,394,296
65,907,949 46,478,493
MINING PROPERTIES
Operational mining properties 109,268,067 102,571,977
Less accumulated depletion 35,249,459 38,162,432
74,018,608 64,409,545
Developmental properties 104,796,475 95,896,774
178,815,083 160,306,319
NET ASSETS OF DISCONTINUED OPERATIONS 159,501 6,000,741
OTHER ASSETS
Funds held in escrow 2,270,695 2,270,695
Notes receivable 6,000,000
Debt issuance costs, net of
accumulated amortization 7,775,776 8,240,209
Other 994,998 917,206
17,041,469 11,428,110
$432,963,178 $412,361,393
UNAUDITED
COEUR D'ALENE MINES CORPORATION
(An Idaho Corporation)
Coeur d'Alene, Idaho
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS' EQUITY June 30, December 31,
1995 1994
CURRENT LIABILITIES
Accounts payable $ 4,584,088 $ 2,289,808
Accrued liabilities 4,905,483 4,426,925
Accrued interest payable 3,165,251 4,634,961
Accrued salaries and wages 3,595,420 3,867,801
Accrued litigation settlement 800,000
Short term project financing 5,000,000
Current portion of obligations
under capital leases 2,115,592 2,041,057
Total Current Liabilities 23,365,834 18,060,552
OTHER LIABILITIES
6% Convertible Subordinated
Debentures 50,000,000 50,000,000
7% Convertible Subordinated
Debentures 74,987,000 75,000,000
6 3/8% Convertible Subordinated
Debentures 100,000,000 100,000,000
Obligations under capital leases 1,116,092 2,192,856
Other long-term liabilities 5,691,133 5,234,899
Limited Recourse Project Financing 11,091,007
Deferred income taxes 1,173,643 1,580,804
Total Long-Term Liabilities 244,058,875 234,008,559
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred Stock, $1.00 par value
per share-authorized 10,000,000
shares, none outstanding
Common Stock, $1.00 par value per
share--authorized 60,000,000
shares, issued and outstanding
16,657,995 and 16,633,163 shares
(including 1,058,453 held as
treasury stock) 16,657,995 16,633,163
Capital surplus 180,937,624 182,881,071
Accumulated deficit (16,811,270) (17,043,506)
Repurchased and nonvested shares (13,304,677) (13,358,309)
Unrealized losses on short-
term investment securities (1,941,203) (8,820,137)
165,538,469 160,292,282
$432,963,178 $412,361,393
UNAUDITED
COEUR D'ALENE MINES CORPORATION
(An Idaho Corporation)
Coeur d'Alene, Idaho
CONSOLIDATED STATEMENTS OF OPERATIONS
3 MONTHS ENDED 6 MONTHS ENDED
JUNE 30 JUNE 30
1995 1994 1995 1994
INCOME
From mine operations:
Sales of concentrates
and dore' $ 23,620,545 $ 19,463,913 $ 41,511,714 $ 39,673,495
Less cost of mine
operations 17,931,591 16,485,944 33,972,120 33,825,493
Gross profits 5,688,954 2,977,969 7,539,594 5,848,002
Interest and
other income 2,060,983 2,670,250 4,447,416 4,038,529
Total income 7,749,937 5,648,219 11,987,010 9,886,531
EXPENSES
Administration 1,001,307 950,362 1,965,678 2,541,071
Accounting and legal 488,701 434,985 856,670 855,925
General corporate 1,737,903 1,379,807 3,201,190 2,746,913
Mining exploration 856,581 1,215,186 1,992,684 1,951,510
Idle facilities 583,289 415,400 1,124,300 827,744
Interest 2,634,905 2,935,536 5,616,770 5,440,118
Total expenses 7,302,686 7,331,276 14,757,292 14,363,281
Net Income (loss) from Continuing operations before taxes 447,251 (1,683,057) (2,770,282) (4,476,750) Benefit for income taxes (791,744) (122,677) (642,321) (196,860) Net Income (loss) from Continuing operations 1,238,995 (1,560,380) (2,127,961) (4,279,890) Income from discontinued Operations (Net of taxes) 2,168,533 225,581 2,360,196 347,792 NET INCOME (LOSS) $ 3,407,528 $ (1,334,799) $ 232,235 $(3,932,098)
UNAUDITED
COEUR D'ALENE MINES CORPORATION
(An Idaho Corporation)
Coeur d'Alene, Idaho
CONSOLIDATED STATEMENTS OF OPERATIONS
3 MONTHS ENDED 6 MONTHS ENDED
JUNE 30 JUNE 30
1995 1994 1995 1994
EARNINGS PER SHARE DATA
Primary Earnings Per Share:
Weighted average number
of shares of Common
Stock outstanding 15,613,687 15,354,627 15,597,131 15,346,742
Income (Loss) per share
from continuing
operations $ .08 $ (.10) $ (.14) $ (.28)
Income per share from
discontinued operations .14 .01 .15 .02
NET INCOME(LOSS) PER SHARE $ .22 $ (.09) $ .01 $ (.26)
Fully Diluted Earnings Per Share: Weighted average number of shares of Common Stock outstanding 26,136,722 Income (Loss) per share from continuing operations $ .11 Income per share from discontinued operations .08 NET INCOME(LOSS) PER SHARE $ .19 Cash dividends per share $ 0.15 $ 0.15
UNAUDITED
COEUR D'ALENE MINES CORPORATION
(An Idaho Corporation)
Coeur d'Alene, Idaho
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the six months ended June 30, 1995 and 1994
CASH FLOWS FROM OPERATING ACTIVITIES 1995 1994
Income (loss) from continuing operations $ (2,127,961) $ (4,279,890)
Add (less) noncash items:
Depreciation, depletion and
amortization 8,494,450 8,803,022
Deferred income taxes (1,980,625) (484,369)
(Gain)Loss on disposition
of fixed assets 177,545 128,153
Gain on foreign currency transactions (549,237) (1,193,959)
Loss on sale of short-term
investments 1,128,405 575,245
Change in operating assets and liabilities:
Accounts receivable (3,828,194) (1,329,242)
Inventories 825,154 (148,917)
Accounts payable and
accrued liabilities 280,391 (722,884)
Interest payable (1,469,710) 1,229,329
950,218 2,576,488
Income (loss) from discontinued operations 2,360,196 347,792
Add (less) noncash items:
Depreciation, depletion and amortization 85,381 140,561
(Gain) loss on disposition of
discontinued operations (3,877,636)
Deferred income taxes 1,573,464 231,861
Change in operating assets and Liabilities:
Accounts receivable 601,242 (11,277)
Inventories (30,661) (450,794)
Accounts payable and accrued liabilities (109,218) 70,267
602,768 328,410
NET CASH PROVIDED BY
OPERATING ACTIVITIES $ 1,552,986 $ 2,904,898
UNAUDITED
COEUR D'ALENE MINES CORPORATION
(An Idaho Corporation)
Coeur d'Alene, Idaho
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the six months ended June 30, 1995 and 1994
1995 1994
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant, and equipment (1,831,149) (3,257,526)
Purchase of short-term investments (2,409,976) (102,093,405)
Proceeds from sale of
short-term securities 60,012,234 17,560,691
Proceeds from sale of assets 550,846 253,784
Proceeds from sale of
discontinued operations 2,854,766
Expenditures on operational
mining properties (12,511,283) (4,363,811)
Expenditures on developmental properties (29,294,873) (5,434,533)
Other 314,065 96,404
NET CASH PROVIDED BY (USED IN)
INVESTING ACTIVITIES 17,684,630 (97,238,396)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from offering of 6 3/8%
Convertible Subordinated Debentures 95,647,541
Proceeds from project financing 16,091,007
Retirement of obligations under capital
leases (1,002,229) (932,853)
Payment of cash dividends (2,339,376) (2,303,194)
NET CASH PROVIDED BY FINANCING ACTIVITIES 12,749,402 92,411,494
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 31,987,018 (1,922,004)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR:
RELATING TO CONTINUING OPERATIONS 14,707,278 14,388,998
RELATING TO DISCONTINUED OPERATIONS 440,630 289,099
$ 47,134,926 $ 12,756,093
CASH AND CASH EQUIVALENTS AT END OF PERIOD:
RELATING TO CONTINUING OPERATIONS 47,134,926 12,302,015
RELATING TO DISCONTINUED OPERATIONS 454,078
$ 47,134,926 $ 12,756,093
CONTACT: Coeur d'Alene Mines Corp. Anthony R. Ebersole Ebersole may refer to:
This page or section lists people with the surname Ebersole , 208/667-3511 |
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