Caledonia Mining Corporation - Financial Goals Achieved By Caledonia.Business Editors TORONTO--(BUSINESS WIRE)--June 5, 2001 Caledonia Mining Corporation of Toronto (CAL-TSE; CALVF-Nasdaq) announces its financial results for the fiscal year ended December 31, 2000 and provides comparative performance highlights. Results are reported in Canadian dollars Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents . Performance Highlights Caledonia is now refocusing Noun 1. refocusing - focusing again focalisation, focalization, focusing - the act of bringing into focus its business having achieved its goals of reducing debt and trimming overheads over the past 2 1/2 years, while retaining virtually all of its major assets. This has been achieved despite the depressed market Depressed market Market in which supply overwhelms demand, leading to weak and lower prices. for resource stocks. In future the Corporation will focus on generating revenues and continuing to add shareholder value by developing its exploration projects and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. . Since 1998 Caledonia has successfully reduced both its current and long term liabilities, as demonstrated in the table below. The table also demonstrates that the dilutive effect Dilutive effect Result of a transaction that decreases earnings per common share (EPS). of the sale of Filon Sur on shareholders was effectively minimized.
---------------------------------------------------------------
2000 1999 1998
Financial - $ Thousands -------------------------
Net Income (Loss) before write-downs 7,412 3,082 (4,439)
Net income (Loss) after write-downs 7,412 (7,460) (50,437)
Assets 25,063 33,189 50,831
Current Liabilities 2,556 5,143 7,678
Long Term Liabilities 1,813 21,747 34,032
Shareholders' Equity 20,694 6,299 9,121
Share Information
Shares Outstanding (Thousands) 148,202 68,830 41,615
Earnings (Loss) per Share 0.08 (0.12) (1.35)
Net Asset Value per Share 0.14 0.09 0.22
---------------------------------------------------------------
Caledonia is now positioned, as a virtually debt free corporation, to focus on turning its assets to account. Caledonia has two gold mines in South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. which are presently on care and maintenance and are capable of restarting operations upon short notice. Metallurgical met·al·lur·gy n. 1. The science that deals with procedures used in extracting metals from their ores, purifying and alloying metals, and creating useful objects from metals. 2. tests are currently being undertaken in South Africa, which if confirmed as successful, will likely result in the immediate resumption RESUMPTION. To reassume; to promise again; as, the resumption of payment of specie by the banks is general. It also signifies to take things back; as the government has resumed the possession of all the lands which have not been paid for according to the requisitions of the law, and the of gold production. Exploration on two diamond exploration joint ventures, with BHP BHP blood hydrostatic pressure; the pressure exerted by the blood cells and plasma in the capillaries. World Exploration Inc. in Zambia and Ashton in Nunavut, Canada respectively, continues, as does the Kalimba base metal joint venture in Zambia with BHP. Independently Caledonia continues its exploration for precious and base metals, and diamonds, while seeking additional joint ventures with major companies. Financial Results For the year ended December 31, 2000 Caledonia recorded net income of $7.4 million which contributed to earnings of $0.08 per share, compared to a net loss of $7.4 million in 1999 which resulted in a loss of $0.12 per share. In 2000 the sole contributor to revenue from sales was the Filon Sur gold mine in Spain in an amount of $6.6 million as compared to $14.7 million in 1999. The decrease in revenue in 2000 is due to a lower gold production as the mine was sold in June 2000. Caledonia continues to manage Filon Sur in return for 30% of the distributable 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 . With the Book Net Asset Value per share exceeding the recent share price, Caledonia should be poised for market recognition of the underlying value of its assets. The 2001 first quarter results and the Corporation's 2000 annual report were mailed to shareholders on May 18, 2001 and are available on our website at: http://www.caledoniamining.com. The Annual Meeting of Shareholders will be held in Toronto on June 29, 2001. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion