Cambior Announces Third Quarter Results (Part 2 of 2, Financial Tables).MONTREAL--(BUSINESS WIRE)--Nov. 7, 1996--CAMBIOR INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (ME, TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , AMEX AMEX See: American Stock Exchange CBJ CBJ Columbus Blue Jackets (NHL team) CBJ Central Bank of Jordan CBJ Conflict-Directed Backjumping CBJ Circuit Board Jack CBJ Code-Breakers Journal CBJ Class Broker for Java CBJ Color Bubble Jet ., ME, TSE, AMEX CBJ.WTA WTA Washington Trails Association WTA Women's Tennis Association WTA World Transhumanist Association WTA Willingness to Accept WTA Winner-Take-All WTA Winner Takes All WTA World Toilet Association (Singapore) .) -0-
CAMBIOR INC.
CONSOLIDATED EARNINGS
(in thousands of US dollars except per common share data)
(UNAUDITED)
Third Quarter ended First nine months
September 30, ended September 30
1996 1995 1996 1995
$ $ $ $
REVENUES
Mining operations 90,161 62,462 221,494 203,463
Investments 1,576 1,707 4,909 5,103
________________________________________
91,737 64,169 226,403 208,566
EXPENSES
Mining operations 45,533 42,007 120,204 125,662
Smelting, refining
and transportation 16,120 5,766 37,516 18,461
Depreciation,
depletion and
amortization 16,199 9,806 38,142 29,891
Royalties 1,587 1,195 3,536 4,495
Exploration 2,979 2,656 6,833 10,656
Administration 1,508 1,289 4,674 4,291
Capital tax 649 731 1,480 1,538
Interest 1,988 1,785 6,265 5,288
Loss (Gain) on
translation of
foreign exchange 26 145 (1,102) (2,332)
Omai incident - 3,730 - 3,730
________________________________________
86,589 69,110 217,548 201,680
Earnings (Loss) before
the undernoted items 5,148 (4,941) 8,855 6,886
Income taxes and
mining duties 1,905 363 3,496 4,974
________________________________________
3,243 (5,304) 5,359 1,912
Minority interests - (651) - 825
Net earnings
(Net loss) 3,243 (4,653) 5,359 1,087
Per common share 0.05 (0.09) 0.09 0.02
Weighted average
number of common
shares outstanding
(in thousands) 60,123 51,609 58,360 49,913
CAMBIOR INC.
CONSOLIDATED CHANGES IN CASH RESOURCES
(in thousands of US dollars except per common share data)
(UNAUDITED)
Third Quarter ended First nine months
September 30, ended September 30,
1996 1995 1996 1995
$ $ $ $
OPERATING ACTIVITIES
Net earnings
(Net loss) 3,243 (4,653) 5,359 1,087
Non-cash items
Depreciation,
depletion and
amortization 16,199 9,806 38,142 29,891
Income tax benefit
and mining duties 1,689 299 2,897 4,675
Minority interests - (651) - 825
Other 760 1,964 1,057 6,007
________________________________________
Cash flow from
operations 21,891 6,765 47,455 42,485
Changes in working
capital items (7,522) 5,357 (19,028) (2,735)
________________________________________
Cash provided by
operating activities 14,369 12,122 28,427 39,750
________________________________________
INVESTMENT ACTIVITIES
Investments (646) 369 (53) 452
Property, plant
and equipment (22,909) (42,366) (76,668) (120,246)
Accrued liabilities
- Construction in
progress (1,025) 7,447 (14,539) 2,254
Business acquisitions - (8,754) - (8,754)
________________________________________
Cash used in investment
activities (24,580) (43,304) (91,260) (126,294)
________________________________________
FINANCING ACTIVITIES
Long-term debt
Borrowings 104 (3,707) 29,508 46,892
Repayments (8,969) (328) (19,796) (1,677)
Minority interests - (903) - (1,765)
Capital stock 114 3,733 117,415 32,976
Dividends - - (3,126) (2,525)
________________________________________
Cash provided by (used in)
financing activities (8,751) (1,205) 124,001 73,901
________________________________________
Increase (Decrease)
in cash (18,962) (32,387) 61,168 (12,643)
Cash, beginning
of period 142,667 117,795 62,537 98,051
________________________________________
Cash, end of period 123,705 85,408 123,705 85,408
________________________________________
Cash flow from
operations per share 0.36 0.13 0.81 0.85
________________________________________
Weighted average number
of common shares
outstanding
(in thousands) 60,123 51,609 58,360 49,913
________________________________________
CAMBIOR INC.
CONSOLIDATED BALANCE SHEETS
(in thousands of US dollars)
September 30, 1996 December 31, 1995
$ $
(unaudited) (audited)
ASSETS
Current assets
Cash 123,705 62,537
Settlements receivable and
other accounts receivable 41,849 28,630
Supplies inventory 29,815 27,071
Prepaid expenses 3,584 5,184
________________________________________
198,953 123,422
Investments 1,555 1,710
Property, plant and
equipment 609,696 574,089
Deferred charge - gold loan - 946
Income tax benefit 8,206 10,458
________________________________________
818,410 710,625
LIABILITIES
Current liabilities
Accounts payable and
accrued liabilities 35,846 55,050
Current portion of
long-term debt 19,090 23,773
________________________________________
54,936 78,823
Long-term debt 188,658 179,314
Unrealized gain - Gold loan 4,105 -
Provision for environmental
obligations 3,488 3,288
Deferred mining duties 12,652 13,041
Minority interests 1,659 1,659
________________________________________
265,498 276,125
SHAREHOLDERS' EQUITY
Capital stock 176,186 152,609
Contributed surplus 335,673 238,146
Retained earnings 40,531 41,440
Cumulative translation
adjustment 522 2,305
552,912 434,500
818,410 710,625
NOTES AND COMMENTS TO FINANCIAL STATEMENTS 1. GENERAL The accompanying ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. unaudited consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge do not include all the disclosure required by generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting for annual statements and should be read in conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with the notes to the Company's audited consolidated financial statements for the year ended December December: see month. 31, 1995. Modification A change or alteration in existing materials. Modification generally has the same meaning in the law as it does in common parlance. The term has special significance in the law of contracts and the law of sales. - Reporting Currency Reporting Currency The currency used in published reports and financial documents. Notes: All annual and quarterly reports state the currency in which their results are listed. As a result of its increasing international activities, Cambior Cambior Inc. was a Canadian based international gold producer with operations, development projects and exploration activities in the Americas. Cambior’s shares traded on the Toronto (TSX) and American (AMEX) stock exchanges under the symbol “CBJ”. has adopted the US dollar as its reporting currency commencing January January: see month. 1, 1996. Accordingly, the Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. operations will be treated as a self-sustaining self-sus·tain·ing adj. Able to sustain oneself or itself independently. self  -sus·tain establishment. The prior year's financial
statements have been converted at the December 31, 1995 exchange rate of
Cdn $1.364 for US $1. Prior statements restated in US dollar are
available upon request.
2. INVESTMENT Third Quarter First nine months 1996 1996 $000 $000 Construction in progress: Langlois Langlois is a surname, and may refer to:
Omai 2,184 13,074 3,364 29,591 Mining projects (1) 11,611 32,809 Ongoing operations 9,605 28,860 ________________________________________ 24,580 91,260 (1) As at September September: see month. 30, 1996, the total amount of capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. expenses on mining projects was $125 million. 3.INCOME TAXES AND MINING DUTIES Third Quarter First nine months 1996 1996 $000 $000 Income taxes 1,929 3,394 Mining duties (24) 102 ________________________________________ Total 1,905 3,496 4. ISSUANCE OF COMMON SHARES Third Quarter First nine months 1996 1996 Number of Amount Number of Amount shares shares (000) $000 (000) $000 ________________________________________ Shares outstanding, beginning of period 60,123 52,040 Shares issued: Public offering February February: see month. 29, 1996 - 68 8,000 116,639 Other 5 46 88 776 ________________________________________ Total 5 114 8,088 117,415 ________________________________________ Shares outstanding, end of period 60,128 60,128 ________________________________________ 5. GOLD HEDGING hedging, in commerce, method by which traders use two counterbalancing investment strategies so as to minimize any losses caused by price fluctuations. It is generally used by traders on the commodities market. PROGRAM Third Quarter First nine months 1996 1995 1996 1995 ________________________________________ Cambior's selling price 423 424 430 414 Market price 385 384 392 384 Cambior's premium 38 40 38 30 ________________________________________
As at September 30, 1996, the Company held the following
gold hedging positions excluding gold loans for the years
indicated:
1996 1997 1998 1999 Total Ounces of gold 45,400 203,000 60,000 89,000 480,400 Minimum price 424 448 463 491 459 6. EXCHANGE RATES The average exchange rate for third quarter 1996 was 1.3701 and the closing rate of September 30, 1996 was 1.3619. 7. SEGMENTED INFORMATION Third Quarter 1996 Gold(1) Metals(2) Total $000 $000 $000 (percent) (percent) ________________________________________ Gross Revenues 63,171 28,566 91,737 Less: Smelting smelting, in metallurgy, any process of melting or fusion, especially to extract a metal from its ore. Smelting processes vary in detail depending on the nature of the ore and the metal involved, but they are typified in the use of the blast furnace. and Refining refining, any of various processes for separating impurities from crude or semifinished materials. It includes the finer processes of metallurgy, the fractional distillation of petroleum into its commercial products, and the purifying of cane, beet, and maple sugar 751 15,369 16,120 ______ ______ ______ Net Revenues (percent) 62,420 83 13,197 17 75,617 Mining Expenses 35,391 10,142 45,533 Exploration 2,979 - 2,979 Administration and Other 4,924 290 5,214 ______ ______ ______ 43,294 10,432 53,726 ______ ______ ______ Cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses 19,126 87 2,765 13 21,891 Per share ($) 0.32 0.04 0.36 Investment 11,710 12,870 24,580 First nine months 1996 Gold(1) Metals(2) Total $000 $000 $000 (percent) (percent) Gross Revenues 154,863 71,540 226,403 Less: Smelting and Refining 1,722 35,794 37,516 _______ ______ _______ Net Revenues 153,141 81 35,746 19 188,887 Mining Expenses 92,404 27,800 120,204 Exploration 6,833 - 6,833 Administration and Other 13,630 765 14,395 _______ ______ _______ 112,867 28,565 141,432 _______ ______ _______ Cash flow from operations 40,274 85 7,181 15 47,455 Per share ($) 0.69 0.12 0.81 Investment 42,765 48,495 91,260 Property, plant and equipment Producing 330,060 154,801 484,861 Project 29,667 95,168 124,835 _______ _______ _______ 359,727 249,969 609,696
(1) Gold includes silver converted to gold equivalent
(7,487 ounces or 2 percent - year-to-date - YTD)
(2) Metals include zinc (48 percent YTD), copper (21
percent YTD) and ferroniobium (31 percent YTD). For the
Bouchard-Hebert and Langlois mines, the revenues and mining
expenses are calculated on a pro rata of Net Smelter Return basis.
CAMBIOR INC. GOLD PRODUCTION STATISTICS(1) Third Quarter ended First nine months September 30, ended September 30, 1996 1995 1996 1995 Omai (100 percent) (ounces) (2) 76,926 40,640 162,117 175,080 Tonnage TONNAGE, mar. law. The capacity of a ship or vessel. 2. The act of congress of March 2, 1799, s. 64, 1 Story's L. U. S. 630, directs that to ascertain the tonnage of any ship or vessel, the surveyor, &c. milled (t) 1,679,890 655,674 3,565,505 3,041,203 Tonnes per day (tpd) 18,286 13,113 14,856 13,223 Grade milled (g Au/t) 1.6 1.9 1.6 1.9 Recovery (percent) 92 91 90 91 Hard Rock (percent) 60 48 53 47 Direct mining costs/tonne milled 11.10 13.31 12.41 12.88 Direct mining costs/oz 233 215 261 224 Depreciation/depletion /amortization/oz 72 88 70 71 ________________________________________ Doyon (50 percent) (ounces) (3) 26,840 24,702 78,062 79,842 Tonnage milled (t) 151,624 148,299 426,137 445,007 Grade milled (g Au/t) 5.9 5.5 6.0 5.8 Recovery (percent) 94 96 95 96 Direct mining costs/tonne 40 42 38 39 Direct mining costs/oz 238 250 218 217 Depreciation/depletion /amortization/oz 54 54 53 51 ________________________________________ Rouyn-Noranda Rouyn-Noranda (r  `ĭn nərăn`də, Fr. răN`), city (1991 pop. 26,448), extreme SW Que., Canada. Division (ounces) 11,621 12,531 34,640
30,122 Direct mining costs/oz 311 289 341 302
Depreciation/depletion /amortization/oz 185 130 146
132
________________________________________ Chimo The term Chimo was widely used at one point in the Inuktitut language, which is spoken by the Inuit in northern Canada. According to folklore, when two people met on the Arctic tundra, they rubbed their chests in a circular motion and said, "Chimo" , meaning "Are you (ounces)(4) 10,297 9,367 25,592 23,356 Direct mining costs/oz 184 363 268 408 Depreciation/depletion /amortization/oz 314 149 269 148 ________________________________________ Sleeping Giant Sleeping Giant may refer to: In geology:
________________________________________ Valdez Valdez (văldēz`), city (1990 pop. 4,068), Valdez-Chitina-Whittier census div., S Alaska, at the head of Valdez Arm inside Prince William Sound; inc. 1901. It has tourist, mining, and fishing industries, as well as salmon spawning grounds. Creek Placer (ounces) - 12,810 - 32,750 Direct mining costs/oz - 909 - 749 ________________________________________ Bouchard-Hebert/Langlois (5) (ounces) 13,603 6,297 27,176 19,169 Direct mining costs/oz (pro rata [Latin, Proportionately.] A phrase that describes a division made according to a certain rate, percentage, or share. In a Bankruptcy case, when the debtor is insolvent, creditors generally agree to accept a pro rata share of what is owed to them. ) 230 188 279 190 ________________________________________ TOTAL GOLD PRODUCTION (ounces) 144,891 111,654 346,843 378,672 Direct mining costs/oz 236 320 258 281 CAMBIOR INC. CONSOLIDATED con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: GOLD PRODUCTION COSTS PER OUNCE ounce, in zoology ounce, in zoology: see leopard. ounce, unit of measurement ounce: see English units of measurement. Third Quarter ended First nine months September 30, ended September 30, 1996 1995 1996 1995 _________________________________________ Direct mining costs 236 320 258 281 Smelting, refining and transportation 5 5 5 4 By-product by·prod·uct or by-prod·uct n. 1. Something produced in the making of something else. 2. A secondary result; a side effect. by-product Noun 1. credits (1) (1) (1) (1) _________________________________________ Cash operating cost 240 324 262 284 Royalties Not to be confused with Royal family. Royalties (sometimes, running royalties) are usage-based payments made by one party (the "licensee") to another (the "licensor") for ongoing use of an asset, most typically an intellectual property (IP) right. 11 11 10 12 _________________________________________ Total cash cost 251 335 272 296 Depreciation and amortization 93 77 88 67 Reclamation Reclamation A claim for the right to return or the right to demand the return of a security that has been previously accepted as a result of bad delivery or other irregularities in the delivery and settlement process. 4 - 5 2 _________________________________________ Total production cost 348 412 365 365 _________________________________________ METAL PRODUCTION DATA Bouchard-Hebert Tonnage milled (t) 240,602 161,036 617,825 456,851 Zinc (tonnes) in concentrate 7,493 4,976 17,383 19,383 Copper (tonnes) in concentrate 2,051 2,129 4,713 3,872 NSR NSR abbr. normal sinus rhythm NSR Normal sinus rhythm, see there Revenue ($ per tonne tonne measure of weight or mass; 1 tonne=1000 kg. See also ton. ) 41 55 36 52 _________________________________________ Direct mining costs ($ per tonne) 23 27 25 26 Depreciation and amortization ($ per tonne) 5 6 5 6 ________________________________________ Total production costs 28 33 30 32 _________________________________________ Langlois (6) Tonnage milled (t) 170,521 - 459,012 - Zinc (tonnes) in concentrate 11,264 - 28,473 - Copper (tonnes) in concentrate 574 - 1,451 - NSR Revenue ($ per tonne) 30 - 31 - _________________________________________ Direct mining costs ($ per tonne) 31 - 31 - Depreciation and amortization ($ per tonne) 9 - 9 - _________________________________________ Total production costs 40 - 40 - _________________________________________ Niobec (50 percent) Ferroniobium (kg Nb) 272,938 287,966 839,653 810,140
(1) Since second quarter 1996, Cambior's gold production
costs have been in accordance with the recently published Gold
Institute Production Gold Standard.
(2) Omai was shut down due to a tailings dam failure on
August 19, 1995. Operations resumed on February 4, 1996.
(3) The Doyon mine was affected by an 8-week strike in
second quarter 1996.
(4) As expected, mining activities at the Chimo mine will
cease in the last quarter of 1996.
(5) Gold and silver produced at Bouchard-Hebert and
Langlois are reported in gold equivalent and costs are reported on
a pro-rata of Net Smelter Revenues basis.
(6) The Langlois mine (formerly known as Grevet) started
commercial production in the first quarter of 1996.
CONTACT: Cambior Inc. Henry A. Roy Roy, city (1990 pop. 24,603), Weber co., N Utah, near Great Salt Lake; settled by Mormons 1877, inc. 1937. Computer equipment is manufactured, and many residents work at nearby Hill Air Force Base. , 514/878-3461 514/878-4608 (FAX) INTERNET: http://www.cambior.com E-mail: info@cambior.com or Cambior Inc. Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. LaValliere Noun 1. lavalliere - jeweled pendant worn on a chain around the neck lavalier, lavaliere pendant, pendent - an adornment that hangs from a piece of jewelry (necklace or earring) , 514/878-1282 514/878-3324 (FAX) INTERNET: http://www.cambior.com E-mail: info@cambior.com or Cambior Inc. Victoria Putnam Put·nam , Israel 1718-1790. American soldier active in the French and Indian War and the Revolutionary War. During the Battle of Bunker Hill (June 17, 1775), he supposedly issued the order, "Don't one of you shoot until you see the whites of their , 514/878-3166 514/878-0635 (FAX) INTERNET: http://www.cambior.com E-mail: info@cambior.com |
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