Coeur d'Alene Mines Reports Third Quarter/Nine Month Results.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)--Nov. 11, 1997--Coeur d'Alene Mines Corporation (NYSE NYSE See: New York Stock Exchange :CDE (1) (Computer Desktop Encyclopedia) What you are reading at this very moment. See About this product. (2) (Common Desktop Environment) A user interface for desktop computing from The Open Group. ) reported record quarterly gold and silver production during the three months ended September September: see month. 30, 1997. Gold production in the quarter rose 41% to 79,192 ounces, compared to 56,138 ounces during the prior year's third quarter. Silver production in the third quarter of 1997 increased 21% to 2,933,077 ounces, compared to 2,432,794 ounces produced in the same period a year ago. 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 a net loss of $6.3 million, or $0.29 per primary share, and a net loss of $8.9 million attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to common shareholders, or $0.41 per share, for the third quarter of 1997 compared with net income of $1.9 million, or $0.09 per primary share (net income of $0.06 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), and a net loss of $0.8 million attributable to common shareholders, or $0.03 per share, for the third quarter of 1996. Silver and gold prices averaged $4.53 and $323.65 per ounce ounce, in zoology ounce, in zoology: see leopard. ounce, unit of measurement ounce: see English units of measurement. , respectively, in the third quarter of 1997 compared with $5.05 and $384.65 per ounce, respectively, in the third quarter of 1996. Average realized prices during the quarter were $4.57 per ounce of silver and $333.41 per ounce of gold. These prices are 10% and 15% lower, respectively, than the average prices realized during the same period last year. For the first nine months of 1997, Coeur produced 213,209 ounces of gold and 8,191,932 ounces of silver, which represent 46% and 22% increases, respectively, over the same period a year ago. The Company reported a net loss of $8.3 million, or $0.38 per share, for the first nine months of 1997 compared to a net loss of $54.9 million, or $2.57 per share, for the first nine months of 1996. After dividends to preferred shareholders, the loss attributable to common shareholders for the first nine months of 1997 amounted to $16.2 million, or $0.74 per share, compared to a net loss of $60.6 million, or $2.84 per share during the first nine months of 1996. The 1996 nine month period included the second quarter write down of the Golden Cross Mine of $53 million. Silver and gold prices averaged $4.77 and $339.28 per ounce, respectively, in the first nine months of 1997 compared with $5.29 and $391.60 per ounce, respectively, in the 1996 comparable period. Average realized prices for the first nine months of 1997 were $4.75 per ounce of silver and $343.87 per ounce of gold. For the first nine months of 1996, average realized prices were $5.32 per ounce of silver and $395.68 per ounce of gold. Rochester Rochester (rŏch`ĕstər, –ĭstər). 1 City (1990 pop. 70,745), seat of Olmsted co., SE Minn.; inc. 1858. Mine - Nevada Nevada (nəvăd`ə, –vä–), far western state of the United States. It is bordered by Utah (E), Arizona (SE), California (SW, W), and Oregon and Idaho (N). Gold production at Rochester increased 36% during the third quarter from the year ago period to 27,359 ounces, up from 20,145 ounces during the third quarter of 1996. Silver production increased 17% during the third quarter of 1997 to 1,811,415 ounces compared to 1,542,188 ounces produced during the third quarter of 1996. Cash costs during the third quarter of 1997 were $3.49 per silver equivalent ounce, while full costs during the third quarter were $4.04 per silver equivalent ounce. This compares to cash costs of $3.32 per silver equivalent ounce and full costs of $3.84 per silver equivalent ounce during the third quarter of 1996. For the first nine months of 1997, Rochester produced 65,398 ounces of gold and 5,023,757 ounces of silver. These production statistics compare to 51,659 ounces of gold and 4,483,700 ounces of silver during the first nine months of 1996. Cash costs during the first nine months of 1997 were $3.74 per silver equivalent ounce compared to $3.56 per silver equivalent ounce during the same period a year ago. Full costs were $4.34 per silver equivalent ounce during the first nine months of 1997, which compares to full costs of $4.11 per silver equivalent ounce during the same period a year ago. Due to higher grade ore ore, metal-bearing mineral mass that can be profitably mined. Nearly all rock deposits contain some metallic minerals, but in many cases the concentration of metal is too low to justify mining the ore. being placed on the leach leach v. leached, leach·ing, leach·es v.tr. 1. To remove soluble or other constituents from by the action of a percolating liquid. 2. pads earlier this year, gold production at Rochester is now expected to exceed the target of 84,000 ounces by year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. , while silver production continues to exceed budgeted levels by over one million ounces. El Bronce Mine - 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. Despite a two-week closure during August due to heavy rains and flooding Refers to various denial-of-service techniques that saturate a critical resource, leading either to system failure or to the exclusion of legitimate access. See e-mail bombing, Fraggle attack, smurf attack and SYN-flood attack. , cash costs per ounce of gold decreased $22 per ounce during the third quarter from the second quarter of 1997. However, costs continue to remain high at El Bronce primarily because of lower grades which are due to narrower veins in the area currently being mined. A feasibility study "A Feasibility Study" is an episode of the original The Outer Limits television show. It first aired on 13 April, 1964, during the first season. It was remade in 1997 as part of the revived The Outer Limits series with a minor title change. is being prepared to evaluate the possible incorporation of the adjacent Boton de Oro's mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. into El Bronce's operations. This study is expected to be completed during the fourth quarter of 1997. During the third quarter of 1997, El Bronce produced 12,816 ounces of gold compared to 9,305 ounces in the year earlier period. Cash costs averaged $314.74 per ounce during the third quarter of 1997, which compares to cash costs of $294.31 during the third quarter of 1996. Full costs were $376.41 per ounce during the three months ended September 30, 1997, compared to $320.02 per ounce during the prior year's comparable period. For the first nine months of 1997, El Bronce produced 36,398 ounces of gold at an average cash cost of $335.58 per ounce. This compares to 22,496 ounces of gold produced during the first nine months of 1996 at an average cash cost of $296.84 per ounce. Full costs were $397.57 per ounce during the nine months ended September 30, 1997, compared to $322.55 per ounce during the prior year's comparable period. As part of Coeur's on-going Adj. 1. on-going - currently happening; "an ongoing economic crisis" ongoing current - occurring in or belonging to the present time; "current events"; "the current topic"; "current negotiations"; "current psychoanalytic theories"; "the ship's current position" cost initiatives at El Bronce, the company has decided to modify the existing 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. facilities to allow for production of dore on-site on-site adj. Done or located at the site, as of a particular activity: on-site monitoring of a production run; an on-site film shoot. . As a result, the mine will no longer be required to ship the product off-site off-site adj. Taking place or located away from the site, as of a particular activity: an off-site waste treatment operation. off for additional 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. . This change is anticipated to be completed during the third quarter of 1998 and is expected to generate cost savings of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. one million dollars per year, or approximately $20 per ounce of gold. Fachinal Mine - Chile On January January: see month. 1, 1997, the Fachinal Mine was classified as an operating property for accounting purposes. During the third quarter of 1997, gold production increased to 6,763 ounces, 34% higher than 1996 third quarter gold production of 5,039 ounces. Silver production was 487,256 ounces during the third quarter of 1997 compared to 496,266 ounces during the third quarter of 1996. Cash and full costs averaged $389.81 and $593.07 per gold equivalent ounce, respectively, during the third quarter of 1997. For the nine months ended September 30, 1997, Fachinal produced 23,417 ounces of gold and 1,581,125 ounces of silver at an average cash cost of $350.21 per gold equivalent ounce and an average full cost of $529.19 per gold equivalent ounce. During the first nine months of 1996, Fachinal produced 16,871 ounces of gold and 1,564,261 ounces of silver. Operating costs operating costs npl → gastos mpl operacionales were 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. during 1996 because Fachinal was in a pre-commercial phase. Since the beginning of 1997 reserves at Fachinal have increased 56,000 ounces. Furthermore, reserves have increased 35,000 ounces, net of production, since mining began in October October: see month. 1995. Due to its higher grades, the nearby Furioso fu·ri·o·so adv. & adj. Music In a tempestuous and vigorous manner. Used chiefly as a direction. [Italian, from Latin furi property could be expected to contribute to operations at Fachinal during 1998. Drilling was completed last week on the property for the internal feasibility study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. to mine the deposit. Golden Cross Mine - 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. Gold production for the third quarter was 23,123 ounces, a 42% increase from the same period a year ago. Cash costs at Golden Cross were $206.70 per ounce during the third quarter of this year compared to $329.88 per ounce during the third quarter of 1996. Full costs averaged $247.23 per ounce during the quarter ended September 30, 1997, compared to $339.70 per ounce during the prior year's comparable quarter. For the first nine months of 1997, Golden Cross produced 61,804 ounces of gold which compares to 46,441 ounces of gold produced during the first nine months of 1996. Cash costs during the first nine months of 1997 were $247.09 per ounce compared to cash costs of $378.48 per ounce during the first nine months of 1996. Full costs were $292.65 per ounce during the nine months ended September 30, 1997, compared to $424.77 per ounce during the prior year's comparable period. Costs and production at Golden Cross during 1996 were unfavorably impacted by remediation work in connection with the ground movement under the 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. area. Golden Cross remains on target to achieve production of 80,000 ounces of gold net to Coeur for 1997. As previously announced, mining is expected to cease on or about December December: see month. 19 of this year. At that time, Coeur will begin to concentrate solely on its on-going 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. and remediation efforts at Golden Cross. Yilgarn Star Mine - Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. Yilgarn Star contributed 9,131 ounces of gold production during the third quarter of 1997 and 26,192 ounces for the first nine months of 1997. Cash costs were $300.32 and $259.78 per ounce during the third quarter and nine month period ended September 30, 1997, respectively. Full costs were $475.28 and $409.22 per ounce during the third quarter and nine months ended September 30, 1997, respectively, compared to $342.62 and $351.43 per ounce during the prior year's comparable periods. The temporary shortfall Shortfall The amount by which the capital required to fulfill a financial obligation exceeds available capital. Notes: Shortfall risk is often combated with an efficient hedging strategy created by a fund, group, institution, or individual. in ore grades Ore grade is a measure that describes the concentration of a valuable natural material (such as metals or minerals) in its surrounding ore. Ore grade is used to assess the economic feasibility of a mining operation: the cost of extracting a natural material from its ore is directly which contributed to higher cash costs early in the third quarter of 1997 is expected to continue to be corrected during the fourth quarter. Cash costs during the month of September declined to $220 per ounce of gold. Silver Valley Resources - Idaho Idaho (ī`dəhō), one of the Rocky Mt. states in the NW United States. It is bordered by Montana and Wyoming (E), Utah and Nevada (S), Oregon and Washington (W), and the Canadian province of British Columbia (N). Silver Valley Resources consists of the Coeur and Galena galena (gəlē`nə) or lead glance, lustrous, blue-gray mineral crystallizing usually in cubes, sometimes in octahedrons. It is the most important ore and the principal source of lead. silver mines, the adjacent Calladay property, and four contiguous Adjacent or touching. Contrast with fragmentation. See contiguous file. properties near the Coeur and Galena Mines in the Coeur d'Alene Mining District. Coeur owns 50% of Silver Valley Resources, while Asarco Incorporated owns the other 50%. The Galena Mine started production in May. It contributed 370,420 ounces of silver production during the third quarter of 1997 at a cash cost of $3.58 and full costs of $4.64 per ounce of silver. The Coeur mine produced 164,697 ounces during the third quarter at a cash cost of $3.89 and full costs of $4.89 per ounce of silver. For the first nine months of 1997, Silver Valley Resources contributed a total of 1,296,328 ounces of silver which compares to 486,049 ounces produced during the same period a year ago, a period during which only the Coeur Mine was operating. Cash and full costs for the first nine months of 1997 were $2.79 and $3.72 per ounce, respectively, at the Coeur Mine compared to $3.67 and $4.34 per ounce, respectively, during the first nine months of 1996. Development of two higher grade vein structures, the 123 Vein and the 294 Vein, continued during the third quarter of 1997 with positive results. 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 - 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 On November November: see month. 5, Coeur announced the receipt of the City and Borough borough: see city government; county. of Juneau Juneau (j  `nō), city (1990 pop. 26,751), state capital, SE Alaska, in the Alaska Panhandle; settled by gold miners 1880, inc. 1900. Large Mine Permit for its Kensington Project. As
previously announced, the U.S. Forest Service issued a decision
approving the Supplemental Environmental Impact Statement on August 15,
1997. On October 2, 1997, a coalition of environmental organizations
filed an administrative appeal with the Forest Service challenging this
decision. Coeur believes the appeal is without merit and that the
decision will be confirmed.In addition, work on an optimization optimization Field of applied mathematics whose principles and methods are used to solve quantitative problems in disciplines including physics, biology, engineering, and economics. study designed to reduce capital and operating costs continues and is expected to be completed during the fourth quarter of 1997. A decision by Coeur to proceed with the construction of the project is subject to an increase in the price of gold and the receipt of the remaining required permits. The company expects the remaining key permits necessary to construct the project to be completed by the end of the year. Once a construction decision is made, there will be an eighteen-month construction phase, after which Kensington would be expected to produce approximately 200,000 ounces of gold per year over the initial ten-year life of the mine. -0- This press release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the company's gold and silver mining business, including estimated production data, expected operating schedules and other operating data. Actual production, operating schedules and results of operations could differ materially from those projected in the forward-looking statements. The factors that could cause actual results to differ materially from those projected in the forward- looking statements are reported in the Company's Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended September 30, 1997, as filed with the Securities and Exchange Commission. Readers are cautioned not to put undue reliance on forward-looking statements. The Company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise. To receive your copy of the complete Quarterly Report, contact: Mitchell Mitchell, city (1990 pop. 13,798), seat of Davison co., SE S.Dak.; inc. 1881. Mitchell is a trade, distribution, and shipping center for a dairy and livestock area. J. Krebs Krebs , Sir Hans Adolf 1900-1981. German-born British biochemist who discovered (1936) the Krebs cycle. He shared a 1953 Nobel Prize for investigations into metabolic processes. Manager of Investor Relations Investor relations The process by which the corporation communicates with its investors. Coeur d'Alene Mines Corporation 505 Front Street, P.O. Box I Coeur d'Alene, Idaho Coeur d'Alene (IPA: [kɚ də liːn]) is the county seat and largest city of Kootenai County, Idaho, United States. 83816-0316 Telephone: 208/667-3511 Facsimile: 208/667-2213 E-mail: mkrebs@coeur.com -0-
COEUR D'ALENE MINES CORPORATION
(Unaudited)
(In thousands except
per share data) Three Months Ended Nine Months Ended
September 30, September 30,
1997 1996 1997 1996
Total Revenues $ 41,471 $ 26,563 $ 117,184 $ 72,078
Total Income $ 787 $ 8,083 $ 13,926 $ 15,456
Net Income (Loss) $ (6,268) $ 1,878 $ (8,265) $(54,870)
Net Income (Loss)
attributable to
Common Shareholders $ (8,903) $ (754) $ (16,164) $(60,634)
Per Share Data:
Net Income (Loss) $ (.29) $ .09 $ (.38) $ (2.57)
Net Income (Loss)
attributable to
Common Shareholders $ (.41) $ (.03) $ (.74) $ (2.84)
Weighted average shares
Outstanding 21,891 21,893 21,891 21,327
Fully diluted earnings
per share:
Net Income (Loss) N/A(1) .06 N/A(1) N/A(1)
Weighted average shares
Outstanding N/A(1) 34,800 N/A(1) N/A(1)
(1) Effect of fully diluted earnings per share is antidilutive and is
therefore not presented.
OPERATING HIGHLIGHTS Three Months Ended Nine Months Ended
September 30 September 30
1997 1996 1997 1996
ROCHESTER MINE
Gold ozs. 27,359 20,145 65,398 51,659
Silver ozs. 1,811,415 1,542,188 5,023,757 4,483,700
Cash Costs per
oz./silver $ 3.49 $ 3.32 $ 3.74 $ 3.56
Full Costs per
oz./silver $ 4.04 $ 3.84 $ 4.34 $ 4.11
GOLDEN CROSS MINE
Gold ozs. 23,123 16,317 61,804 46,441
Silver ozs. 72,795 43,022 216,919 150,578
Cash Costs per
oz./gold $206.70 $329.88 $247.09 $378.48
Full Costs per
oz./gold $247.23 $339.70 $292.65 $424.77
FACHINAL MINE
Gold ozs. 6,763 5,039 23,417 16,871
Silver ozs. 487,256 496,266 1,581,125 1,564,261
Cash Costs per
oz./gold $389.81 N/A $350.21 N/A
Full Costs per
oz./gold $593.07 N/A $529.19 N/A
EL BRONCE MINE
Gold ozs. 12,816 9,305 36,398 22,496
Silver ozs. 26,494 20,333 73,803 48,175
Cash Costs per
oz./gold $314.74 $294.31 $335.58 $296.84
Full Costs per
oz./gold $376.41 $320.02 $397.57 $322.55
COEUR MINE
Silver ozs. 164,697 330,985 925,908 486,049
Cash Costs per
oz./silver $3.89 $2.89 $2.79 $3.67
Full Costs per
oz./silver $4.89 $3.54 $3.72 $4.34
GALENA MINE
Silver ozs. 370,420 N/A 370,420 N/A
Cash Costs per
oz./silver $ 3.58 N/A $ 4.79 N/A
Full Costs per
oz./silver $ 4.64 N/A $ 6.10 N/A
YILGARN STAR MINE
Gold ozs. 9,131 5,332 26,192 8,137
Cash Costs per
oz./gold $300.32 $254.87 $259.78 $259.46
Full Costs per
oz./gold $475.28 $342.62 $409.22 $351.43
CONSOLIDATED TOTALS
Gold ozs. 79,192 56,138 213,209 145,604
Silver ozs. 2,933,077 2,432,794 8,191,932 6,732,763
REALIZED METALS PRICES
Gold ozs. $333.41 $390.23 $343.87 $395.68
Silver ozs. $4.57 $5.05 $4.75 $5.32
UNAUDITED
COEUR D'ALENE MINES CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS September 30, December 31,
1997 1996
(In Thousands)
CURRENT ASSETS
Cash and cash equivalents $ 44,189 $ 43,455
Short-term investments 78,343 124,172
Receivables 10,354 11,573
Inventories 32,827 31,992
TOTAL CURRENT ASSETS 165,713 211,192
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment 119,343 118,993
Less accumulated depreciation 56,626 50,743
62,717 68,250
MINING PROPERTIES
Operational mining properties 239,985 171,517
Less accumulated depletion 54,469 38,264
185,516 133,253
Developmental properties 129,266 110,985
314,782 244,238
OTHER ASSETS
Investment in unconsolidated
affiliate 48,231
Notes receivable 8,490 4,000
Debt issuance costs,
net of accumulated amortization 3,474 4,081
Restricted funds 2,949
Marketable equity securities
and other 1,988 338
16,901 56,650
$560,113 $580,330
UNAUDITED
COEUR D'ALENE MINES CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
September 30, December 31,
LIABILITIES AND SHAREHOLDERS' EQUITY 1997 1996
(In Thousands)
CURRENT LIABILITIES
Accounts payable $ 4,350 $ 4,327
Accrued liabilities 6,531 4,976
Accrued interest payable 3,027 4,968
Accrued salaries and wages 5,908 5,242
Bank loans 8,898 8,021
Current portion of remediation
costs 8,500 3,500
Other current liabilities 317 532
TOTAL CURRENT LIABILITIES 37,531 31,566
LONG-TERM LIABILITIES
6% subordinated convertible
debentures 49,840 49,840
6 3/8% subordinated convertible
debentures 95,000 100,000
Long-term borrowings 41,059 39,900
Deferred income taxes 3,138
Other long-term liabilities 4,438 12,826
TOTAL LONG-TERM LIABILITIES 193,475 202,566
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY
Mandatory Adjustable Redeemable
Convertible Securities (MARCS),
par value $1.00 per share, (a
class of preferred stock) -
authorized 7,500,000 shares,
7,077,833 issued and outstanding 7,078 7,078
Common Stock, par value $1.00 per
share-authorized 60,000,000
shares, issued 22,950,182 shares
(including 1,059,211 shares held
in treasury) 22,950 22,950
Capital surplus 392,280 400,187
Accumulated deficit (78,724) (70,459)
Unrealized losses on available-
for-sale securities (1,287) (352)
Repurchased and nonvested shares (13,190) (13,206)
329,107 346,198
$ 560,113 $580,330
UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS
COEUR D'ALENE MINES CORPORATION AND SUBSIDIARIES
Three Months Ended September 30, 1997 and 1996
Nine Months Ended September 30, 1997 and 1996
3 MONTHS ENDED 9 MONTHS ENDED
SEPTEMBER 30 SEPTEMBER 30
1997 1996 1997 1996
(In thousands except for per share data)
INCOME
Sale of concentrates
and dore' $ 38,628 $ 21,559 $ 96,757 $ 62,920
Less cost of mine
operations 40,684 18,480 103,258 56,622
Gross Profit (Loss) (2,056) 3,079 (6,501) 6,298
OTHER INCOME
Interest and other 2,843 5,004 20,427 9,158
Total Income 787 8,083 13,926 15,456
EXPENSES
Administration 1,016 952 3,295 3,007
Accounting and legal 449 487 1,334 1,130
General corporate 1,223 1,873 4,837 5,273
Interest 1,982 1,016 6,330 2,476
Mining exploration 2,385 2,488 6,397 5,183
Write down of mining
properties 33 54,415
Total Expenses 7,055 6,849 22,193 71,484
NET LOSS BEFORE TAXES (6,268) 1,234 (8,267) (56,028)
Income tax benefit 644 2 1,158
NET INCOME (LOSS) $ (6,268) $ 1,878 $ (8,265) $(54,870)
NET LOSS ATTRIBUTABLE
TO COMMON
SHAREHOLDERS $ (8,903) $ (754) $(16,164) $(60,634)
EARNINGS PER SHARE DATA
Earnings per share data:
Weighted average
number of shares
of Common Stock
and equivalents
used in calculation 21,891 21,893 21,891 21,327
Net Income (Loss)
Per Share $ (.29) $ .09 $ (.38) $ (2.57)
Net Loss per share
attributable
to Common Shareholders $ (.41) $ (.03) $ (.74) $ (2.84)
Fully Diluted Earnings Per Share:
Weighted average number of
shares of common stock
outstanding 34,800
Net Income Per Share $ .06
Cash dividends per share $ .15
UNAUDITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
COEUR D'ALENE MINES CORPORATION AND SUBSIDIARIES
Nine months ended September 30, 1997 and 1996
1997 1996
(In Thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $ (8,265) $ (54,870)
Add (less) noncash items:
Depreciation, depletion and amortization 24,614 9,234
(Gain) Loss on disposition of assets (170) 53,142
Other changes (439) (1,402)
CASH PROVIDED BY OPERATING ACTIVITIES BEFORE
WORKING CAPITAL CHANGES 15,740 6,104
Change in working capital:
Receivables 3,071 (360)
Inventories (485) 130
Accounts payable and accrued liabilities (6,781) (5,452)
Interest payable (1,941) (1,989)
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 9,604 (1,567)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of El Bronce (net of cash received) (14,208)
Investment in mining company (14,643) (20,057)
Purchase of property, plant, and equipment (1,678) (2,503)
Proceeds from sales of marketable securities 123,263 51,136
Purchase of short-term investments (78,582) (118,697)
Expenditures on developmental properties (9,849) (9,085)
Expenditures on operational mining properties (12,529) (25,026)
Proceeds from sale of discontinued operations 863 2,566
Other assets (2,095) 603
NET CASH PROVIDED BY (USED IN)
INVESTING ACTIVITIES 4,750 (135,271)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of preferred stock 144,626
Proceeds from bank loans 19,227
Retirement of long-term debt (4,807) (1,688)
Payment of cash dividends (7,899) (8,395)
Other (914) (206)
NET CASH PROVIDED BY (USED IN)
FINANCING ACTIVITIES (13,620) 153,564
INCREASE IN CASH AND CASH EQUIVALENTS 734 16,726
Cash and cash equivalents at beginning of year 43,455 16,485
CASH AND CASH EQUIVALENTS AT
SEPTEMBER 30, 1997 AND 1996 $ 44,189 $ 33,211
CONTACT: Coeur d'Alene Mines Corp. Mitchell Krebs, 208/667-3511 |
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