Coeur d'Alene Mines reports third quarter, nine months profits.maintaining its record pace of gold production through three quarters of 1995, 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. 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. ) today reported third quarter net income of $2 million, or $0.13 per share ($0.12 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 net income of $1.6 million, or $0.11 per share, for the same period a year ago. Total revenues for the third quarter were $29 million, a 12 percent increase from the third quarter of 1994. Included in the 1995 results was a gain of $3.2 million from the sale of gold and silver pursuant to fixed price forward contracts. In the transaction, a total of 2.5 million ounces of silver and 67,001 ounces of gold were sold at an average price of $6.04 per ounce ounce, in zoology ounce, in zoology: see leopard. ounce, unit of measurement ounce: see English units of measurement. of silver and $403.51 per ounce of gold. For the nine-month period ending Sept. 30, 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 earnings of $2.3 million, or $0.15 per share, compared to a loss of $2.3 million, or $0.15 per share, for the same period in 1994. Nine month revenues were $75 million, compared to $69.5 million for the comparable period in 1994. Included in this years nine months results was $2.4 million of 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. and the related sale of certain non-mining assets. 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 in the first nine months of 1995 was $11 million, an increase of 182 percent over the $3.9 million operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. in the same period last year. Total gold production for the third quarter 1995 was 43,791 ounces, the most gold ounces ever produced in a quarter by the Company and a 41 percent increase from the same period a year ago. Average gold prices during the quarter were $384.31 per ounce compared to average gold prices of $385.81 for the third quarter of 1994. For the first nine months of this year, gold production was 122,184 ounces, up 30 percent from the same period in 1994 and also a company record for such a nine-month period. Silver production was 1.9 million ounces during the third quarter of this year, up 18 percent from the same period a year ago. During the third quarter, silver prices averaged $5.33 per ounce, compared to $5.34 for the same period a year ago. For the first nine months, Company-wide silver production was 5.1 million ounces, an increase of 13 percent over the same period in 1994. Fachinal gold/silver mine begins production In October October: see month. of this year, initial operations began at Coeurs 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. . The addition of Fachinal is expected to elevate el·e·vate tr.v. ele·vat·ed, ele·vat·ing, ele·vates 1. To move (something) to a higher place or position from a lower one; lift. 2. To increase the amplitude, intensity, or volume of. 3. Company-wide production levels to over 200,000 ounces of gold and more than eight million ounces of silver annually. Rochester Rochester (rŏch`ĕstər, –ĭstər). 1 City (1990 pop. 70,745), seat of Olmsted co., SE Minn.; inc. 1858. production higher, costs reduced Both gold and silver production increased at Coeurs Rochester mine in the third quarter over the comparable period a year ago, with lowered costs during the 1995 period. Rochester produced 15,129 ounces of gold in the third quarter, a five percent increase over the previous third quarter gold production of 14,395 ounces. The 1,785,596 ounces of silver produced in the quarter was an increase of 17 percent over the year-earlier third quarter production of 1,527,082 ounces. Cash operating costs operating costs npl → gastos mpl operacionales continued to decline over the course of the year at Rochester. In the third quarter, cash costs were $3.29 per ounce of silver equivalent, a reduction from $3.43 per ounce in the same period the previous year. Full costs were $3.87 per ounce of silver equivalent during the third quarter 1995. Rochester is being prepared for an anticipated 37 percent increase in gold production next year. Golden Cross boosts gold production Higher gold grades continued to be experienced in the underground mine at Coeurs 80 percent-owned 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. , which produced 23,008 ounces of gold during the quarter, a 38 percent increase over the 16,730 ounces produced during the same period the previous year. The mine also produced 70,537 ounces of silver in the third quarter, a 27 percent increase over the 55,497 ounces of silver produced in the same period a year ago. Cash operating costs at Golden Cross continued to remain significantly lower than the previous year. For the first nine months of 1995, cash costs stood at $219.07 per ounce, a 16 percent reduction from the same period last year. Full costs for the nine month period were $300.92 per ounce. El Bronce production levels increase Production levels continued to increase at El Bronce, which at the end of the third quarter completed its first full year under Coeurs 51 percent operating control. In the third quarter, El Bronce produced 5,654 ounces of gold and 17,472 ounces of silver. Cash operating costs were $334.21 per ounce of gold during the quarter, and full costs were $361.05. Infrastructure improvements continue to be made at El Bronce, with a first phase of gold production increases anticipated through 1996. 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 gold project agreement reached Late in the third quarter, an innovative agreement was reached at Coeurs 100 percent-owned Kensington gold 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 whereby the Company joined with 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 and the Alaska Department of Environmental Conservation, which should facilitate issuance of draft permits in December December: see month. 1995, and final permits in the second quarter of 1996. -0- Operating Highlights
Three Months Nine Months
Ended Sept. 30, Ended Sept. 30,
1995 1994 1995 1994
ROCHESTER MINE Gold ozs. 15,129 14,395 42,373 42,088 Silver ozs. 1,785,596 1,527,082 4,797,883 4,348,490 Cash Costs per oz./silver $3.29 $3.43 $3.70 $3.58 Full Costs per oz./silver $3.87 $4.03 $4.33 $4.17 GOLDEN CROSS MINE Gold ozs. 23,008 16,730 64,000 52,137 Silver ozs. 70,537 55,497 228,302 163,667 Cash Costs per oz./gold $222.27 $245.25 $219.07 $26l.85 Full Costs per oz./gold $301.34 $329.17 $300.92 $374.00 EL BRONCE MINE Gold ozs. 5,654 N/A 15,811 N/A Silver ozs. 17,472 N/A 56,051 N/A Cash Costs per oz./gold $334.21 N/A $314.23 N/A Full Costs per oz./gold $361.05 N/A $339.75 N/A CONSOLIDATED TOTALS Gold ozs. 43,791 31,125 122,184 94,225 Silver ozs. 1,873,605 1,582,579 5,082,236 4,512,157 AVERAGE METALS PRICES Gold ozs. $384.31 $385.81 $383.78 $383.85 Silver ozs. $5.33 $5.34 $5.17 $5.33
UNAUDITED
COEUR D'ALENE MINES CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS Sept. 30, Dec. 31,
1995 1994
CURRENT ASSETS
Cash and cash equivalents $ 16,884,184 $ 14,707,278
Short-term investments 67,871,455 128,112,407
Receivables 13,059,169 7,677,269
Refundable income taxes 2,154,188 3,435,649
Inventories 32,182,467 34,215,127
Total Current Assets 132,151,463 188,147,730
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment 118,429,571 83,872,789
Less accumulated depreciation 41,297,578 37,394,296
77,131,993 46,478,493
MINING PROPERTIES
Operational mining properties 112,244,563 102,571,977
Less accumulated depletion 36,926,951 38,162,432
75,317,612 64,409,545
Developmental properties 147,628,771 95,896,774
222,946,383 160,306,319
NET ASSETS OF DISCONTINUED OPERATIONS 159,501 6,000,741
OTHER ASSETS
Funds held in escrow 2,270,695 2,270,695
Notes receivable 4,800,000
Debt issuance costs, net of
accumulated amortization 7,531,318 8,240,209
Other 660,827 917,206
15,262,840 11,428,110
$447,652,180 $412,361,393
UNAUDITED
COEUR D'ALENE MINES CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDER'S
EQUITY Sept. 30, Dec. 31,
1995 1994
CURRENT LIABILITIES
Accounts payable $ 4,127,075 $ 2,289,808
Accrued liabilities 5,383,444 4,426,925
Accrued interest payable 3,700,524 4,634,961
Accrued salaries and wages 3,959,666 3,867,801
Accrued litigation settlement 800,000
Current portion of obligations
under capital leases 2,344,918 2,041,057
Total Current Liabilities 19,515,627 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 563,053 2,192,856
Other long-term liabilities 9,063,324 5,234,899
Limited recourse project
financing 23,585,552
Deferred income taxes 1,613,214 1,580,804
Total Long-Term Liabilities 259,812,143 234,008,559
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 16,657,995 at
Sept. 30, 1995 and 16,633,163
at Dec. 31, 1994 (including
1,059,211 shares held as
treasury stock) 16,657,995 16,633,163
Capital surplus 180,937,624 182,881,071
Accumulated deficit (14,772,272) (17,043,506)
Repurchased and nonvested
shares (13,284,542) (13,358,309)
Unrealized losses on
short-term investment
securities (1,214,395) (8,820,137)
168,324,410 160,292,282
$447,652,180 $412,361,393
UNAUDITED
COEUR D'ALENE MINES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
3 Months Ended
Sept. 30
1995 1994
INCOME
From mine operations:
Sales of concentrates
and dore' $ 24,802,562 $ 20,666,805
Less cost of mine
operations 19,151,171 16,409,187
Gross profits 5,651,391 4,257,618
Interest and other
income 4,218,048 5,167,819
Total income 9,869,439 9,425,437
EXPENSES
Administrative 843,928 1,008,236
Accounting and legal 348,019 360,835
General corporate 1,496,117 1,330,023
Mining exploration 1,528,659 913,384
Idle facilities 356,944 385,541
Interest 2,177,444 3,057,175
Litigation settlement _____________ 976,028
Total expenses 6,751,111 8,031,222
Net Income (loss) from continuing operations before taxes 3,118,328 1,394,215 Provision (Benefit) for income taxes 1,079,330 (30,072) Net Income (loss) from continuing operations 2,038,998 1,424,287 Income from discontinued operations (net of taxes) 218,607 NET INCOME (LOSS) $ 2,038,998 $ 1,642,894
UNAUDITED
9 Months Ended
Sept. 30
1995 1994
INCOME
From mine operations:
Sales of concentrates
and dore' $ 66,314,276 $ 60,340,300
Less cost of mine
operations 53,123,291 50,234,680
Gross profits 13,190,985 10,105,620
Interest and other
income 8,665,464 9,206,348
Total income 21,856,449 19,311,968
EXPENSES
Administrative 2,809,606 3,549,307
Accounting and legal 1,204,689 1,216,760
General corporate 4,697,307 4,076,936
Mining exploration 3,521,343 2,864,894
Idle facilities 1,481,244 1,213,285
Interest 7,794,214 8,497,293
Litigation settlement _____________ 976,028
Total expenses 21,508,403 22,394,503
Net Income (loss) from continuing operations before taxes 348,046 (3,082,535) Provision (Benefit) for income taxes 437,009 (226,932) Net Income (loss) from continuing operations (88,963) (2,855,603) Income from discontinued operations (net of taxes) 2,360,196 566,399 NET INCOME (LOSS) $ 2,271,233 $ (2,289,204)
UNAUDITED
COEUR D'ALENE MINES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
3 Months Ended
Sept. 30
1995 1994
EARNINGS PER SHARE DATA
Primary Earnings per share:
Weighted average number
of shares of Common
Stock outstanding 15,612,879 15,403,346
Income (loss) per share
from continuing
operations $ .13 $ .10
Income per share from
discontinued operations .01
NET INCOME (LOSS) PER SHARE $ .13 $ .11
Fully Diluted Earnings Per Share:
Weighted average number
of shares of Common
Stock outstanding 26,314,903
Income (Loss) per share
from continuing
operations $ .12
Income per share from
discontinued operations .00
NET INCOME(LOSS) PER SHARE $ .12
Cash dividends per share
UNAUDITED
COEUR D'ALENE MINES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
9 Months Ended
Sept. 30
1995 1994
EARNINGS PER SHARE DATA
Primary Earnings per share:
Weighted average number
of shares of Common
Stock outstanding 15,602,007 15,365,817
Income (loss) per share
from continuing
operations $ .00 $ (.19)
Income per share from
discontinued operations .15 .04
NET INCOME (LOSS) PER SHARE $ .15 $ (.15)
Fully Diluted Earnings Per Share:
Weighted average number
of shares of Common
Stock outstanding
Income (Loss) per share
from continuing
operations
Income per share from
discontinued operations
NET INCOME(LOSS) PER SHARE
Cash dividends per share $ 0.15 $ 0.15
UNAUDITED
COEUR D'ALENE MINES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the nine months ended September 30, 1995 and 1994
CASH FLOWS FROM OPERATING ACTIVITIES 1995 1994
Net loss $ (88,963) $ (2,855,603)
Add (less) noncash items:
Depreciation, depletion and
amortization 12,767,290 13,411,701
Deferred income taxes (1,541,054) (630,107)
Loss on disposition
of fixed assets 272,610 (303,095)
Gain on foreign currency
transactions (35,859) (1,357,379)
(Gain) loss on disposition
of securities 877,574 (1,924,177)
Provision for litigation settlement 976,028
Changes in operating assets and
liabilities:
Accounts receivable (3,201,111) (3,274,433)
Inventories 2,032,660 (300,618)
Accounts payable and
accrued liabilities 279,568 (2,334,922)
Interest payable (934,437) 1,602,344
10,428,278 3,009,739
Income from discontinued operations 2,360,196 566,399
Add (less) noncash items:
Depreciation, depletion and
amortization 85,381 212,338
Gain on disposition of
discontinued operations (3,877,636)
Deferred income taxes 1,573,464 377,599
Change in operating assets and
liabilities:
Accounts receivable 601,242 (84,770)
Inventories (30,661) (256,388)
Accounts payable and accrued
liabilities (109,218) 67,230
602,768 882,408
NET CASH PROVIDED BY
OPERATING ACTIVITIES 11,031,046 3,892,147
UNAUDITED
COEUR D'ALENE MINES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the nine months ended Sept. 30, 1995 and 1994
1995 1994
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant,
and equipment $ (2,912,531) $ (5,358,097)
Purchase of short-term
investments (2,423,374) (106,498,374)
Proceeds from sale of short-term
securities 68,366,519 28,579,288
Proceeds from sale of assets 639,906 298,754
Proceeds from sale of
discontinued operations 3,133,133
Expenditures on operational
mining properties (14,888,961) (6,020,748)
Expenditures on developmental
properties (80,302,054) (7,257,743)
Proceeds from other assets (636,599) 460,247
NET CASH USED IN INVESTING
ACTIVITIES (29,023,961) (95,796,673)
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from offering of
6 3/8%
Convertible Subordinated
Debentures 95,513,842
Proceeds from project
financing 23,585,552
Retirement of obligations
under capital
leases (1,516,985) (1,411,977)
Payment of cash dividend (2,339,376) (2,303,194)
NET CASH PROVIDED BY
FINANCING ACTIVITIES 19,729,191 91,798,671
INCREASE (DECREASE) IN
CASH AND CASH
EQUIVALENTS 1,736,276 (105,855)
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
$ 15,147,908 $ 14,678,097
Cash and cash equivalents at
end of year:
Relating to continuing
operations 16,884,184 13,994,197
Relating to discontinued
operations 578,045
$ 16,884,184 $ 14,572,242
CONTACT: Coeur d'Alene Mines Anthony R. Ebersole Ebersole may refer to:
This page or section lists people with the surname Ebersole , 208/667-3511 |
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