Crown Announces First-Quarter Results.Business Editors DENVER--(BUSINESS WIRE)--May 17, 2001 Crown Resources Corporation today reported a net loss of $370,000, or $0.03 per share, for the first quarter of 2001, compared with a net loss of $813,000, or $0.06 per share, for the first quarter of 2000. On October October: see month. 18, 2000, Crown's ownership percentage of Solitario For the Mexican professional wrestler, see . The Solitario is a large geologic formation in West Texas. Viewed from above, it suggests an impact crater. In fact, it is the eroded remains of a laccolith. The approximate center of the Solitario is located 56. Resources Corporation was reduced from 57.2% to 41.3% as a result of Solitario's completion of a Plan of Arrangement whereby it acquired Altoro Gold Corp. of Vancouver Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of , through the issuance of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 6.2 million shares of Solitario. Accordingly, Crown has accounted for its investment in Solitario under the equity method since October 18, 2000. Prior to that date Solitario's income, expenses and minority interest were included in the 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: Statement of Operations See Income statement. . The reduced loss for 2001 is primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to a reduction in exploration, property abandonments and general administrative expenses during the first quarter compared to the prior year. During the first quarter of 2001, Crown exchanged 100% of its shares in its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. Judith Judith [Heb.,=Jewess], early Jewish book included in the Septuagint, but not included in the Hebrew Bible, and placed in the Apocrypha of Protestant Bibles. It recounts an attack on the Jews by an army led by Holofernes, Nebuchadnezzar's general. Gold Corporation for 200,000 shares of Canyon canyon Very narrow, deep valley cut by a river through resistant rock and having steep, almost vertical sides. Canyons occur most often in arid or semiarid regions. Some canyons (e.g., the Grand Canyon) are spectacular natural features. See also submarine canyon. Resources Corporation common stock valued at $213,000, resulting in a gain on sale of $210,000. Crown's revenues during the first quarter of 2000 included $100,000 of mineral property option proceeds related to Solitario's Bongara property. Crown incurred no exploration expense during the first quarter of 2001, compared to $418,000 in 2000 as a result of the deconsolidation of Solitario and Crown's decision to terminate Terminate (terminat.exe) was a shareware modem terminal and host program for MS-DOS and compatible operating systems developed from the early to the late 1990s by the Dane Bo Bendtsen. The last release (5. its exploration program in Mexico Mexico, city, Mexico Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. . Crown recorded no property abandonments during the first quarter of 2001, compared to $59,000 during the first quarter of 2000, related to its Mexican Mexican named after or originating in Mexico. Mexican axolotl see ambystomamexicanum. Mexican beaded lizard (Heloderma horridum exploration properties. Administrative expenses were $125,000 in the current quarter, compared to $392,000 in 2000 as a result of reduced exploration activities, the deconsolidation of Solitario expenses and reduced staff and travel-related expenses in 2001. During the quarter ended March 31, 2001, the Company spent $8,000 for mineral property additions, compared to $46,000 in the first quarter of 2000. As of March 31, 2001, Crown had cash of $383,000 and a negative working capital of $14,550,000. Crown has reported it has insufficient resources to pay its $15,000,000 convertible debentures Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. which are due in August 2001. Management is seeking outside financing to raise additional funds through either borrowing arrangements or the sale of assets to facilitate payment of the debentures. Additionally, management may seek to restructure the terms of the debentures. There is no assurance that Crown will be able to raise sufficient funds or to restructure the debentures on acceptable terms. Crown is traded on the OTC bulletin board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. under the trading symbol Trading symbol See: Ticker symbol "CRRS CRRS Comprehensive Records Retention Schedule CRRS Combat Readiness Reporting System CRRS Comprehensive Risk Reduction Specialist " and on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol "CRO."
CROWN RESOURCES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands) March 31, December 31,
2001 2000
------ ------
Assets
Cash and cash equivalents $ 383 $ 971
Other current assets 217 218
Mineral properties, net 13,907 13,902
Equity in unconsolidated subsidiary 4,637 4,873
Other assets 309 131
------ ------
Total Assets $19,453 $20,095
====== ======
Liabilities and Stockholders' Equity
Accounts payable and other
current liabilities $ 150 $ 400
Convertible debentures 15,000 15,000
------ ------
Current liabilities 15,150 15,400
Stockholders' equity 4,303 4,695
------ ------
Total Liabilities and
Stockholders' Equity $19,453 $20,095
====== ======
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except Three months ended March 31,
per-share amounts) ----------------------------
2001 2000
------ ------
Revenues $ 222 $ 190
------ ------
Costs and expenses:
Exploration expense - 418
General and administrative and other 129 400
Interest expense 243 243
Abandonments - 59
------ ------
Total costs and expenses 372 1,120
------ ------
Operating loss (150) (930)
Equity in loss of unconsolidated
subsidiary (220) -
Minority interest in loss of
subsidiary - 117
------ ------
Net loss $ (370) $ (813)
====== ======
Basic and diluted loss per share $ (0.03) $ (0.06)
====== ======
Weighted average shares outstanding 14,553 14,551
====== ======
CROWN RESOURCES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands) Three months ended March 31,
2001 2000
------ ------
Operating activities:
Net loss $ (370) $ (813)
Adjustments:
Depreciation, depletion &
amortization 29 41
Abandonment of mining claims and
leases - 59
Gain on asset sales (210) (6)
Equity in loss of unconsolidated
subsidiary 220 -
Minority interest - (117)
Other (249) (135)
------ ------
Net cash used in operating
activities (580) (971)
------ ------
Investing activities:
Additions to mineral properties (8) (46)
Other - (30)
------ ------
Net cash used in investing
activities (8) (76)
------ ------
Net decrease (increase) in cash and
cash equivalents (588) (1,047)
Cash and cash equivalents, beginning of
period 971 5,174
------ ------
Cash and cash equivalents, end of
period $ 383 $ 4,127
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