Crown Announces Third Quarter Results.DENVER--(BUSINESS WIRE)--Nov. 9, 1999-- Crown Resources Corporation today reported a net loss of $398,000, or $0.03 per share, for the third quarter of 1999 compared with a net loss of $593,000, or $0.04 per share, for the third quarter of 1998. The Company reported a net loss of $1,716,000 or $0.12 per share for the nine months ended September September: see month. 30, 1999, compared to a net loss of $1,474,000 or $0.10 per share for the same period last year. The improvement in the current quarter was primarily the result of the Company's decision to writedown writedown A reduction in the value of an asset carried on a firm's financial statements. For example, the firm's accountants, believing the inventory is overvalued, may decide to take a writedown by reducing inventory valuation. $478,000 of its exploration properties in the prior year quarter. In addition, a non-cash deferred tax benefit of $640,000 was recorded during the nine months of 1998 which reduced the net loss in the prior year. A valuation allowance has been provided for all changes in deferred taxes during 1999 and accordingly, there are no deferred tax benefits in the current year. During the nine months ended September 30, 1999, the Company spent $948,000 for mineral property additions, of which $506,000 related to exploration activities on its projects in South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. , which are held through its 57.2 percent-owned subsidiary, 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. Solitario also received payments of $118,000 during the first nine months of 1999 compared to $354,000 in 1998 from Cominco Ltd. related to its joint venture of the Bongara zinc zinc, metallic chemical element; symbol Zn; at. no. 30; at. wt. 65.38; m.p. 419.58°C;; b.p. 907°C;; sp. gr. 7.133 at 25°C;; valence +2. Zinc is a lustrous bluish-white metal. It is found in Group 12 of the periodic table. project in Peru. As of September 30, 1999, the Company had cash and working capital of $5,620,000 and $5,584,000, respectively. Crown is listed on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on National Market 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) September 30, December 31,
1999 1998
Assets
Cash and cash equivalents $ 5,620 $ 8,136
Other current assets 227 215
Mineral properties, net 27,886 27,532
Other assets 470 617
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Total Assets $34,203 $36,500
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Liabilities and Stockholders' Equity
Current liabilities $ 263 $ 512
Long-term liabilities 15,000 15,000
Minority interest 3,521 3,806
Stockholders' equity 15,419 17,182
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Total Liabilities and
Stockholders' Equity $34,203 $36,500
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended Nine months ended
(in thousands, except September 30, September 30,
per share amounts) 1999 1998 1999 1998
Revenues $ 92 $ 162 $ 330 $ 475
----- ----- ----- ------
Costs and expenses:
Depreciation, depletion
and amortization 13 19 51 88
General and administrative 273 328 1,075 1,207
Interest expense 243 243 728 728
Abandonments - 478 474 676
Other, net (3) - 3 (14)
----- ----- ------ -----
526 1,068 2,331 2,685
----- ----- ------ -----
Loss before income taxes and
minority interest (434) (906) (2,001) (2,210)
Income tax benefit - (272) - (640)
----- ----- ----- -----
Loss before minority interest (434) (634) (2,001) (1,570)
Minority interest in loss of
subsidiary 36 41 285 96
----- ----- ----- -----
Net loss $ (398) $ (593) $(1,716) $(1,474)
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Basic and diluted loss per
common equivalent share $ (0.03) $ (0.04) $ (0.12) $ (0.10)
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Weighted average shares
outstanding 14,533 14,521 14,533 14,285
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CROWN RESOURCES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine months ended September 30,
(in thousands) 1999 1998
----- -----
Operating activities:
Net loss $(1,716) $(1,474)
Adjustments:
Depreciation, depletion & amortization 127 165
Deferred income taxes - (640)
Abandonment of mining claims and leases 474 676
Other (533) (363)
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Net cash used in operating activities (1,648) (1,636)
Investing activities:
Additions to mineral properties (948) (1,230)
Receipts on mineral property transactions 120 464
Other (40) (29)
----- -----
Net cash used in investing activities (868) (795)
----- -----
Financing activities:
Common stock issued under options - 495
Issuance of common stock in private placement - 4,600
----- -----
Net cash provided by financing activities - 5,095
Net decrease (increase) in cash and
cash equivalents (2,516) 2,664
Cash and cash equivalents, beginning of period 8,136 5,857
----- -----
Cash and cash equivalents, end of period $ 5,620 $ 8,521
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