Dayton Mining 1996 Results.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. , BRITISH COLUMBIA--(BUSINESS WIRE)--March 25, 1997-- Dayton Dayton, city (1990 pop. 182,044), seat of Montgomery co., SW Ohio, on the Great Miami River where it is joined by the Stillwater River; inc. 1805. It is the trade center for a fertile farm area, but is best known for its involvement with industry, invention, and Mining Corp. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , AMEX AMEX See: American Stock Exchange DAY.) Dayton Mining Corporation announces today its results for the year and the three months ended December December: see month. 31, 1996. FINANCIAL REVIEW Don MacDonald Mac·don·ald , Sir John Alexander 1815-1891. Canadian politician and the first prime minister of the Dominion of Canada (1867-1873 and 1878-1891). He is considered the organizer of the Canadian confederation, established in 1867. , Chief Financial Officer, reports gold production for the twelve and three months ended December 31, 1996 of 87,650 ounces and 22,131 ounces, respectively, with gold revenues of $45,996,000 and $11,430,000 during these periods. The Company's 100 percent owned Andacollo Andacollo is a city in the Coquimbo Region, Chile. It is located at around . Gold Mine commenced commercial operation on January January: see month. 1, 1996. Revenues from the 13,400 ounces of gold production in 1995 were credited against capital costs. 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 for the twelve and three months ended December 31, 1996 were $9,846,000 ($.28 per share) and $1,147,000 ($.03 per share) respectively. The Company had a loss of $3,409,000 ($.10 per share) for the year ended December 31, 1996 compared with a loss of $3,526,000 ($.12 per share) in 1995. In the three months ended December 31, 1996 the loss was $2,180,000 ($.07 per share) compared with a loss of $768,000 ($.03 per share) in the same period last year. At December 31, 1996 the Company's 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 consisted of 199,500 ounces of puts at US$380 per ounce ounce, in zoology ounce, in zoology: see leopard. ounce, unit of measurement ounce: see English units of measurement. with 94,200 ounces of call options at an average strike price of US$400 per ounce. This provides excellent protection against lower gold prices. OPERATIONS REVIEW Cash operating costs operating costs npl → gastos mpl operacionales were US$205 per ounce of gold for the year and US$248 per ounce in the fourth quarter of 1996. The loss in the fourth quarter was primarily the result of low production and high costs during the months of October October: see month. and November November: see month. which resulted from blasting blasting, shattering, breaking, or splitting of rock or other material by the discharge of an explosive placed within or in contact with it. It is a necessary part of many engineering operations. complications in a section of the Tres Perlas pit combined with a slower than anticipated leaching leaching, method of extraction in which a solvent is passed through a mixture to remove some desired substance from it. A simple example is the passage of boiling water through ground coffee to dissolve and carry out the chemicals necessary for producing the beverage. cycle. Blasting problems have subsequently been rectified rectified refined; made straight. and record average daily production rates have been achieved in January and February February: see month. . FINANCIAL AND OPERATIONS HIGHLIGHTS Results for the year and three months ended December 31, 1996 are as follows, all amounts are in thousands of Canadian dollars Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents unless otherwise stated: -0-
Year ended
December 31
1996 1995
STATEMENT OF EARNINGS
Revenue 45,996 -
-------- -------
Operating costs 24,545 -
Depreciation and depletion 11,104 -
-------- -------
35,649 -
-------- -------
Operating profit 10,347 -
Expenses
Interest and financing expenses 9,153 491
General and administration 4,975 2,479
Exploration 600 679
Other income (expense) (972) (123)
-------- -------
13,756 3,526
-------- -------
Net loss for the period (3,409) (3,526)
Loss per share ($) (0.10) (0.12)
Cash flow per share ($)
Basic 0.28 (0.12)
Fully diluted 0.23 (0.12)
OPERATIONS SUMMARY
Gold production (ounces) 87,650 -
Average price realized (US$/oz) 389 -
Cash cost per ounce (US$/oz) 205 -
Three Months Ended
December 31
1996 1995
STATEMENT OF EARNINGS
Revenue 11,141 -
-------- -------
Operating costs 7,422 -
Depreciation and depletion 2,882 -
-------- -------
10,304 -
-------- -------
Operating profit 837 -
Expenses
Interest and financing expenses 2,013 60
General and administration 1,316 625
Exploration 249 311
Other income (expense) (561) (228)
-------- -------
3,017 768
-------- -------
Net loss for the period (2,180) (768)
Loss per share ($) (0.07) (0.03)
Cash flow per share ($)
Basic 0.03 (0.24)
Fully diluted 0.03 (0.20)
OPERATIONS SUMMARY
Gold production (ounces) 22,131 -
Average price realized (US$/oz) 385 -
Cash cost per ounce (US$/oz) 248 -
Dayton Mining Corporation holds a 100 percent interest in the Andacollo Gold Mine located in central 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. . The company trades on both the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. (AMEX) and Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (TSE) under the trading symbol Trading symbol See: Ticker symbol DAY.
CONSOLIDATED BALANCE SHEETS
at December 31
in thousands of Canadian dollars
1996 1995
$ $
ASSETS
CURRENT ASSETS
Cash and short-term investments 22,114 11,982
Bullion settlements receivable 2,021 1,916
Accounts receivable 1,002 1,331
Inventories 7,797 3,487
--------- --------
Total current assets 32,934 18,716
PROPERTY, PLANT AND EQUIPMENT 121,643 118,381
OTHER ASSETS 3,497 5,591
--------- --------
158,074 142,688
--------- --------
LIABILITIES
CURRENT LIABILITIES
Accounts payable and accrued
liabilities 6,660 4,985
Bank loan - current portion 4,897 4,879
Capital lease payable - current
portion 2,712 1,978
--------- --------
Total current liabilities 14,269 11,842
--------- --------
LONG-TERM LIABILITIES
Bank loan 58,766 63,431
Capital lease payable 7,071 6,449
Other accrued liabilities 981 563
--------- --------
Total long-term liabilities 66,818 70,443
--------- --------
Total liabilities 81,087 82,285
SHAREHOLDERS' EQUITY
SHARE CAPITAL 90,487 51,968
1996 - 40,807,779 common shares
1995 - 30,462,128 common shares
CONVERTIBLE DEBENTURES - 18,526
DEFICIT (13,500) (10,091)
--------- ---------
Total shareholders' equity 76,987 60,403
--------- ---------
158,074 142,688
--------- ---------
CONSOLIDATED STATEMENTS OF LOSS
for the years ended December 31
in thousands of Canadian dollars
1996 1995 1994
$ $ $
REVENUES
Gold sales
(net of royalties
and refining) 45,996 - -
-------- -------- --------
COST OF SALES
Operating cost of sales 24,545 - -
Depreciation, depletion
and amortization 11,104 - -
-------- -------- --------
Total cost of sales 35,649 - -
-------- -------- --------
10,347 - -
-------- -------- --------
EXPENSES
General and admin-
istrative expenses 4,975 2,479 1,829
Exploration 600 679 230
Foreign exchange (52) 195 (409)
Interest income (920) (318) (623)
Interest and financing
expenses 9,153 491 449
-------- -------- --------
Total expenses 13,756 3,526 1,476
-------- -------- --------
NET LOSS FOR THE YEAR (3,409) (3,526) (1,476)
-------- -------- --------
LOSS PER SHARE $ (0.10) $ (0.12) $ (0.06)
-------- -------- --------
Weighted average common shares
outstanding (000's) 35,477 29,962 24,737
CONSOLIDATED STATEMENTS OF DEFICIT
for the years ended December 31
in thousands of Canadian dollars
1996 1995 1994
$ $ $
DEFICIT -
BEGINNING OF YEAR (10,091) (6,565) (5,089)
NET LOSS FOR THE YEAR (3,409) (3,526) (1,476)
-------- ------- -------
DEFICIT - END OF YEAR (13,500) (10,091) (6,565)
-------- ------- -------
CONSOLIDATED STATEMENTS OF CASH FLOWS
for the years ended December 31
in thousands of Canadian dollars
1996 1995 1994
$ $ $
OPERATING ACTIVITIES
Net loss for the year (3,409) (3,526) (1,476)
Adjustment to reconcile net loss to cash provided
by operating activities
Depreciation, depletion
and amortization 11,104 - -
Amortization of deferred
financing costs 2,219 - -
Amortization of
other items (68) 44 7
-------- -------- --------
Cashflow from operations before working
capital adjustment 9,846 (3,482) (1,469)
Changes in non-cash working capital:
Accounts receivable 225 3,702 (5,787)
Inventories (4,310) (2,109) (1,378)
Accounts payable 1,688 4,274 (1,135)
Bank loans - current
portion 18 4,894 -
Capital lease obligation -
current portion 734 1,991 -
-------- -------- --------
Cash provided by (used for)
operating activities 8,201 9,270 (9,769)
-------- -------- --------
INVESTING ACTIVITIES
Property, plant and
equipment (14,366) (61,763) (35,856)
Other assets 148 (256) (5,702)
-------- -------- --------
Cash used for investing
activities (14,218) (61,019) (41,558)
FINANCING ACTIVITIES
Share capital 38,520 1,155 32,740
Convertible debentures (18,526) - -
Bank loans (4,826) 23,067 40,407
Capital lease obligation 573 6,499 -
Construction costs financed - (2,130) 2,130
Other accrued liabilities 418 563 -
--------- -------- --------
Cash provided by (used for)
financing activities 16,149 29,154 75,277
--------- -------- --------
NET INCREASE (DECREASE)
IN CASH 10,132 (23,595) 23,950
CASH - BEGINNING OF YEAR 11,982 35,577 11,627
--------- --------- ---------
CASH - END OF YEAR 22,114 11,982 35,577
--------- --------- ---------
CASH - END OF YEAR CONSISTS OF:
Cash 22,114 11,982 7,741
Restricted cash - - 27,836
--------- --------- ---------
CASH - END OF YEAR 22,114 11,982 35,577
--------- --------- ---------
CONTACT: Dayton Mining Corporation Diane DIANE Diversified Information and Assistance Network (Tennessee Valley Authority) DIANE Direct Information Access Network for Europe DIANE Digital Integrated Attack and Navigation Equipment Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs , 604/ 662-8383 |
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