FREEPORT-McMoRan INC. REPORTS FOURTH-QUARTER AND YEAR-END 1995 RESULTS.NEW ORLEANS--(BUSINESS WIRE)--Jan. 23, 1996-- HIGHLIGHTS -- Higher phosphate phosphate, salt or ester of phosphoric acid, H3PO4. Because phosphoric acid is tribasic (having three replaceable hydrogen atoms), it forms monophosphate, diphosphate, and triphosphate salts in which one, two, or three of the hydrogens of the fertilizer fertilizer, organic or inorganic material containing one or more of the nutrients—mainly nitrogen, phosphorus, and potassium, and other essential elements required for plant growth. prices result in improved cash margins yielding a 58% improvement in operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. compared to the year ago quarter. -- Phosphate fertilizer sales volumes reflect strong export and strengthened domestic demand despite certain weather-related shipping delays at 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. . -- The significant fertilizer supply agreement reached with China for 1996 sales leads A sales lead is the identity of a person or entity potentially interested in purchasing a product or service, and represents the first stage of a sales process. The lead may have a corporation or business associated with the person(s). continued favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. developments in the international market. -- Diammonium phosphate Diammonium phosphate (DAP) (chemical formula (NH4)2HPO4 ) is one of a series of water-soluble ammonium phosphate salts which can be produced when ammonia reacts with phosphoric acid. DAP is used as a fertilizer and a fire retardant. (DAP) domestic market outlook continues to be favorable with corn acreage plantings expected to increase by 13%. -- Animal feed business acquired; positive contribution to income and cash flow. -- Sulphur Sulphur, city, United States Sulphur, city (1990 pop. 20,125), Calcasieu parish, SW La.; inc. 1914. It is a trade center for an area producing natural gas, oil, and timber as well as sorghum, soybeans, cattle, and crawfish. production at the Main Pass and Culberson Culberson is also known for last name around the world reformed from Culbertson and Culbert. People
-- Recompletion and drilling increase proved oil reserves Oil reserves refer to portions of oil in place that are claimed to be recoverable under economic constraints. Oil in the ground is not a "reserve" unless it is claimed to be economically recoverable, since as the oil is extracted, the cost of recovery increases incrementally and production flow rates at Main Pass. -- Tax accruals Accruals Accounts on a balance sheet that represent liabilities and non-cash-based assets used in accrual-based accounting. These accounts include, among many others, accounts payable, accounts receivable, goodwill, future tax liability and future interest expense. no longer required reversed resulting in $62.8 million credit to income. -- $35.9 million quarterly distribution to be received from Freeport-McMoRan Freeport-McMoRan Copper & Gold Inc., (NYSE: FCX) often called simply Freeport, is the world's lowest-cost copper producer and one of the world's largest producers of gold. Resource Partners, Limited Partnership (NYSE NYSE See: New York Stock Exchange :FRP FRP Fremskrittspartiet (Norwegian: Progress Party; political party) FRP Fiberglass-Reinforced Plastic FRP Fiber Reinforced Polymer FRP Fibre Reinforced Polymer FRP Fleet Response Plan (US Navy) ). -0-
Fourth Quarter Twelve Months
--------------------- ---------------------
1995 1994 d 1995 1994 d
---------- ---------- ---------- ----------
(In thousands, except per share amounts)
Revenues $ 264,914 $ 209,922 $ 995,857 $ 770,112
Operating income 54,191 34,319 182,880 91,904
Income (loss) from
continuing
operations a 82,258 (10,325) 92,400 (35,132)
Discontinued
operations -- 34,186 340,424 107,715
Extraordinary
loss -- -- -- (9,108)
Preferred
dividends (1,096) (5,469) (42,283)b (22,032)
--------- --------- --------- ---------
Net income
to common
stock $ 81,162 $ 18,392 $ 390,541 $ 41,443
========= ========= ========= =========
Net income (loss)
per primary share:c
Continuing
operations a $ 2.90 $ (0.45) $ 3.54 $ (1.51)
Discontinued
operations -- 1.48 13.05 4.64
Extraordinary
loss -- -- -- (0.39)
Preferred
dividends (0.04) (0.23) (1.62)b (0.95)
--------- --------- --------- ---------
$ 2.86 $ 0.80 $ 14.97 $ 1.79
========= ========= ========= =========
Average primary
common shares
outstanding c 28,360 23,038 26,081 23,204
a. Includes a net gain of $62.1 million ($2.19 per share) and a
net charge of $10.1 million ($0.44 per share) in the fourth
quarter of 1995 and 1994, respectively, and a net gain of
$43.6 million ($1.67 per share) and a net charge of $17.2
million ($0.74 per share) in the twelve-month period of
1995 and 1994, respectively, for the impact of the items
discussed in Notes c through g to the Statements of Income.
b. Includes a $33.5 million charge ($1.29 per share) resulting
from the $4.375 Convertible Exchangeable Preferred Stock
exchange offer.
c. Reflects the one-for-six reverse stock split approved in
October 1995.
d. Restated to reflect copper & gold business activities as
discontinued operations.
-0- Freeport-McMoRan Inc. (NYSE:FTX (Fault Tolerant UNIX) Stratus Computer's version of Unix System V for its XA/R fault tolerant computer systems. See also FTTx. (operating system) FTX - Stratus' Unix operating system. ) reported fourth-quarter 1995 net income applicable to common stock of $81,162,000, $2.86 per share, compared with fourth-quarter 1994 net income of $18,392,000, $0.80 per share. For the twelve months ended December December: see month. 31, 1995, FTX reported net income of $390,541,000, $14.97 per share, compared with net income of $41,443,000, $1.79 per share, a year ago. Operating income for the fourth quarter of 1995 was $54.2 million, a 58% increase from the fourth quarter of 1994. The following factors contributed to the difference between the quarterly periods: -- Improved Phosphate Fertilizer Prices, Higher Margins. Average realized phosphate fertilizer prices for the fourth quarter of 1995 increased approximately 20% from year ago levels resulting in improved margins. The improvement was primarily the result of record export demand and positive developments in domestic markets. Fertilizer prices continued to rise during the fourth quarter and are expected to remain firm for the near term, as the increased global demand for phosphate fertilizers comes at a time when domestic industrywide in·dus·try·wide adv. & adj. Throughout an entire industry: sales that have decreased industrywide; industrywide cooperation. operating rates Operating rate The percentage of total production capacity of a company, industry, or country that is being used. operating rate The portion of capacity at which a business operates. are above 100% and at record levels. Domestic phosphate fertilizer producer inventories remain below normal, despite shipping delays at year end. -- Higher Sales Volumes. FRP's sales of 875,800 tons of phosphate fertilizer products were higher than year-ago sales volumes and exceeded expectations due to continued excellent export demand and strong domestic sales. Sales volumes would have been greater except certain weather- related shipping delays at year-end deferred the sale of approximately 40,000 tons of DAP into the first quarter of 1996. Because domestic season-ending stocks of corn and wheat are projected to be at their lowest level in 20 years, domestic demand should benefit this spring with an expected 13 percent increase in planted corn acreage. Leading continued favorable developments in the international market, FRP's IMC-Agrico Company affiliate reached an agreement with China providing for monthly shipments of DAP at market-related prices at the time of shipment throughout 1996. -- Animal Feed Business Acquired. During the fourth quarter, IMC-Agrico completed the acquisition of Mallinckrodt Mallinckrodt Incorporated is a set of pharmaceutical, chemical, imaging, and respiratory equipment suppliers based in the St. Louis, Missouri area, which were recently purchased by Tyco Healthcare (Tyco International) and which have been proposed for further reorganization. Inc.'s animal feed business which contributed to income and cash flow for the quarter. -- Higher Rock Prices, Lower Volumes. Phosphate rock phosphate rock n. Any of various rocks composed largely of phosphate minerals, especially apatite, used as fertilizer and as a source of phosphorous compounds. prices were higher while volumes were lower in the fourth quarter of 1995 from earlier periods due to the expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created of a substantial sales contract Sales Contract Contract between a seller and buyer for the sale of goods, services, or both. which was priced on a cost-plus cost-plus n. The cost of production plus a fixed rate of profit. cost  -plus formula. As a result, the fourth
quarter average rock sales price increased approximately 20% and net
income was not significantly affected.-- Higher Sulphur Production. Sulphur production and operations at FRP's Main Pass and Culberson mines performed strongly during the quarter and unit cash production costs remained lower than previously estimated, reflecting operating efficiencies achieved earlier in 1995. Since FRP acquired the Culberson mine in January 1995, production has been maintained at levels 20% higher than in the fourth quarter of 1994. -- Higher Oil Production. Oil production at Main Pass averaged 11,900 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. for the fourth quarter, higher than previously expected because of the recompletion and drilling of several wells that resulted in substantial flow from the G-Sand zone. As a result, proved oil reserves were increased by approximately 4.9 million barrels (1.7 million barrels, net to FTX). Oil production in 1996 is expected to approximate 1995 levels. On an annual basis price realization in 1995 was $2.08 per barrel higher than in 1994. OTHER ACTIVITIES -- During the fourth quarter, FTX recorded a $62.8 million noncash credit to income attributable to the reversal of certain tax accruals no longer required related to the resolution of certain federal and state tax issues and the realization of tax credits not previously recognized. -- As part of its announced share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program, FTX purchased 729,000 of its shares during the quarter for an aggregate cost of $27.8 million ($38.17 per share). This brings the total number of shares repurchased by FTX since September 1995 to 862,000 for an aggregate cost of $32.4 million ($37.62 per share). FTX also purchased 118,000 units of FRP during the fourth quarter of 1995 for an aggregate cost of $2.3 million ($19.10 per unit). -- On January 19, 1996, FRP announced its quarterly cash distribution amount to its public unitholders of $0.625 per unit or $31.3 million. In addition, a payment of $0.6735 per unit or $35.9 million will be made to FTX, FRP's general partner. FTX's total unpaid cash distributions were reduced by $2.6 million to $379.9 million, which FTX will be entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to receive in the future from a portion of the quarterly distributable cash after the payment of $0.60 per unit to all unitholders. FTX owns a 51.5% interest in FRP which is engaged in the production and sale of phosphate fertilizers and animal feed ingredients as well as the mining and sale of phosphate rock through IMC-Agrico Company; the mining, purchase, transportation, terminalling and marketing of sulphur, and the production of related oil reserves. FTX has eliminated the practice of printing and mailing glossy gloss·y adj. gloss·i·er, gloss·i·est 1. Having a smooth, shiny, lustrous surface: glossy satin. See Synonyms at sleek. 2. quarterly reports. In lieu of Instead of; in place of; in substitution of. It does not mean in addition to. that, a copy of this press release is available by calling 1-800-469-1252. -0-
FREEPORT-McMoRan Inc.
OPERATING HIGHLIGHTS
Fourth Quarter Twelve Months
--------------------- ---------------------
1995 1994 1995 1994
---------- --------- ---------- ----------
Phosphate fertilizers - primarily
diammonium phosphate (DAP)
Sales
(short tons) a 875,800 824,500 3,427,700 3,193,400
Average realized price b
All phosphate
fertilizers $180.44 $151.23 $169.07 $144.13
DAP 189.08 156.48 175.11 149.32
Phosphate rock
Sales
(short tons) a 858,700 1,300,300 4,470,400 4,373,400
Average
realized price b $25.04 $20.87 $22.53 $21.38
Sulphur
Sales (long tons) c 765,100 501,300 3,049,700 2,087,800
Oil
Sales (barrels) 531,200 680,700 2,217,600 2,533,700
Average
realized price $15.68 $14.82 $15.82 $13.74
a. Reflects FRP's 45.1 percent and 46.5 percent share of IMC- Agrico assets for the years ended June 30, 1995 and 1994, respectively, while FRP received 55 percent and 58.6 percent of the cash flow generated during such periods. FRP's share of IMC-Agrico assets for the year ended June 30, 1996 is 43.6 percent, while it will receive 53.1 percent of the cash flow. b. Represents average realization f.o.b. plant/mine. c. Includes internal consumption totaling 198,700 tons and 175,400 tons for the fourth quarter of 1995 and 1994, respectively, and 754,400 tons and 739,900 tons for the twelve-month period of 1995 and 1994, respectively.
FREEPORT-McMoRan INC.
STATEMENTS OF INCOME (Unaudited)
Three Months Ended Years Ended
December 31, December 31,
--------------------- ---------------------
1995 1994a 1995 1994a
---------- ---------- ---------- ----------
(In Thousands, Except Per Share Amounts)
Revenues $ 264,914 $ 209,922 $ 995,857 $ 770,112
Cost of sales:
Production
and delivery 178,602 142,444 688,260 556,746
Depreciation
and amortization b 14,142 19,022 46,784 56,411
--------- --------- --------- ---------
Total cost of sales 192,744 161,466 735,044 613,157
Exploration expenses - - - 6,672
General and
administrative
expenses 17,979c 14,137 77,933c 58,379
--------- --------- --------- ---------
Total costs
and expenses 210,723 175,603 812,977 678,208
--------- --------- --------- ---------
Operating income 54,191 34,319 182,880 91,904
Interest expense, net (8,811) (17,192) (49,655)d (71,565)
Other income
(expense), net 8,047e (132) 9,624e (1,245)
--------- --------- --------- ---------
Income before income
taxes and minority
interest 53,427 16,995 142,849 19,094
Income tax benefit 58,412f 1,245 50,983f 13,138
Minority interest
in net income of
consolidated
subsidiaries g (29,581) (28,565) (101,432) (67,364)
--------- --------- --------- ---------
Income (loss) from
continuing operations
before extraordinary
item h 82,258 (10,325) 92,400 (35,132)
Discontinued
operations i - 34,186 340,424 107,715
--------- --------- --------- ---------
Income before
extraordinary item 82,258 23,861 432,824 72,583
Extraordinary loss
on early
extinguishment of
debt, net - - - (9,108)
--------- --------- --------- ---------
Net income 82,258 23,861 432,824 63,475
Preferred dividends (1,096) (5,469) (42,283)j (22,032)
--------- --------- --------- ---------
Net income applicable
to common stock $ 81,162 $ 18,392 $ 390,541 $ 41,443
========= ========= ========= =========
Net income per primary share: k
Continuing
operations h $2.90 $(.45) $3.54 $(1.51)
Discontinued
operations - 1.48 13.05 4.64
Extraordinary loss - - - (.39)
Preferred dividends (.04) (.23) (1.62)j (.95)
---- ---- ----- ----
$2.86 $.80 $14.97 $ 1.79
===== ==== ====== =======
Average primary common
and common equivalent
shares outstanding: k 28,360 23,038 26,081 23,204
====== ====== ====== ======
Dividends per
common share: k
Cash $.09 $ - $ .18 $1.875
Property l - 1.655 108.41 7.768
---- ------ ------- ------
$.09 $1.655 $108.59 $9.643
==== ====== ======= ======
a. Restated to reflect copper & gold business activities as
discontinued operations.
b. Includes a reduction of $4.2 million and $0.9 million for the
fourth quarter of 1995 and 1994, respectively, and $26.3
million and $15.8 million for the twelve-month period of 1995
and 1994, respectively, caused by FRP's disproportionate
interest in IMC-Agrico cash distributions.
c. Includes a charge of $2.6 million and $15.5 million for the
fourth quarter and twelve-month period of 1995, respectively,
for stock option costs resulting from the rise in FTX's
common stock price during the periods and a $3 million charge
for an early retirement program.
d. Includes $6.5 million of interest expense incurred by FTX
prior to the completion of its debt restructuring.
e. Includes income of $8.9 million primarily related to the
settlement of certain insurance claims.
f. Includes a $62.8 million benefit attributable to the reversal of
certain tax accruals no longer required related to the resolution
of certain federal and state tax issues and the realization of tax
credits not previously recognized.
g. Includes a charge of $6.6 million and $15.6 million for the
fourth quarter of 1995 and 1994, respectively, and $23
million and $26.5 million for the twelve-month period of 1995
and 1994, respectively, because FTX was not paid a
proportionate share of FRP distributions during the period.
For the year ended December 31, 1994, FTX recognized $32.6
million of the gain deferred in connection with the public
sale of FRP units in 1992.
h. Includes a net gain of $62.1 million ($2.19 per share) and a
net charge of $10.1 million ($0.44 per share) for the fourth
quarter of 1995 and 1994, respectively, and a net gain of
$43.6 million ($1.67 per share) and a net charge of $17.2
million ($0.74 per share) for the twelve-month period of 1995
and 1994, respectively, for the impact of the items discussed
in Notes c through g.
i. Includes net income from FCX's discontinued operations
totaling $23.3 million in the fourth quarter of 1994 and
$43.5 million and $39.1 million in the twelve-month period of
1995 and 1994, respectively. Also includes net gains on FCX
stock transactions totaling $12.4 million in the fourth
quarter of 1994 and $271.5 million and $74.6 million for the
twelve-month period of 1995 and 1994, respectively. The year
ended December 31, 1995 includes a $76.2 million gain for
deferred taxes no longer required and net losses on
recapitalization totaling $46.3 million.
j. Includes a $33.5 million charge ($1.29 per share) resulting
from the $4.375 Convertible Exchangeable Preferred Stock
exchange offer.
k. Reflects the one-for-six reverse stock split approved in
October 1995.
l. Represents the fair market value of the FCX and MOXY share
distributions to FTX shareholders.
-0- FREEPORT-McMoRan Inc. CONDENSED con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. BALANCE SHEETS (Unaudited) December 31, ------------------------------- 1995 1994 ------------ ------------ (In Thousands) ASSETS Current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. : Cash and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investments $ 23,496b $ 13,810 Accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying 100,994 89,925 Inventories 119,010 109,677 Prepaid expenses Prepaid Expense An asset that arises on a balance sheet because of the payment of something in advance (prepayment). Services for the payment will be received in the near future. and other 4,499 7,433 --------- --------- Total current assets 247,999 220,845 Property, plant and equipment, net 999,840 964,539 Investment in FCX FCX French Connexion (gaming site) FCX Freeport-McMoran Copper & Gold Inc (stock symbol) FCX Fuel Cell Experiment (Honda) FCX Fire Coordination Exercise FCX Fire Control Exercise - 328,880 Other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. 72,631 135,178 --------- --------- Total assets $1,320,470 $1,649,442 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. Current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. : Accounts payable and accrued liabilities Accrued liabilities are liabilities which have occurred, but have not been paid or logged under accounts payable during an accounting period; in other words, obligations for goods and services provided to a company for which invoices have not yet been received. $ 180,766 $ 191,553 Long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. , less current portion 359,501b 1,122,070 Accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. postretirement benefits and pension costs 170,542 158,707 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 mine shutdown shut·down n. A cessation of operations or activity, as at a factory. shutdown Noun the closing of a factory, shop, or other business Verb shut down reserves 128,981 112,777 Other liabilities other liabilities Small and relatively insignificant liabilities. For financial reporting purposes, firms often combine small liabilities into this single category rather than listing each liability separately. and deferred credits 92,722 77,034 Minority interest 196,021 217,768 Stockholders' equity (deficit) 191,937 (230,467) --------- --------- Total liabilities and stockholders' equity $1,320,470 $1,649,442 ========= ========= a. Restated to reflect copper & gold business activities as discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. . b. Excludes $24.7 million loaned from FTX to FRP eliminated in consolidation. FREEPORT-McMoRan INC. STATEMENTS OF CASH FLOW (Unaudited) Years Ended December 31, -------------------------------- 1995 1994 ------------ ------------ (In Thousands) Cash flow from operating activities: Net income $ 432,824 $ 63,475 Adjustments to reconcile net income to net cash provided by operating activities: Extraordinary loss on early extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. of debt - 9,108 Depreciation and amortization 99,622 137,038 (Recognition) deferral deferral - Waiting for quiet on the Ethernet. of unearned income (36,207) 36,207 Amortization of debt discount and financing costs 16,112 37,128 Gain on FCX securities transactions (435,060) (114,750) Loss on recapitalization Recapitalization Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. of FTX securities 44,371 - Deferred income taxes 46,290 96,065 Minority interests' share of net income 184,425 168,951 Cash distribution from IMC-Agrico in excess of interest in capital 40,835 43,293 Reclamation and mine shutdown expenditures (10,545) (9,837) (Increase) decrease in working capital, net of effect of acquisitions and distributions: Accounts receivable 11,374 (44,614) Inventories (22,851) (76,527) Prepaid expenses and other 1,705 7,350 Accounts payable and accrued liabilities (6,337) 163,283 Other 13,025 (9,343) --------- --------- Net cash provided by operating activities 379,583 506,827 --------- --------- Cash flow from investing activities Cash Flow From Investing Activities An item on the cash flow statement that reports the aggregate change in a company's cash position resulting from any gains (or losses) from investments in the financial markets and operating subsidiaries, and changes resulting from amounts spent : Capital expenditures: FCX (308,099) (743,470) FRP (39,485) (29,681) Other (2,070) (33,070) Sale of assets: Geothermal ge·o·ther·mal also ge·o·ther·mic adj. Of or relating to the internal heat of the earth. ge - 36,910 Other 26,906 75,092 Mallinckrodt purchase (46,200) - --------- --------- Net cash used in investing activities $ (368,948) $ (694,219) Cash flow from financing activities Cash Flow from Financing Activities A category in the cash flow statement that accounts for external activities such as issuing cash dividends, adding or changing loans, or issuing and selling more stock. : Proceeds from sale of: FCX Class A common shares 497,166 - FRP 8 3/4% Senior subordinated notes - 146,125 FCX preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. - 252,985 FCX 9 3/4% Senior notes - 116,276 Purchase of FTX common shares (44,752) (67,747) Purchase of FCX Class A common shares (111,747) (47,596) Purchase of FRP units (4,314) (1,342) Distributions paid to minority interests: FCX (59,970) (110,312) FRP (121,439) (121,184) Distribution of MOXY shares - (35,441) Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from infrastructure financing 228,899 110,825 Proceeds from debt 3,458,996 1,883,981 Repayment of debt (3,545,800) (1,715,954) Purchase/redemption of FTX securities: 10 7/8% Senior debentures - (142,919) ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. debentures (280,826) - 6.55% Senior notes (14,955) - Cash dividends paid: Common stock (5,168) (44,467) Preferred stock (8,757) (22,110) Other (1,380) 6,088 --------- --------- Net cash provided by (used in) financing activities (14,047) 207,208 --------- --------- Net increase (decrease) in cash and short-term investments (3,412) 19,816 Net (increase) decrease attributable to discontinued operations 13,098 (30,454) Cash and short-term investments at beginning of year 13,810 24,448 --------- --------- Cash and short-term investments at end of year $ 23,496 $ 13,810 ========= ========= CONTACT: Freeport-McMoRan, Inc., New Orleans New Orleans (ôr`lēənz –lənz, ôrlēnz`), city (2006 pop. 187,525), coextensive with Orleans parish, SE La., between the Mississippi River and Lake Pontchartrain, 107 mi (172 km) by water from the river mouth; founded Chris D. Sammons, 504/582-4474 Craig E. Saporito, 504/582-4476 |
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