Pegasus reports second quarter results.SPOKANE Spokane, city, United States Spokane (spōkăn`), city (1990 pop. 177,196), seat of Spokane co., E Wash., at the spectacular falls of the Spokane River; inc. 1881. , Wash.--(BUSINESS WIRE)--July 30, 1996--Pegasus Gold Inc. (PGU PGU Phil's pyGame Utilities PGU Plant Growth Unit PGU Projectile Gun Unit PGU Previant Goldberg Uelmen (Milwaukee, WI law firm) PGU Programme de Gestion Ubrbain (University of Montreal) - Amex; TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). ; ME) reported a net loss of $1.7 million, or $0.04 per share, in the second quarter of 1996, compared to a net loss of $1.2 million, or $0.03 per share, in the same quarter of 1995. The second quarter included a $500,000 charge for remediation and legal costs associated with the resolution of outstanding water quality litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. at Zortman. For the first six months of 1996, Pegasus Pegasus, in astronomy Pegasus (pĕg`əsəs), in astronomy, northern constellation lying SW of Andromeda and SE of Cygnus. It is named for the mythological winged horse Pegasus. recorded a net loss of $1.7 million, or $0.04 per share, compared to a net loss of $3.0 million, or $0.09 per share, a year earlier. Higher realized gold prices, lower exploration and evaluation expenses and the company's share of earnings from affiliates accounted for the improvement for the first half of 1996. Werner Werner is a name of Germanic origins that could refer to numerous people or entities.
The oldest known usage of the name was in the Habsburg family.
Florida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and Canyon received the permits necessary to increase pumping capacity to enable the mine to increase its solution application rates and to begin the exploration program outside the permit boundaries. Diamond Hill received its Record of Decision and development of the underground orebody has commenced. Gold production from this Montana Montana (mŏntăn`ə), Rocky Mt. state in the NW United States. It is bounded by North Dakota and South Dakota (E), Wyoming (S), Idaho (W), and the Canadian provinces of British Columbia, Alberta, and Saskatchewan (N). Tunnels satellite is expected during the third quarter. Finally, the construction at Mt. Todd Todd , Sir Alexander Robertus 1907-1997. British chemist. He won a 1957 Nobel Prize for his study of nucleic acids and nucleotide structures. and Pullalli is materially on schedule." Operations Review Gold production totaled 115,500 ounces for the second quarter of 1996, compared to 132,200 ounces in last year's second quarter. During the second quarter, lower gold production was the result of the planned cessation cessation Vox populi The stopping of a thing. See Smoking cessation. of mining at Zortman, the lower crusher crusher, machine used to reduce materials such as ore, coal, stone, and slag to particle sizes that are convenient for their intended uses. Crushers operate by slowly applying a large force to the material to be reduced. throughput The speed with which a computer processes data. It is a combination of internal processing speed, peripheral speeds (I/O) and the efficiency of the operating system and other system software all working together. 1. combined with low solution application rates at Florida Canyon, and the slower recovery profile of transition ore loaded on the leach leach v. leached, leach·ing, leach·es v.tr. 1. To remove soluble or other constituents from by the action of a percolating liquid. 2. pad at Mt. Todd. Year to date the company's gold output was 213,600 ounces compared to 254,400 ounces for the same period in 1995. At Zortman, residual 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. continued with a total of 8,064 ounces of gold recovered during the second quarter. It is anticipated that during 1996 Zortman will produce about 35,000 ounces from residual leaching at an average cash cost of $337 per ounce ounce, in zoology ounce, in zoology: see leopard. ounce, unit of measurement ounce: see English units of measurement. . Gold production at Montana Tunnels was lower in 1996, due to high wall instability instability /in·sta·bil·i·ty/ (-stah-bil´i-te) lack of steadiness or stability. detrusor instability that resulted in mining and processing fewer tonnes at a lower grade. Presently, Diamond Hill is being operated as an underground satellite operation to Montana Tunnels. The ore will be batch processed through the Montana Tunnels mill starting in the third quarter. During 1996, the company expects Montana Tunnels to produce about 100,000 ounces of gold including Diamond Hill's production. Beal n. 1. (Med.) A small inflammatory tumor; a pustule. v. i. 1. To gather matter; to swell and come to a head, as a pimple. [ imp. & p. p. os> ( ) r>; p. pr. & vb. n. os> Although gold production has increased compared to last year at Florida Canyon, lower than planned crusher throughput due to start-up Start-up The earliest stage of a new business venture. difficulties on the new crusher and a gear failure on the old crusher combined with low solution application rates have resulted in lower than planned gold production in the first half. Contract crushing crushing deaths of newborn animals, especially those in litters, caused by the mother lying on them accidentally. Contributed to by weakness of the neonate or awkward accommodation. A problem in piglets and puppies. Called also overlying. and increased run-of-mine tonnage TONNAGE, mar. law. The capacity of a ship or vessel. 2. The act of congress of March 2, 1799, s. 64, 1 Story's L. U. S. 630, directs that to ascertain the tonnage of any ship or vessel, the surveyor, &c. have offset low crusher throughput, but resulted in higher cash costs. Compared to 1995, the grade of ore mined has increased by 23 and 11 percent to 0.79 grams per tonne tonne measure of weight or mass; 1 tonne=1000 kg. See also ton. and 0.73 grams per tonne in the second quarter and first half of 1996, respectively. Recently, Florida Canyon received the permit required to increase its pumping capacity. After construction of additional pumping facilities, which is underway, the mine will increase solution application rates, and recovery from ore placed on the leach pad in the first two quarters should improve. Due to the extended time necessary to receive all permits, Florida Canyon is expecting to produce 160,000 ounces for 1996 instead of 195,000 ounces as forecast. The remaining ounces will be recovered in 1997. With the lower gold production forecast, the cash cost per ounce will increase for the year to the $257 level from the prior forecast of $235. Additionally, in July July: see month. the mine received the permit amendment necessary to allow it to commence exploration drilling on targets outside the mine permit area and the deep targets within the open pits. At Mt. Todd, the slow recovery profile of the transition ore placed on the leach pad in late 1995 and the first four months of 1996 resulted in flat gold production for the second quarter of 1996, compared to the same period in 1995, despite increased ore tonnage mined. Cash costs increased over last year due to lower grade and poor recovery of the transition ore. Gold production and recoveries are expected to improve during the third quarter because oxide oxide, chemical compound containing oxygen and one other chemical element. Oxides are widely and abundantly distributed in nature. Water is the oxide of hydrogen. Silicon dioxide is the major component of sand and quartz. ore from the Golf deposit has a better recovery profile than the transition ore. 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 Golf deposit was classified as mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. material. Construction of Phase II at Mt. Todd is materially on schedule and the mill is expected to begin processing material in the fourth quarter. During August, the crushing facility at Mt. Todd will come offline to commence the tie-in tie-in n. One thing that is related to or connected with another. Noun 1. tie-in - a fastener that serves to join or connect; "the walls are held together with metal links placed in the wet mortar during construction" of Phase II and to replace the secondary crushers. The company has decided not to continue crushing material for heap leaching Heap leaching is an industrial mining process to extract precious metals and copper compounds from ore. Process The mined ore is crushed into small chunks and heaped on an impermeable plastic and/or clay lined leach pad where it can be irrigated with a leach solution to after the tie-in is completed; instead, all material will be processed in the new milling facility. Because only residual leaching will take place Mt. Todd is expected to produce 55,000 ounces for 1996 instead of the original forecast of 70,000. Lower production offset partially by the capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. of some costs will result in cash costs of $389 per ounce for the year. 1996 Production and Cost Forecast
Gold Cash Total
Production Costs Costs
(oz) ($/oz) ($/oz)
Zortman 35,000 $337 $480
Montana Tunnels 100,000 228 380
Florida Canyon 160,000 257 349
Beal Mountain 55,000 301 424
Black Pine 80,000 286 342
Mt. Todd 55,000 389 469
485,000 $282 $387
Financial Review Sales revenue was $57.0 million and $105.7 million for the second quarter and first half respectively, compared with $62.3 million and $117.7 million for the same periods in 1995. Higher realized gold prices partially offset the lower production levels for both periods in 1996. Pegasus' average realized gold price in the second quarter and first six months of 1996 was $424 per ounce and $426 per ounce compared to $407 and $400 per ounce for the 1995 periods. The average COMEX COMEX A division of the New York Mercantile Exchange (NYMEX). Formerly known as the Commodity Exchange, COMEX is the leading US market for metals futures and options trading. COMEX See New York Mercantile Exchange (NYM). price for the second quarter of 1996 was $390 per ounce and $394 per ounce for the first half. Cost of sales declined 5 percent to $41.2 million for the second quarter of 1996 compared to the same period in 1995. Similarly during the first six months the cost of sales decreased to $75.8 million from $81.4 million the year before. During the second quarter of 1996, the cash operating cost on a per ounce basis averaged $288 compared to $263 in the same period last year. For the first half of 1996, cash operating costs operating costs npl → gastos mpl operacionales were $285 per ounce compared to $257 per ounce reported in the first half of 1995. The higher cash operating cost on a per ounce basis in both periods is primarily due to the lower production levels. Total costs for the second quarter and first half of 1996 were $385 per ounce and $386 per ounce, respectively, up from $345 per ounce and $340 per ounce in the previous year. Exploration and evaluation expenses were $2.2 million in the second quarter and $3.6 million for the first half of 1996, down from $5.8 million and $11.3 million in the same periods in 1995. While the expensed portion of exploration is lower than last year, total exploration expenditures, including amounts capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. , were $4.3 million in the second quarter of 1996 bringing year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. spending to $7.3 million, compared to $7.4 million and $13.4 million for the same periods last year. Expenditures at Pullalli and Diamond Hill have been capitalized in 1996 because of development decisions in 1995. In addition, the 1995 second quarter results included a $2.4 million write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of the company's investment in the Leninogorsk Leninogorsk may refer to:
During the first half of 1996, the company has spent $88.6 million of its projected capital expenditures for the year. The projected capital expenditure program before capitalized interest Capitalized interest Interest that is not immediately expensed, but rather is considered as an asset and is then amortized through the income statement over time. In the context of project financing, interest that is paid by additional borrowing. and start-up costs has been increased for the year to $235 million from the earlier estimate of $220 million. At Mt. Todd, capital expenditures for Phase II are expected to be approximately $175 million. In 1996, $160 million of the capital is projected to be spent by year-end. At Zortman, due to the delay in receiving the Record of Decision, about $26 million of capital expenditures will be shifted into 1997. The company has in place a $150 million revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility which can be drawn down in U.S., Australian Australian pertaining to or originating in Australia. Australian bat lyssavirus disease see Australian bat lyssavirus disease. Australian cattle dog a medium-sized, compact working dog used for control of cattle. or Canadian dollars Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents . 1996 Capital Spending Forecast
1996
($ millions)
Zortman $ 11
Montana Tunnels/Diamond Hill 5
Florida Canyon 26
Mt. Todd 160
Pullalli 30
Other 3
235
Capitalized interest 10
Capitalized start-up 12
Total Capital $257
Other Events During the second quarter the company entered into an agreement with USMX USMX United States Maritime Alliance, Ltd. to purchase its net profits royalty interest royalty interest The proportional ownership interest by the owner of oil and gas rights in income produced by the asset. See also overriding royalty interest. in the Montana Tunnels Mine for $4.5 million. The company advanced funds to USMX in the form of a loan and the outstanding loan balance will be credited to the purchase price of the royalty upon approval by the USMX shareholders. The company's acquisition of 19.9 percent of Intermin Resources, a junior Australian gold exploration company, has received the necessary Australian Stock Exchange Australian Stock Exchange (ASX) Australia's major securities market, formed when the six state stock exchanges (Adelaide, Brisbane, Hobart, Melbourne, Perth, and Sydney stock exchanges) were merged in 1987. and Foreign Investment Review Board approvals. Before the transaction can be completed and exploration drilling can commence, an Intermin shareholder meeting is required to approve the private placement and the option to Pegasus. The meeting is scheduled to be held on Aug. 21, 1996. The board of directors has elected Fred (Friendly Rollabout Engineered for Doctors) A mobile medical conferencing unit. See videoconferencing. 1. FRED - Robert Carr. Language used by Framework, Ashton-Tate. 2. C. Schulte as non-executive chairman to replace Lindsay D. Norman. Dr. Norman, who is Chancellor of Montana Tech of the University of Montana Montana Tech is a university located in Butte, Montana. It was founded in 1893 as a mining school. In 1994 it joined the Montana University System and is now Montana Tech of the University of Montana. , resigned as chairman earlier this year to focus on his activities at the university. He remains a valued member of the board of directors. Schulte has served on the board since 1993 and has extensive business and technical expertise. Currently, he is president and chief executive officer of Elgin National Industries Inc. Except for historical data, information contained herein is forward looking, containing statements that involve a number of risks and uncertainties, including but not limited to the price of gold and other commodities, production, construction and permitting delays, reserve estimation estimation In mathematics, use of a function or formula to derive a solution or make a prediction. Unlike approximation, it has precise connotations. In statistics, for example, it connotes the careful selection and testing of a function called an estimator. of tonnage, grade and metallurgical met·al·lur·gy n. 1. The science that deals with procedures used in extracting metals from their ores, purifying and alloying metals, and creating useful objects from metals. 2. recoveries, exploration success, capital costs, and other risks that are detailed in the company's SEC reports, including Form 10-Q Form 10-Q See 10-Q. for the quarter ended March 31, 1996. Pegasus Gold Inc. is an international gold mining company. Headquartered in Spokane, Pegasus currently produces approximately 500,000 ounces of gold annually from its properties in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Australia. The company carries out exploration internationally through offices located in Perth, Australia Perth may refer to:
Rio de Janeiro (rē`ō də zhänā`rō, Port. rē`  thĭ zhənĕē`r , Brazil; Santiago, Chile Santiago, officially Santiago de Chile (Spanish: (helpinfo)), is the capital of Chile, and the center of its largest conurbation (Greater Santiago). ; and Georgetown, Guyana Georgetown, estimated population 213,705 (2002 Guyana census), is the capital and largest city of Guyana, located in the Demerara-Mahaica region. It is situated on the Atlantic Ocean coast at the mouth of the Demerara River and it was nicknamed 'Garden City of the Caribbean. . The common
shares of Pegasus are traded under the symbol PGU on the American,
Toronto, and Montreal exchanges Montreal ExchangeA Canadian derivatives exchange that facilitates the trading of stock options, interest rate futures and options, as well as index options and futures. Located in Montreal, Quebec, it is the country's main financial derivative market, while the Winnipeg . Options on the company's common shares are traded on the Chicago Board Options Exchange Chicago Board Options Exchange (CBOE) A securities exchange created in the early 1970s for the public trading of standardized option contracts. Primary place for the trading of stock options, foreign currency options, and index options (S&P 100, 500, and OTC 250 index) and the Montreal Exchange. -0-
OPERATIONS STATISTICS - JUNE 30, 1996
Three Months Ended Year To Date
1996 1995 1996 1995
ZORTMAN
Production: Gold (Ounces) 8,064 33,142 20,271 52,312
Silver (Ounces) 20,197 128,631 66,472 183,702
Cash Cost of Production1 $240 $272 $296 $278
Royalty Per Ounce $0 $6 $0 $8
Total Cost of Production2 $352 $365 $413 $371
Ore Mined tonnes (000's) 0 2,370 126 4,663
MONTANA TUNNELS
Production: Gold (Ounces) 17,708 20,979 37,882 43,422
Silver (Ounces) 261,780 243,057 469,853 475,192
Lead (Tons) 1,876 1,748 3,334 3,985
Zinc (Tons) 5,269 5,401 10,033 11,063
Cash Cost of Production1 $246 $178 $218 $176
Royalty Per Ounce $9 $10 $10 $10
Total Cost of Production2 $423 $337 $386 $327
Ore Mined tonnes (000's) 1,120 1,327 2,320 2,613
FLORIDA CANYON
Production: Gold (Ounces) 40,510 24,736 64,994 54,558
Silver (Ounces) 25,796 11,707 41,856 25,525
Cash Cost of Production1 $259 $273 $258 $263
Royalty Per Ounce $10 $13 $10 $12
Total Cost of Production2 $338 $289 $339 $304
Ore Mined tonnes (000's) 3,535 2,045 6,464 3,679
BEAL MOUNTAIN
Production: Gold (Ounces) 9,766 13,746 16,574 21,064
Silver (Ounces) 1,402 2,309 2,856 3,851
Cash Cost of Production1 $301 $303 $302 $284
Royalty Per Ounce $2 $9 $3 $12
Total Cost of Production2 $409 $422 $409 $409
Ore Mined tonnes (000's) 528 311 676 546
BLACK PINE
Production: Gold (Ounces) 23,790 23,800 42,654 52,546
Silver (Ounces) 7,379 17,576 17,899 32,833
Cash Cost of Production1 $261 $238 $269 $241
Royalty Per Ounce $23 $23 $25 $21
Total Cost of Production2 $308 $296 $328 $294
Ore Mined tonnes (000's) 2,392 1,786 4,070 3,362
MT. TODD3
Production: Gold (Ounces) - 100% 15,622 15,763 31,245 30,487
Gold (Ounces) -
Pegasus' Share 15,622 9,143 31,245 17,682
Cash Cost of Production1 $467 $340 $431 $332
Royalty Per Ounce $0 $0 $0 $0
Total Cost of Production2 $577 $406 $530 $399
Ore Mined tonnes (000's) 1,194 1,127 2,554 2,090
CONSOLIDATED TOTALS
Production: Gold (Ounces) -
100% 115,460 132,166 213,620 254,389
Gold (Ounces) -
Pegasus' Share 115,460 125,546 213,620 241,584
Silver (Ounces) 316,554 403,280 598,936 721,103
Lead (Tons) 1,876 1,748 3,334 3,985
Zinc (Tons) 5,269 5,401 10,033 11,063
Cash Cost of Production1 $288 $263 $285 $257
Royalty Per Ounce $10 $11 $11 $11
Total Cost of Production2 $385 $345 $386 $340
Ore Mined tonnes (000's) 8,769 8,965 16,211 16,953
1 Cash Cost of Production is Net of By-products Credits and
excludes royalties
2 Total Cost of Production includes Cash Cost of Production,
Royalties, and Depreciation/Amortization
3 The company's ownership percentage in Pegasus Gold Australia
(Mt. Todd) was 58 percent through July 1995, and 100% thereafter.
PEGASUS GOLD INC.
CONSOLIDATED BALANCE SHEETS
June 30, 1996, and December 31, 1995
(In Thousands)
1996 1995
ASSETS
Current assets:
Cash and cash equivalents $16,308 $32,907
Short-term investments 19,459 20,083
Due from sales of products 24,627 28,545
Inventories 54,117 38,590
Other current assets 7,961 9,549
Total current assets 122,472 129,674
Investments 23,180 18,679
Property, plant, and equipment, net 503,384 427,112
Other assets 5,796 4,776
Total assets $654,832 $580,241
LIABILITIES
Current liabilities:
Accounts payable and
other current liabilities $21,315 $20,281
Accrued salaries, wages, and benefits 8,678 9,223
Mining taxes payable 4,068 5,397
Current portion of long-term debt --- 12,719
Current portion of obligations
under capital lease 3,509 3,015
Total current liabilities 37,570 50,635
Long-term debt 115,000 121,099
Capital Lease obligations 24,309 22,792
Deferred income taxes 42,724 44,901
Deferred site closure and remediation 38,367 38,180
Deferred revenue 8,409 9,188
Other deferred liabilities 6,337 4,742
Total liabilities 272,716 291,537
SHAREHOLDERS' EQUITY
Class A preferred shares,
Series 1, C$10 par value:
Authorized - 20,000,000 shares;
none issued
Common shares, without value:
Authorized - 200,000,000 shares;
issued and outstanding, 1996
- 41,065,117 shares and 1995
- 34,665,366 shares 425,114 334,214
Accumulated deficit (50,831) (49,131)
Foreign currency translation adjustment 7,833 3,621
Total shareholders' equity 382,116 288,704
Total liabilities and
shareholders' equity $654,832 $580,241
PEGASUS GOLD INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three and Six months Ended June 30, 1996, and 1995
(In Thousands Except Per Share Amounts)
Three Months Ended Six Months Ended
June 30, June 30,
1996 1995 1996 1995
Sales $56,958 $62,314 $105,748 $117,674
Cost of sales 41,245 43,238 75,814 81,409
Depreciation and amortization 10,045 9,522 19,262 18,210
51,290 52,760 95,076 99,619
Gross profit 5,668 9,554 10,672 18,055
Operating expenses:
General and administrative 3,292 3,354 6,665 6,547
Royalties 1,130 1,408 2,256 2,836
Exploration and evaluation 2,152 5,834 3,608 11,260
Closure, remediation and
related costs 500 625 1,000 ---
Care and maintenance 424 --- 458 995
7,498 11,221 13,987 21,638
Loss from operations (1,830) (1,667) (3,315) (3,583)
Other income (expense):
Interest and other income 995 2,229 2,342 3,286
Interest expense, net
of amounts capitalized (724) (2,179) (1,834) (3,316)
Equity in net income
(loss) of affiliates (244) (184) 498 (296)
Gain (loss) on disposition
of assets 20 (17) (170) 14
47 (151) 836 (312)
Minority interest in loss of subsidiary --- 615 --- 882 Loss before income taxes (1,783) (1,203) (2,479) (3,013) Income tax benefit (70) --- (779) -- Net loss $(1,713) $(1,203) $(1,700) $(3,013) Net loss per share $(0.04) $(0.03) $(0.04) $(0.09) Weighted average common shares outstanding 41,334 34,763 40,492 34,713
PEGASUS GOLD INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Six months Ended June 30, 1996, and 1995
(In Thousands)
1996 1995
Operating activities:
Net loss $(1,700) $(3,013)
Adjustments to reconcile net loss to
net cash provided by operating activities:
Depreciation and amortization 19,558 18,543
Other, net (1,372) (186)
Change in working capital accounts (13,038) 4,012
Net cash provided by operating activities 3,448 19,356
Investing activities:
Additions to property, plant,
and equipment, net (88,595) (14,604)
Sale of property, plant, and equipment 3,881 ---
Sale of short-term investments 624 ---
Purchase of investments (4,630) (5,000)
Proceeds from investments --- 3,000
Acquisition of additional
investment in subsidiary --- (4,955)
Net cash used in investing activities (88,720) (21,559)
Financing activities:
Proceeds from issuance of long-term debt --- 115,000
Proceeds from issuance of common shares 90,900 384
Payments of long-term debt (19,189) (38,271)
Debt issuance costs (1,806) (3,616)
Payments of obligations under
capital lease (1,413) ---
Net cash provided by financing activities 68,492 73,497
Effect of exchange rate changes on cash and cash equivalents 181 (600) Net increase (decrease) in cash and cash equivalents (16,599) 70,694 Cash and cash equivalents, beginning of period 32,907 89,316 Cash and cash equivalents, end of period $16,308 $160,010
PEGASUS GOLD INC.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
For the Six months Ended June 30, 1996,
and the Year Ended Dec. 31, 1995
(In Thousands)
Retained Foreign
Common Shares Earnings Currency
Number of (Accumulated Translation
Shares Amount Deficit) Adjustment
Balance, Dec. 31, 1994 34,629,523 $332,110 $(46,178) $6,410 Net loss (2,953)
Common shares issued for:
Stock option plan 157,925 1,686
Employee savings
plan and other 37,755 418
Foreign currency
translation adjustment (2,789)
Balance, Dec. 31, 1995 34,825,203 334,214 (49,131) 3,621 Net loss (1,700)
Common shares issued for:
Cash 6,000,000 88,238
Stock option plan 234,117 2,590
Employee savings plan
and other 5,797 72
Foreign currency translation adjustment _________ ________ _______ 4,212 Balance, June 30, 1996 41,065,117 $425,114 $(50,831) $7,833 CONTACT: PEGASUS GOLD John W. Pearson, 509/624-4653 |
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