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COEUR D'ALENE MINES CORP. REPORTS FOURTH-QUARTER 1992 NET PROFIT, IMPROVED 1992 FINANCIAL RESULTS

 COEUR D'ALENE, Idaho, Feb. 23 /PRNewswire/ -- Coeur d'Alene Mines Corp. (NYSE: CDE; PSE) today reported net income of $1,316,000 on total revenues of $14,515,000 for the fourth quarter of 1992, compared to a fourth-quarter 1991 net loss of $5,384,000 on total revenues of $16,381,000.
 Primary earnings per share for the fourth quarter of 1992 were 9 cents per share, compared with a loss per share of 35 cents in 1991. Fully diluted earnings per share for the fourth quarter of 1992 were 8 cents. Fully diluted earnings per share were not present in 1991 because the effect was antidilutive.
 Despite lower prices for silver and gold in 1992 and reduced interest income, the company substantially reduced its net loss for 1992. For the year, Coeur d'Alene Mines recorded a net loss of $759,000, or 5 cents per share, on total revenues of $56,428,000. The net loss for 1991 was $14,399,000, or 94 cents per share, on total revenues of $67,046,000.
 The company's mining operations remained profitable in 1992 and recorded operating income of $3,585,000. The Flexhaust Co., a manufacturing division of Coeur d'Alene Mines, recorded operating income of $1,121,000. Due to declining interest rates, interest from Coeur d'Alene Mines' investments in 1992 declined by approximately 37 percent to $4,906,000.
 Total expenses in 1992 decreased by $15.1 million, or 52 percent, compared to 1991. The savings were primarily due to decreased expedititures of $5.2 million related to the successful merger in 1991 of Callahan Mining Corp. into a wholly owned subsidiary of Coeur d'Alene Mines, and a one-time $5.7 million provision for the closure of one of Callahan's mines in 1991. Corporate and administrative costs also declined in 1992, compared to 1991. Both the fourth-quarter and year-to-date results were impacted by a tax benefit resulting from tax loss carrybacks. For the fourth quarter of 1992, the company reported a tax benefit of approximately $3.2 million, thereby increasing the tax benefit for the year to $3.7 million.
 Gold and silver prices continued to decline in 1992. The 1992 average price for silver was $3.94 per ounce (Handy and Harman), and for gold was $343.73 per ounce (London final quotation), compared to $4.04 per ounce and $362.18 per ounce, respectively, in 1991.
 Coeur d'Alene Mines produced 56,638 ounces of gold in 1992 compared to 60,771 ounces in 1991. Silver production was 6,254,273 ounces in 1992, compared to 7,536,953 ounces in 1991. The decrease in silver production is due to the temporary closure of the company's Galena and Coeur silver mines on July 26, 1992, and April 3, 1991, respectively, by the lessee/operator, ASARCO.
 Coeur d'Alene Mines ended 1992 with the successful completion of the largest single financing in its 64-year history. The company sold $75 million (principal amount) of 7-percent convertible subordinated debentures due in the year 2002. Proceeds from the sale will be used for general corporate purposes including the possible acquisition or investment in precious metals properties or businesses.
 COEUR D'ALENE MINES CORP.
 Three Months Twelve Months
 Ended Dec. 31: 1992 1991 1992 1991
 (Unaudited) (Audited)
 Total revenues $14,515,000 $16,381,000 $56,428,000 $ 67,046,000
 Total income $ 2,501,000 3,201,000 9,612,000 14,183,000
 Net income
 (loss) $ 1,316,000 $(5,384,000) $ (759,000) $(14,399,000)
 Net income (loss)
 per share 0.09 (0.35) (0.05) (0.94)
 Fully diluted net
 income per share 0.08 -- -- --
 Weighted average
 number of shares
 outstanding 15,321,087 15,309,950 15,317,405 15,307,953
 -0- 2/23/93
 /CONTACT: Arthur C. Johnson, investor relations manager, of Coeur d'Alene Mines, 208-667-3511/
 (CDE)


CO: Coeur d'Alene Mines Corp. ST: Idaho IN: MNG SU: ERN

LM-SW -- SE013 -- 9522 02/23/93 15:01 EST
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Publication:PR Newswire
Date:Feb 23, 1993
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