Printer Friendly

COEUR D'ALENE MINES REPORTS SECOND-QUARTER AND FIRST-HALF 1992 RESULTS

COEUR D'ALENE MINES REPORTS SECOND-QUARTER AND FIRST-HALF 1992 RESULTS
 COEUR D'ALENE, Idaho, Aug. 12 /PRNewswire/ -- Coeur d'Alene Mines Corp. (NYSE: CDE; PSE) today reported a first half 1992 net loss of $906,000, or 6 cents per share, on total revenues of $28,755,000, compared to a net loss of $3,385,000, or 22 cents per share, on total revenues of $33,302,000 for the first six months of 1991. The results were achieved despite lower gold prices and a substantial decrease in interest income received in the first half and second quarter of 1992.
 Results for the second quarter of 1992 were a net loss of $1,400,000, or 9 cents per share, on total revenues of $14,599,000. The company had a net loss of $1,142,000, or 7 cents per share, on total revenues of $16,198,000 for 1991's second quarter.
 Gross profits from mining operations continued to be recorded in 1992's second quarter and for the first six months of this year. Interest and other income declined by $1,009,000, or 50 percent, in the second quarter of 1992, and by $1,355,000, or 32 percent, for the first half of 1992, compared to the same periods in 1991. Total expenses for the first half of 1992 declined 37 percent to $6,860,000 from $10,818,000 in 1991's first half. The savings are primarily due to the reduction of combined costs following the merger of Callahan Mining Corp. with a wholly owned subsidiary of Coeur d'Alene Mines. The company's wholly owned industrial manufacturing subsidiary, The Flexaust Co., also recorded gross profits in both the second quarter and first half of 1992.
 Gold production for the first six months of 1992 was 29,012 ounces, an increase of 1,400 ounces over the 27,612 ounces produced in the first half of 1991. Silver production for the same periods was 3,456,603 ounces and 3,608,217 ounces, respectively. The decrease in silver production is due to the previously announced temporary closure of the company's Coeur Mine in April of 1991.
 The decrease in revenues in the second quarter of 1992 from the prior year's comparable quarter is the result of a decline in gold and silver prices and a decrease in interest and other income. The decrease in revenues for the first six months of 1992 from the prior year's comparable period is the result of decreased gold prices, a decrease in silver production and a decrease in interest and other income.
 Silver and gold prices averaged $4.09 per ounce and $344.89 per ounce, respectively for the first six months of 1992, compared to $4.02 per ounce and $365.47 per ounce, respectively, for the first six months of 1991.
 The financial information for the second quarter of 1992 and the first half of 1992 has been restated to give retroactive effect to a merger in which Callahan Mining Corp. became a wholly owned subsidiary of Coeur d'Alene Mines Corp. The merger, which was effective Dec. 31, 1991, is being accounted for on a pooling-of-interest basis.
 COEUR D'ALENE MINES CORP.
 (Unaudited)
 Three Months Six Months
 Ended June 30: 1992 1991 1992 1991
 Total revenues $14,599,000 $16,198,000 $28,755,000 $33,302,000
 Total income $ 2,157,000 $ 3,816,000 $ 5,777,000 $ 7,221,000
 Net loss $(1,400,000) $(1,142,000) $ (906,000) $(3,385,000)
 Net loss per
 share $ (0.09) $ (0.07) $ (0.06) $ (0.22)
 Weighted average
 number of
 shares 15,316,543 15,318,416 15,313,247 15,312,808
 Dividend per share $ 0.15 $ 0.12
 -0- 8/12/92
 /CONTACT: Arthur C. Johnson of Coeur d'Alene Mines, 208-667-3511/
 (CDE) CO: Coeur d'Alene Mines Corp. ST: Idaho IN: MNG SU: ERN


SC-JH -- SE007 -- 6305 08/12/92 15:36 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 12, 1992
Words:652
Previous Article:INTERFACE SYSTEMS, INC. ANNOUNCES REPURCHASE OF SHARES
Next Article:INTEGON SETS INTEREST RATE ON NOTES OFFERING
Topics:


Related Articles
COEUR D'ALENE MINES REPORTS THIRD-QUARTER INCOME UP 79 PERCENT
CALLAHAN MINING REPORTS NINE MONTHS LOSS OF $1.12 PER SHARE
COEUR D'ALENE MINES REPORTS FIRST-QUARTER PROFIT
HECLA REPORTS SECOND-QUARTER RESULTS, SIX-MONTH EARNINGS
HECLA REPORTS THIRD-QUARTER 1992 RESULTS
COEUR D'ALENE MINES REPORTS IMPROVED NINE-MONTH, THIRD-QUARTER RESULTS
COEUR D'ALENE MINES ANNOUNCES IMPLEMENTATION OF FAS 109
COEUR D'ALENE MINES CORP. ACQUIRES MAJOR INTEREST IN NEW ZEALAND GOLD MINE
COEUR D'ALENE MINES REPORTS FIRST-QUARTER RESULTS OF OPERATIONS
Coeur Reports Second Quarter 2004 and First Six Months Financial Results.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters