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FMC GOLD REPORTS FIRST QUARTER RESULTS

 CHICAGO, April 15 /PRNewswire/ -- FMC Gold Company (NYSE: FGL) today reported first quarter net income of $2.8 million compared with net income of $6.9 million in the first quarter of 1992. A decline in precious metals prices, coupled with somewhat lower precious metals production during the quarter, accounted for the decline in earnings. Earnings per share were $0.04 in the first quarter compared with $0.09 last year. The year-ago results were restated to reflect last year's adoption of Financial Accounting Standards No. 106 (Postretirement Benefits Other Than Pensions).
 Sales for the first quarter of 1993 were $35.5 million compared with $39.5 million last year. The average realized price of gold declined to $329 per ounce from $349 in the first quarter of 1992. The average realized price of silver decreased to $3.75 per ounce compared with $4.13 in the year-ago period.
 In the first quarter, FMC Gold produced 102,000 ounces of gold compared with 104,000 ounces in the same period last year. Silver production decreased significantly, as expected, to 492,000 ounces compared with 679,000 ounces last year. At the Paradise Peak, Nev., mine, gold production decreased to 59,000 ounces compared with 62,000 ounces in the first quarter of 1992. The decrease in gold production reflects lower mill throughput and lower heap-leach production, partially offset by higher mill ore grades. Silver production also fell, reflecting lower mill throughput and heap-leach production, as well as the expected decline in mill ore grades.
 At the Jerritt Canyon, Nev., mine (30 percent owned by FMC Gold), gold production increased, reflecting higher mill ore grades. FMC Gold's share of production increased to 29,000 ounces compared with 24,000 ounces in the first quarter of 1992. At the Royal Mountain King, Calif., mine, lower mill throughput and recoveries resulted in a decline in gold production to 14,000 ounces compared with 18,000 ounces in the prior-year period.
 Average cash production costs increased during the first quarter to $183 per gold equivalent ounce compared with $177 per gold equivalent ounce in the first quarter of 1992. The increase in cash production costs reflects higher costs at Royal Mountain King, driven largely by inclement winter weather, and at Jerritt Canyon, due to higher costs associated with mining activities.
 FMC Gold held $162 million in cash and cash equivalents at the end of the quarter and realized interest income of $2.1 million during the first quarter compared with $1.5 million last year.
 Outlook
 "Gold production is expected to decline further as the mill grade ore at the Paradise Peak mine is exhausted by mid-year, and reserves are fully exhausted by year-end," said Larry D. Brady, FMC Gold chairman and chief executive officer. "Despite the expected decline in production, we remain committed to growth through exploration."
 FMC GOLD COMPANY
 Consolidated Statements of Income
 (Unaudited and in millions, except per share amounts)
 Three months ended March 31 1993 1992
 Sales $ 35.5 $ 39.5
 Costs and expenses
 Cost of sales 30.1 29.8
 Exploration costs 2.4 2.1
 Selling, general and
 administrative expenses 1.6 1.8(1)
 Total costs and expenses 34.1 33.7
 Earnings before interest and taxes 1.4 5.8
 Interest income 2.1 1.5
 Income before income taxes 3.5 7.3
 Provision for income taxes 0.7 0.4
 Net income $ 2.8 $ 6.9
 Earnings per common share $ 0.04 $ 0.09
 Average number of shares used in
 earnings per share computations 73.5 73.5
 (1) Restated to reflect a net-of-tax increase in postretirement expense of $0.3 million.
 FMC GOLD COMPANY
 Operating Data
 (Unaudited)
 Three months ended March 31 1993 1992
 Tons of ore processed (thousands):
 Paradise Peak
 - Mill 399 442
 - Heap Leach 830 1,333
 Total 1,229 1,775
 Jerritt Canyon (FMC Gold share) 223 206 Royal
 Mountain King 323 373
 Ore grade (ounces per ton milled):
 Paradise Peak
 - Gold 0.107 0.096
 - Silver 1.905 2.056
 Jerritt Canyon 0.153 0.126
 Royal Mountain King 0.055 0.060
 Mill recoveries:
 Paradise Peak
 - Gold (in percent) 91.5 92.8
 - Silver (in percent) 59.2 64.3
 Jerritt Canyon (in percent) 89.8 89.7
 Royal Mountain King (in percent) 76.8 81.1
 Production (thousands of ounces):
 Gold
 Paradise Peak 59 62
 Jerritt Canyon 29 24
 Royal Mountain King 14 18
 Total 102 104
 Silver 492 679
 Cash cost of production
 ($ per gold equivalent ounce)
 Paradise Peak $ 128 $ 138
 Jerritt Canyon $ 217 $ 199
 Royal Mountain King $ 367 $ 295
 Average $ 183 $ 177
 -0- 4/15/93
 /CONTACT: Pat Brozowski, 312-861-6104, or Chuck Thomas, investor relations, 312-861-6678, both for FMC Gold/
 (FGL)


CO: FMC Gold Company ST: Illinois IN: MNG SU: ERN

WB -- NY046 -- 6180 04/15/93 11:14 EDT
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Date:Apr 15, 1993
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