Printer Friendly

HORIZON GOLD REPORTS PROFIT FROM OPERATIONS OF $2.2 MILLION, BEFORE NON-CASH CHARGES AND INTEREST

 HORIZON GOLD REPORTS PROFIT FROM OPERATIONS OF $2.2 MILLION,
 BEFORE NON-CASH CHARGES AND INTEREST
 GOLDEN, Colo., Aug. 17 /PRNewswire/ -- Horizon Gold Corp. (NASDAQ/NMS: HRIZ) today announced revenues for the first quarter ended June 30, 1992, of $11,305,192. Profit from operations amounted to $2,150,002 and net income totaled $24,138, after accounting for two non-cash charges which totaled $1,686,985 and interest and other expenses of $438,879. For the year ago period Horizon had no revenues and reported a loss of $14,256.
 One of the non-cash charges was an unrealized foreign exchange loss of $743,931 relating to the company's subordinated convertible debentures payable in Swiss francs and due in 1996. The other was financing costs of $943,054 principally relating to the issuance of common stock in connection with the private placement of short-term notes payable in February 1992, which provided a portion of the funds for the acquisition of Amax Potash Corp.
 Charles E. Stott, president, said that the improved results reflect the first full quarterly contribution from Horizon's successful potash business. The potash subsidiary contributed a gross operating margin of $2,474,414 from the sale of 148,939 tons of product.
 Stott said that the potash business has met Horizon's expectations and that the company is looking forward to continued good operating performance in the future.
 Horizon Gold, a diversified mining company, is involved in the exploration, development and production of precious metals, base metals and industrial minerals, primarily in the United States. The company's stock is listed on the


NASDAQ National Market System under the symbol "HRIZ."
 HORIZON GOLD CORP.
 Consolidated Balance Sheet
 June 30, 1992
 ASSETS:
 Cash $2,362,685
 Accounts and notes receivable 3,445,065
 Inventories 6,903,275
 Other current assets 616,743
 Total current assets 13,327,768
 Mining equipment, net, held for sale 304,776
 Plant and equipment, net 3,544,763
 Mining properties, net 10,695,569
 Mining properties, net, held for sale 3,072,617
 Real estate held for sale 184,123
 Other assets 619,187
 Total assets $31,748,803
 LIABILITIES AND STOCKHOLDERS' EQUITY:
 Notes payable and current maturities of
 long term indebtedness $4,849,621
 Accounts payable and accrued liabilities 2,380,944
 Other current liabilities 1,282,064
 Total current liabilities 8,512,629
 Long-term indebtedness 16,956,746
 Stockholders' equity 6,279,428
 Total liabilities and stockholders' equity $31,748,803
 Consolidated Statements of Operations
 Three Months Ended
 June 30,
 1992 1991
 Potash operations:
 Revenues $11,305,192 ---
 Operating costs
 and expenses:
 Cost of sales 7,966,849 ---
 Royalties 524,229 ---
 Selling 339,700 ---
 Gross operating margin 2,474,414 ---
 Precious metals operations:
 Revenues --- ---
 Operating costs and expenses:
 Cost of sales --- ---
 Reserve for shutdown costs --- ---
 Writedowns of inventory --- ---
 Royalties --- ---
 Gross operating margin --- ---
 Total gross operating
 margin 2,474,414 ---
 Other operating costs
 and expenses:
 General and administrative 284,348 263,402
 Exploration 5,946 45,319
 Royalties and rentals,
 nonproducing properties 34,118 50,452
 Profit (loss) from operations 2,150,002 (359,173)
 Interest expense, net (423,228) (109,598)
 Financing cost (943,054) ---
 Foreign exchange gain
 (loss), net (743,931) 454,782
 Miscellaneous income
 (expense), net (15,651) (448)
 Profit (loss) before minority
 interest 24,138 (14,437)
 Minority interest --- 181
 Net income (loss) $24,138 $(14,256)
 Net income (loss) per share $0.00 $0.00
 Number of common shares for
 computing per share data 31,485,850 27,335,735
 -0- 8/17/92
 /CONTACT: Dick Ryan of Horizon Gold, 303-239-8701/
 (HRIZ) CO: Horizon Gold Corp. ST: Colorado IN: MNG SU: ERN


BB -- DV001 -- 0360 08/17/92 09:03 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 17, 1992
Words:610
Previous Article:AJAY COMPLETES SECOND QUARTER; SALES INCREASE BY NEARLY 10 PERCENT FOR THE SIX MONTHS ENDED JUNE 30, 1992
Next Article:'KANJI CHAMELEON' IS FIRST KANJI TCP/IP FOR WINDOWS; CALIFORNIA COMPANY MAKES COMMITMENT TO JAPANESE WINDOWS NETWORKING MARKET
Topics:


Related Articles
HORIZON REPORTS YEAR END RESULTS
HORIZON RESOURCES REPORTS PROFIT FROM OPERATIONS OF $1.3 MILLION FOR THE SECOND QUARTER, BEFORE NON-CASH CHARGES AND INTEREST
AGNICO-EAGLE REPORTS IMPROVED PROFIT FOR FIRST HALF OF 1993
GOLDEN STAR RESOURCES LTD. FOURTH QUARTER AND YEAR END 1995 FINANCIAL RESULTS
Golden Star Announces Second Quarter 1999 Financial Results.
Newmont Mining Corporation Announces Strong Cash Flow Continues In Third Quarter, Nine Months.
Inmet Mining announces improved second quarter earnings; All amounts are in Canadian dollars, unless otherwise stated.
Kinross Gold Corporation.
ANGLOGOLD ASHANTI LIMITED - Restatement of Results.
HARMONY GOLD MINING CO LTD - 3rd Quarter Results.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters