Printer Friendly

NEWMONT MINING REPORTS GAIN IN THIRD QUARTER

 DENVER, Oct. 27 /PRNewswire/ -- Newmont Mining Corp. (NYSE: NEM), a leading worldwide gold company, today reported third quarter net income of $25.7 million, or 32 cents a share, compared with $18.3 million, or 27 cents a share, in the third quarter of 1992. In the 1993 quarter the company provided for a preferred dividend of $4.0 million, which reduced reported per-share income by 6 cents in the quarter. The preferred stock was not outstanding in the third quarter of 1992.
 Consolidated sales for the quarter were $178.1 million compared with $155.8 million in the previous year's quarter. Newmont Mining's equity in gold production in the third quarter was 420,700 ounces compared with 377,400 ounces in the third quarter of 1992. Production was higher in the 1993 quarter due to increased output at Newmont Gold Co. (NYSE: NGC), which is 90.1 percent owned; and due to the August start-up of production at Minera Yanacocha in Peru, which is 38 percent owned and managed by Newmont.
 The average consolidated price realized for gold in the third quarter was $387 an ounce compared with $369 an ounce in the third quarter of 1992. This includes the effect of revenue benefits of approximately $6 million due to repayments of the company's gold loan.
 For the first nine months of 1993, net income was $116.2 million, or $1.52 a share, compared with $75.0 million, or $1.10 a share, in the first nine months of 1992. Consolidated sales in the first nine months were $473.5 million compared with $472.3 million in the first nine months of 1992. Reported per share income in the 1993 period was reduced by $11.9 million in preferred dividends, or 17 cents a share. The preferred stock was not outstanding in the 1992 period.
 In the 1993 nine-month period, the company had an after-tax gain of $19.3 million, or 28 cents a share, due to disposition of its remaining interest in Newcrest Mining Ltd. in Australia, as well as a non-cash, after-tax benefit of $38.5 million, or 56 cents a share, due to a change in accounting principle for income taxes. The 1992 nine-month period was affected by a net after-tax charge of $11.6 million, or 17 cents a share, due to a change in accounting principle for certain employee postretiremenb?enefits.
 Newmont Mining is a pure gold company. It owns 90.1 percent of Newmont Gold, the largest producer from North American operations, and 100 percent of Newmont Exploration Ltd., which explores worldwide for gold. The company has advanced gold projects in Uzbekistan and Indonesia, and began gold production in Peru in the third quarter.
 NEWMONT MINING CORP.
 Summary of Consolidated Income
 (Unaudited - in thousands, except per share)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Consolidated sales $178,096 $155,828 $473,538 $472,286
 Income before
 cumulative effect
 of change in
 accounting
 principle $ 25,658 $ 18,279 $ 77,749(a)$ 86,612
 Cumulative effect of
 change in accounting
 principle - - 38,470(b) (11,572)(c)
 Net income 25,658 18,279 116,219 75,040
 Preferred dividends (3,93?) - (11,913) -
 Income applicable to
 common stock $ 21,705 $ 18,279 $104,306 $ 75,040
 Income per common share:
 Before cumulative
 effect of change in
 accounting
 principle $ 0.32 $ 0.27 $ 0.96(a)$ 1.27
 Cumulative effect of
 change in accounting
 principle - - 0.56(b) (0.17)(c)
 Net income $ 0.32 $ 0.27 $ 1.52 $ 1.10
 Average number of
 shares outstanding 68,647 68,186 68,439 68,066
 (a) Includes net after-tax gain of $19,300, or 28 cents per share,
 for the disposition of Newcrest Mining Limited investment.
 ( ?Relates to change in accounting from adoption of Statement of
 Financial Accounting Standards No. 109, "Accounting for Income
 Taxes" (SFAS 109).
 (c) Relates to change in accounting from adoption of Statement of
 Financial Accounting Standards No. 106, "Employers' Accounting
 for Postretirement Benefits Other Than Pensions" (SFAS 106),
 net of income tax benefit of $5,962, or 9 cents per share.
 -0- 10/27/93
 /CONTACT: James F. Hill of Newmont Mining, 303-837-5977/
 (NEM NGC)


CO: Newmont Mining Corp. ST: Colorado IN: MNG SU: ERN

BB -- DV005 -- 7392 10/27/93 14:09 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 27, 1993
Words:720
Previous Article:CHAMPS REPORTS THIRD QUARTER CASH FLOW OF APPROXIMATELY 13 CENTS PER SHARE
Next Article:NEWMONT GOLD REPORTS SHARP RISE IN INCOME
Topics:

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