ROYAL GOLD RELEASES FIRST QUARTER 1992 RESULTS
ROYAL GOLD RELEASES FIRST QUARTER 1992 RESULTS DENVER, Nov. 22 /PRNewswire/ -- Royal Gold, Inc.
(NASDAQ: RGLD) today reported unaudited results for the first quarter, July 1, 1991, through Sept. 30, 1991, of fiscal year 1992. The company reported a net loss of $185,000 or $.02 per share for the quarter, compared to a net loss of $424,000 or $.05 for the same period in fiscal 1991.
During the three months ended Sept. 30, 1991, the company sold its interest in the Crescent Valley property to Placer Dome U.S., Inc. for a cash payment of $100,000 and the assignment to Royal of a 1.5 percent net smelter return royalty and a 1.25 percent net profits interest royalty in the project. The company's operating activities utilized approximately $62,000 of cash during this period. The company's general and administrative costs for the three months ended Sept. 30, 1991, were approximately $182,000, and are down from approximately $259,000 for the same period in fiscal 1990. Immediate liquidity needs are being met from the company's available cash resources, interest income, earnings from financial and environmental consulting services, proceeds from the sales of equipment not required for ongoing operations, and the sale of interests in mineral properties. The company is currently seeking to make a private placement of convertible notes. If the placement is completed, the proceeds will be used to meet short- and long-term liquidity requirements. If the company is not able to generate positive cash flows from operating activities or obtain additional debt or equity financing in the near term, the company will need to evaluate other restructuring alternatives. Royal Gold, Inc. is a Denver-based, publicly held corporation engaged in the production of gold and other precious metals primarily through joint ownership arrangements, and the acquisition, exploration, development, and sale of gold properties. Royal has one gold project in California being explored by Battle Mountain Exploration, one in Nevada, being explored by Newmont Exploration, and one in Arizona, where efforts to sell or farmout continue. ROYAL GOLD, INC. Summary of Financial Information Quarter ended Sept. 30 1991 1990 Bullion sales -- 15,724 Financial services 26,353 78,915 Total revenues 26,355 94,639 Direct cost of bullion production -- 37,145 Exploration and non-operating leasehold costs 25,723 198,133 General and administrative 182,245 258,765 Net loss (185,209) (423,499) Net loss per share $(.02) $(.05) Total assets 2,416,562 10,651,946 Working capital (428,420) 84,841 Long-term liabilities: Deferred reclamation 337,101 337,101 Post-retirement benefit & other 61,533 104,332 Shareholders' equity 1,393,423 9,910,960 Average shares outstanding 9,157,250 8,789,250 -0- 11/22/91 /CONTACT: Stanley Dempsey, chairman of Royal Gold, 303-573-1660/ (RGLD) CO: Royal Gold Inc. ST: Colorado IN: MNG SU: ERN CK-KW -- DV004 -- 6348 11/22/91 11:41 EST
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|Date:||Nov 22, 1991|
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