Stillwater Mining Company
Key Factors
(Unaudited)
Three months ended Six months ended
June 30, June 30,
2000 1999 2000 1999
Ounces produced (000)
Palladium 75 75 161 158
Platinum 23 23 49 48
Total 98 98 210 206
Tons mined (000) 147 167 317 350
Tons milled (000) 149 167 317 352
Mill head grade
(ounce per ton) 0.68 0.66 0.70 0.65
Mill recovery (%) 91 91 92 91
Sub-grade tons milled
(000) 30 -- 44 --
Sub-grade mill head grade
(ounce per ton) 0.30 -- 0.24 --
Sub-grade mill
recovery (%) 80 -- 80 --
Total tons milled 179 -- 361 --
Combined mill head grade 0.61 -- 0.64 --
Cash costs per total
ton milled $142 $115 $142 $108
Cash costs per ounce(1) $258 $197 $245 $186
Depreciation and
amortization 43 35 41 30
Total costs per ounce
produced $301 $232 $286 $216
Ounces sold (000)(2)
Palladium 75 82 161 162
Platinum 23 25 49 49
Total 98 107 210 211
Average realized price
per ounce(3)
Palladium $497 $341 $541 $351
Platinum $488 $353 $466 $363
Combined(2) $495 $344 $523 $354
Average market price
per ounce(3)
Palladium $600 $341 $594 $342
Platinum $529 $356 $504 $360
Combined(2) $583 $345 $573 $346
(1) Cash costs include cash costs of mine operations, processing and
administrative expenses at the mine site (including overhead, taxes
other than income taxes, royalties, and credits for metals produced
other than palladium and platinum). Total costs of production include
cash costs plus depreciation and amortization. Income taxes,
corporate general and administrative expense and interest income and
expense are not included in either total or cash costs.
(2) Stillwater Mining reports a combined average realized price of
palladium and platinum at the same ratio as ounces are produced from
the base metals refinery. The same ratio is applied to the combined
average market price. The combined average market price represents
the London PM Fix for the actual months of the period.
(3) Revenue is recognized when product is shipped from the company's base
metals refinery to external refiners. Sales are recorded and later
adjusted when sales prices are finalized. Therefore, differences
between realized prices and market prices may occur.
Stillwater Mining Company
Consolidated Statement of Operations
(Unaudited)
(in thousands, except per share amounts)
Three months ended Six months ended
June 30, June 30,
2000 1999 2000 1999
Revenues $48,565 $36,845 $109,900 $74,875
Costs and expenses
Cost of metals sold 25,376 21,168 52,268 39,399
Depreciation and
amortization 4,210 3,332 8,512 6,259
Total cost of sales 29,586 24,500 60,780 45,658
General and
administrative expense 2,243 1,216 4,298 2,544
Total costs and expenses 31,829 25,716 65,078 48,202
Operating income 16,736 11,129 44,822 26,673
Other income (expense)
Interest income 185 180 464 667
Interest expense, net of
capitalized interest of
$2,423, $564, $5,079 and
$1,652 -- (28) -- (137)
Income before income taxes 16,921 11,281 45,286 27,203
Income tax provision (4,738) (3,235) (12,680) (8,569)
Net income and
comprehensive income $12,183 $8,046 $32,606 $18,634
Basic and diluted
earnings per share
Basic $0.32 $0.22 $0.85 $0.52
Diluted $0.31 $0.21 $0.83 $0.48
Weighted average common
shares outstanding
Basic 38,514 36,709 38,393 35,654
Diluted 39,178 38,767 39,257 38,607
Stillwater Mining Company
Consolidated Balance Sheet
(in thousands, except share and per share amounts)
(Unaudited)
June 30, December 31,
2000 1999
ASSETS
Current assets
Cash and cash equivalents $1,531 $2,846
Inventories 15,600 11,658
Accounts receivable 36,171 26,248
Deferred income taxes 2,400 1,945
Other current assets 2,275 3,013
Total current assets 57,977 45,710
Property, plant and equipment, net 518,937 428,252
Other noncurrent assets 4,975 4,876
Total assets $581,889 $478,838
LIABILITIES and SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable $25,879 $20,157
Accrued payroll and benefits 4,494 5,511
Property, production and
franchise taxes payable 2,486 4,322
Current portion of capital
lease obligations 2,633 2,628
Other current liabilities 15,584 3,729
Income taxes payable 5,500 642
Total current liabilities 56,576 36,989
Long-term liabilities
Long-term debt and capital
lease obligations 116,133 84,404
Deferred income taxes 36,668 29,042
Other noncurrent liabilities 7,802 5,299
Total liabilities 217,179 155,734
Shareholders' equity
Preferred stock, $0.01 par value,
1,000,000 shares authorized, none issued -- --
Common stock, $0.01 par value,
50,000,000 shares authorized, 38,519,205
and 37,917,973 shares issued and
outstanding, respectively 385 379
Paid-in capital 281,167 272,173
Accumulated earnings 83,158 50,552
Total shareholders' equity 364,710 323,104
Total liabilities and shareholders' equity $581,889 $478,838
Stillwater Mining Company
Consolidated Statement of Cash Flows
(Unaudited)
(in thousands)
Three months ended Six months ended
June 30, June 30,
2000 1999 2000 1999
Cash flows from operating
activities
Net income $12,183 $8,046 $32,606 $18,634
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation and amortization 4,210 3,332 8,512 6,259
Deferred income taxes 2,230 2,302 7,171 6,584
Changes in operating assets
and liabilities:
Inventories (3,367) 703 (3,942) (288)
Accounts receivable (2,144) 2,571 (9,923) (2,054)
Accounts payable 9,331 4,068 5,722 1,853
Other 15,618 1,886 17,002 1,553
Net cash provided by
operating activities 38,061 22,908 57,148 32,541
Cash flows from investing
activities
Capital expenditures (56,881) (49,174) (99,197) (89,358)
Net cash used in investing
activities (56,881) (41,174) (99,197) (89,358)
Cash flows from financing
activities
Borrowings under credit
facility 10,000 12,000 33,100 12,000
Payments on long-term debt
and capital lease obligations (715) (626) (1,366) (1,214)
Issuance of common stock 174 1,608 9,000 2,311
Payments for debt issuance costs -- -- -- (2,657)
Payments for conversion costs
of 7% convertible notes -- (309) -- (309)
Net cash provided by financing
activities 9,459 12,673 40,734 10,131
Cash and cash equivalents
Net increase (decrease) (9,361) (13,593) (1,315) (46,686)
Balance at beginning of period 10,892 16,718 2,846 49,811
Balance at end of period $1,531 $3,125 $1,531 $3,125
PHIL |
