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Tuesday, February 23, 2010 2:05:47 PM
GDMN - 2009 year-end results
If I have a quick look at the balance sheet I see that the company had 8,5 million USD cash on 31/12/2009.
The January 2010 PP added 5,75 million US(?)D , which would mean they have around 14 million USD minus expenses currently in cash.
This is 6 million below the 20 million USD CL001 mentioned, but maybe I am missing something?
Golden Minerals Reports 2009 Year-End Results
http://phx.corporate-ir.net/phoenix.zhtml?c=113158&p=irol-newsArticle&ID=1393481&highlight=
GOLDEN, CO, Feb 22, 2010 (MARKETWIRE via COMTEX) -- Golden Minerals Company ("Golden Minerals" or the "Company") (TSX: AUM) (PINKSHEETS: GDMN) today announced 2009 year-end results.
2009 Financial Results
For the period March 25, 2009 through December 31, 2009, Golden Minerals recorded a total net loss of $20.3 million, which included among other items, $7.3 million in revenue net of associated costs for management services; interest, royalties and other income of $1.4 million; and a net gain on the disposal of assets of $0.3 million. These items were offset during the period by an impairment of long lived assets of $1.7 million, $8.4 million of administrative expense, $1.0 million of reorganization costs, $12.6 million of exploration expense, and a loss of $2.2 million on the sale of the Company's remaining ARS investments.
At December 31, 2009 Golden Minerals' aggregate cash and short-term investments totaled $9.0 million, including $8.6 million of cash and cash equivalents and $0.4 million of short term investments. During the period March 25, 2009 through December 31, 2009, Golden Minerals received $3.7 million in proceeds from the sale of assets, including the sale of an office building in Bolivia for $0.7 million and the sale of three mining claims and a 49% joint venture interest in Mexico for $3.0 million. During this period the Company also received $3.4 million from the sale of investments, including the sale of the Company's remaining ARS investments for $3.0 million.
Recent Developments
In January 2010, the Company completed a transaction with MH Argentina S.A., a wholly owned subsidiary of Hochschild, pursuant to which Golden Minerals acquired Hochschild's 35% interest in Minera El Quevar, an Argentine company in which the Company held the other 65% interest. Minera El Quevar controls approximately 10,000 hectares of the 64,000 hectare El Quevar project, including the Yaxtche target area. The Company issued 400,000 shares of common stock, and warrants to acquire an additional 300,000 shares exercisable for three years at an exercise price of $15.00 per share.
In January 2010, Golden Minerals completed a private placement with The Sentient Group, an independent private equity firm in the global resources industry with approximately $1.3 billion under management. In the private placement, the Company sold to Sentient a total of 844,694 shares of its common stock at a price of Cdn$7.06 per share, resulting in gross proceeds to the Company of approximately $5.75 million. Sentient became Golden Minerals largest stockholder, holding 19.9% of the outstanding common stock, not including restricted stock held by employees.
About Golden Minerals
Golden Minerals is a Delaware corporation based in Golden, Colorado, primarily engaged in the advancement of its exploration projects and in providing mine management services. The Company has a portfolio of 30 exploration projects, primarily located in Argentina, Mexico and Peru, including the advanced stage El Quevar project in the Salta Province of northwestern Argentina. The Company's experienced management team has proven in house ability to explore, develop and operate mining projects. Golden Minerals operates the San Cristobal mine in Bolivia for Sumitomo Corporation under a Management Services Agreement.
GOLDEN MINERALS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Expressed in United States Dollars)
For The For The
Period Period
March 25, January 1,
2009 2009 The Years Ended December
Through Through 31,
December 31, March 24, ------------------------
2009 2009 2008 2007
----------- ----------- ----------- -----------
(Successor)* (Predecessor)*
(in thousands except per
share data)
Revenue:
Management service
fees $ 11,067 $ 1,350 $ 5,400 $ 5,400
Costs and expenses:
Costs of services (3,751) - - -
Exploration expense (12,617) (3,482) (25,397) (15,357)
Administrative
expense (8,430) (4,779) (17,348) (17,664)
Stock based
compensation (1,666) (2,717) (2,852) (2,609)
Depreciation,
depletion and
amortization (626) (102) (527) (533)
----------- ----------- ----------- -----------
Total costs and
expenses (27,090) (11,080) (46,124) (36,163)
----------- ----------- ----------- -----------
Loss from operations (16,023) (9,730) (40,724) (30,763)
Other income and
expenses:
Interest and other
income 1,042 1,010 5,553 19,432
Royalty income 399 88 351 1,319
Interest and other
expense - (345) (15,848) (5,733)
Gain on disposal of
assets, net 261 - - -
Impairment of long
lived assets (1,687) - - -
Loss on foreign
currency (69) (13) (32) (48)
Gain on extinguishment
of debt - 248,165 - -
Loss on auction rate
securities (2,199) (828) (16,263) (34,537)
Reorganization
costs, net (1,032) (3,683) (2,153) -
Fresh start accounting
adjustments - 9,122 - -
----------- ----------- ----------- -----------
Other total income
and expenses (3,285) 253,516 (28,392) (19,567)
----------- ----------- ----------- -----------
Income (loss) from
continuing operations
before income taxes (19,308) 243,786 (69,116) (50,330)
Income taxes (968) (165) (618) (879)
----------- ----------- ----------- -----------
Net income (loss)
from continuing
operations (20,276) 243,621 (69,734) (51,209)
Loss from discontinued
operations - (4,153) (166,625) (24,634)
----------- ----------- ----------- -----------
Net income (loss) $ (20,276) $ 239,468 $ (236,359) $ (75,843)
Net (income) loss
attributable to
noncontrolling
interest $ - $ (7,869) $ 118,122 $ 87,399
----------- ----------- ----------- -----------
Net income (loss)
attributable to the
Successor/Predecessor
stockholder's $ (20,276) $ 231,599 $ (118,237) $ 11,556
----------- ----------- ----------- -----------
Other comprehensive
gain (loss):
Unrealized gain (loss)
securities $ 154 $ 940 $ (441) $ (86)
----------- ----------- ----------- -----------
Comprehensive income
(loss) attributable
to
Successor/Predecessor
stockholder's $ (20,122) $ 232,539 $ (118,678) $ 11,470
=========== =========== =========== ===========
Net income (loss) per
Common/Ordinary Share
- basic
Income (loss) from
continuing operations
attributable to the
Successor/Predecessor
stockholders $ (6.78) $ 4.13 $ (1.18) $ (0.87)
Income (loss) from
discontinued
operations
attributable to the
Successor/Predecessor
stockholders - (0.20) (0.82) 1.07
----------- ----------- ----------- -----------
Income (loss)
attributable to the
Successor/Predecessor
stockholders $ (6.78) $ 3.93 $ (2.01) $ 0.20
=========== =========== =========== ===========
Net income (loss) per
Common/Ordinary Share
- diluted
Loss from continuing
operations
attributable to the
Successor/Predecessor
stockholders $ (6.78) $ (0.06) $ (1.18) $ (0.87)
Loss from
discontinued
operations
attributable to the
Successor/Predecessor
stockholders - (0.17) (0.82) 1.07
----------- ----------- ----------- -----------
Loss attributable to
the
Successor/Predecessor
stockholders $ (6.78) $ (0.23) $ (2.01) $ 0.20
=========== =========== =========== ===========
Weighted average
Common Stock/Ordinary
Shares outstanding -
basic 2,989,562 59,000,832 58,947,025 58,714,935
=========== =========== =========== ===========
Weighted average
Common Stock/Ordinary
Shares outstanding -
diluted 2,989,562 69,171,400 58,947,025 58,714,935
=========== =========== =========== ===========
* Note to the Financial Statements: Upon emergence from Chapter 11
bankruptcy on March 24, 2009, Golden Minerals Company became the
successor to Apex Silver Mines Limited for purposes of reporting under
the U.S. federal securities laws. References in the financial statements
presented in this press release to "Successor" refer to Golden Minerals
Company and its subsidiaries on or after March 25, 2009, the day
following emergence from Chapter 11. References to "Predecessor" refer
to Apex Silver Mines Limited and its subsidiaries prior to
March 25, 2009.
GOLDEN MINERALS COMPANY
CONSOLIDATED BALANCE SHEETS
(Expressed in United States Dollars)
December 31, December 31,
2009 2008
--------------- ---------------
(Successor)* (Predecessor)*
(in thousands, except share data)
Assets
Current assets
Cash and cash equivalents $ 8,570 $ 33,723
Restricted cash - 20,575
Investments 444 16,351
Trade receivables 1,460 7,315
Inventories - 75,008
Prepaid expenses and other assets 2,087 15,550
--------------- ---------------
Total current assets 12,561 168,522
Property, plant and equipment, net 7,774 202,534
Assets held for sale 813 -
Ore stockpile inventories - 72,628
Value added tax recoverable - 157,146
Investments - 5,487
Prepaid expenses and other assets 552 30
--------------- ---------------
Total assets $ 21,700 $ 606,347
=============== ===============
Liabilities and Equity (Deficit)
Current liabilities
Accounts payable and other accrued
liabilities $ 2,428 $ 48,861
Accrued interest payable - 8,660
Other current liabilities 63 -
Current portion of long term debt - 523,610
--------------- ---------------
Total current liabilities 2,491 581,131
Long term debt - 59,951
Asset retirement obligation - 9,155
Other long term liabilities 651 4,398
--------------- ---------------
Total liabilities 3,142 654,635
--------------- ---------------
Commitments and contingencies
Equity (deficit)
Common stock, (Successor) $.01 par
value, 50,000,000 shares authorized;
3,238,615 shares issued and
outstanding, net of 3,885 treasury
shares 32 -
Ordinary Shares, (Predecessor) $.01 par
value, 175,000,000 shares authorized;
59,000,832 shares issued and
outstanding - 590
Additional paid in capital 37,854 680,901
Accumulated deficit (20,276) (880,020)
Accumulated other comprehensive
income (loss) 154 (551)
--------------- ---------------
Parent company's shareholder's
equity (deficit) 17,764 (199,080)
Noncontrolling interest in
subsidiaries 794 150,792
--------------- ---------------
Total equity (deficit) 18,558 (48,288)
--------------- ---------------
Total liabilities and equity
(deficit) $ 21,700 $ 606,347
=============== ===============
* Note to the Financial Statements: Upon emergence from Chapter 11
bankruptcy on March 24, 2009, Golden Minerals Company became the
successor to Apex Silver Mines Limited for purposes of reporting under
the U.S. federal securities laws. References in the financial statements
presented in this press release to "Successor" refer to Golden Minerals
Company and its subsidiaries on or after March 25, 2009, the day
following emergence from Chapter 11. References to "Predecessor" refer
to Apex Silver Mines Limited and its subsidiaries prior to
March 25, 2009.
If I have a quick look at the balance sheet I see that the company had 8,5 million USD cash on 31/12/2009.
The January 2010 PP added 5,75 million US(?)D , which would mean they have around 14 million USD minus expenses currently in cash.
This is 6 million below the 20 million USD CL001 mentioned, but maybe I am missing something?
Golden Minerals Reports 2009 Year-End Results
http://phx.corporate-ir.net/phoenix.zhtml?c=113158&p=irol-newsArticle&ID=1393481&highlight=
GOLDEN, CO, Feb 22, 2010 (MARKETWIRE via COMTEX) -- Golden Minerals Company ("Golden Minerals" or the "Company") (TSX: AUM) (PINKSHEETS: GDMN) today announced 2009 year-end results.
2009 Financial Results
For the period March 25, 2009 through December 31, 2009, Golden Minerals recorded a total net loss of $20.3 million, which included among other items, $7.3 million in revenue net of associated costs for management services; interest, royalties and other income of $1.4 million; and a net gain on the disposal of assets of $0.3 million. These items were offset during the period by an impairment of long lived assets of $1.7 million, $8.4 million of administrative expense, $1.0 million of reorganization costs, $12.6 million of exploration expense, and a loss of $2.2 million on the sale of the Company's remaining ARS investments.
At December 31, 2009 Golden Minerals' aggregate cash and short-term investments totaled $9.0 million, including $8.6 million of cash and cash equivalents and $0.4 million of short term investments. During the period March 25, 2009 through December 31, 2009, Golden Minerals received $3.7 million in proceeds from the sale of assets, including the sale of an office building in Bolivia for $0.7 million and the sale of three mining claims and a 49% joint venture interest in Mexico for $3.0 million. During this period the Company also received $3.4 million from the sale of investments, including the sale of the Company's remaining ARS investments for $3.0 million.
Recent Developments
In January 2010, the Company completed a transaction with MH Argentina S.A., a wholly owned subsidiary of Hochschild, pursuant to which Golden Minerals acquired Hochschild's 35% interest in Minera El Quevar, an Argentine company in which the Company held the other 65% interest. Minera El Quevar controls approximately 10,000 hectares of the 64,000 hectare El Quevar project, including the Yaxtche target area. The Company issued 400,000 shares of common stock, and warrants to acquire an additional 300,000 shares exercisable for three years at an exercise price of $15.00 per share.
In January 2010, Golden Minerals completed a private placement with The Sentient Group, an independent private equity firm in the global resources industry with approximately $1.3 billion under management. In the private placement, the Company sold to Sentient a total of 844,694 shares of its common stock at a price of Cdn$7.06 per share, resulting in gross proceeds to the Company of approximately $5.75 million. Sentient became Golden Minerals largest stockholder, holding 19.9% of the outstanding common stock, not including restricted stock held by employees.
About Golden Minerals
Golden Minerals is a Delaware corporation based in Golden, Colorado, primarily engaged in the advancement of its exploration projects and in providing mine management services. The Company has a portfolio of 30 exploration projects, primarily located in Argentina, Mexico and Peru, including the advanced stage El Quevar project in the Salta Province of northwestern Argentina. The Company's experienced management team has proven in house ability to explore, develop and operate mining projects. Golden Minerals operates the San Cristobal mine in Bolivia for Sumitomo Corporation under a Management Services Agreement.
GOLDEN MINERALS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Expressed in United States Dollars)
For The For The
Period Period
March 25, January 1,
2009 2009 The Years Ended December
Through Through 31,
December 31, March 24, ------------------------
2009 2009 2008 2007
----------- ----------- ----------- -----------
(Successor)* (Predecessor)*
(in thousands except per
share data)
Revenue:
Management service
fees $ 11,067 $ 1,350 $ 5,400 $ 5,400
Costs and expenses:
Costs of services (3,751) - - -
Exploration expense (12,617) (3,482) (25,397) (15,357)
Administrative
expense (8,430) (4,779) (17,348) (17,664)
Stock based
compensation (1,666) (2,717) (2,852) (2,609)
Depreciation,
depletion and
amortization (626) (102) (527) (533)
----------- ----------- ----------- -----------
Total costs and
expenses (27,090) (11,080) (46,124) (36,163)
----------- ----------- ----------- -----------
Loss from operations (16,023) (9,730) (40,724) (30,763)
Other income and
expenses:
Interest and other
income 1,042 1,010 5,553 19,432
Royalty income 399 88 351 1,319
Interest and other
expense - (345) (15,848) (5,733)
Gain on disposal of
assets, net 261 - - -
Impairment of long
lived assets (1,687) - - -
Loss on foreign
currency (69) (13) (32) (48)
Gain on extinguishment
of debt - 248,165 - -
Loss on auction rate
securities (2,199) (828) (16,263) (34,537)
Reorganization
costs, net (1,032) (3,683) (2,153) -
Fresh start accounting
adjustments - 9,122 - -
----------- ----------- ----------- -----------
Other total income
and expenses (3,285) 253,516 (28,392) (19,567)
----------- ----------- ----------- -----------
Income (loss) from
continuing operations
before income taxes (19,308) 243,786 (69,116) (50,330)
Income taxes (968) (165) (618) (879)
----------- ----------- ----------- -----------
Net income (loss)
from continuing
operations (20,276) 243,621 (69,734) (51,209)
Loss from discontinued
operations - (4,153) (166,625) (24,634)
----------- ----------- ----------- -----------
Net income (loss) $ (20,276) $ 239,468 $ (236,359) $ (75,843)
Net (income) loss
attributable to
noncontrolling
interest $ - $ (7,869) $ 118,122 $ 87,399
----------- ----------- ----------- -----------
Net income (loss)
attributable to the
Successor/Predecessor
stockholder's $ (20,276) $ 231,599 $ (118,237) $ 11,556
----------- ----------- ----------- -----------
Other comprehensive
gain (loss):
Unrealized gain (loss)
securities $ 154 $ 940 $ (441) $ (86)
----------- ----------- ----------- -----------
Comprehensive income
(loss) attributable
to
Successor/Predecessor
stockholder's $ (20,122) $ 232,539 $ (118,678) $ 11,470
=========== =========== =========== ===========
Net income (loss) per
Common/Ordinary Share
- basic
Income (loss) from
continuing operations
attributable to the
Successor/Predecessor
stockholders $ (6.78) $ 4.13 $ (1.18) $ (0.87)
Income (loss) from
discontinued
operations
attributable to the
Successor/Predecessor
stockholders - (0.20) (0.82) 1.07
----------- ----------- ----------- -----------
Income (loss)
attributable to the
Successor/Predecessor
stockholders $ (6.78) $ 3.93 $ (2.01) $ 0.20
=========== =========== =========== ===========
Net income (loss) per
Common/Ordinary Share
- diluted
Loss from continuing
operations
attributable to the
Successor/Predecessor
stockholders $ (6.78) $ (0.06) $ (1.18) $ (0.87)
Loss from
discontinued
operations
attributable to the
Successor/Predecessor
stockholders - (0.17) (0.82) 1.07
----------- ----------- ----------- -----------
Loss attributable to
the
Successor/Predecessor
stockholders $ (6.78) $ (0.23) $ (2.01) $ 0.20
=========== =========== =========== ===========
Weighted average
Common Stock/Ordinary
Shares outstanding -
basic 2,989,562 59,000,832 58,947,025 58,714,935
=========== =========== =========== ===========
Weighted average
Common Stock/Ordinary
Shares outstanding -
diluted 2,989,562 69,171,400 58,947,025 58,714,935
=========== =========== =========== ===========
* Note to the Financial Statements: Upon emergence from Chapter 11
bankruptcy on March 24, 2009, Golden Minerals Company became the
successor to Apex Silver Mines Limited for purposes of reporting under
the U.S. federal securities laws. References in the financial statements
presented in this press release to "Successor" refer to Golden Minerals
Company and its subsidiaries on or after March 25, 2009, the day
following emergence from Chapter 11. References to "Predecessor" refer
to Apex Silver Mines Limited and its subsidiaries prior to
March 25, 2009.
GOLDEN MINERALS COMPANY
CONSOLIDATED BALANCE SHEETS
(Expressed in United States Dollars)
December 31, December 31,
2009 2008
--------------- ---------------
(Successor)* (Predecessor)*
(in thousands, except share data)
Assets
Current assets
Cash and cash equivalents $ 8,570 $ 33,723
Restricted cash - 20,575
Investments 444 16,351
Trade receivables 1,460 7,315
Inventories - 75,008
Prepaid expenses and other assets 2,087 15,550
--------------- ---------------
Total current assets 12,561 168,522
Property, plant and equipment, net 7,774 202,534
Assets held for sale 813 -
Ore stockpile inventories - 72,628
Value added tax recoverable - 157,146
Investments - 5,487
Prepaid expenses and other assets 552 30
--------------- ---------------
Total assets $ 21,700 $ 606,347
=============== ===============
Liabilities and Equity (Deficit)
Current liabilities
Accounts payable and other accrued
liabilities $ 2,428 $ 48,861
Accrued interest payable - 8,660
Other current liabilities 63 -
Current portion of long term debt - 523,610
--------------- ---------------
Total current liabilities 2,491 581,131
Long term debt - 59,951
Asset retirement obligation - 9,155
Other long term liabilities 651 4,398
--------------- ---------------
Total liabilities 3,142 654,635
--------------- ---------------
Commitments and contingencies
Equity (deficit)
Common stock, (Successor) $.01 par
value, 50,000,000 shares authorized;
3,238,615 shares issued and
outstanding, net of 3,885 treasury
shares 32 -
Ordinary Shares, (Predecessor) $.01 par
value, 175,000,000 shares authorized;
59,000,832 shares issued and
outstanding - 590
Additional paid in capital 37,854 680,901
Accumulated deficit (20,276) (880,020)
Accumulated other comprehensive
income (loss) 154 (551)
--------------- ---------------
Parent company's shareholder's
equity (deficit) 17,764 (199,080)
Noncontrolling interest in
subsidiaries 794 150,792
--------------- ---------------
Total equity (deficit) 18,558 (48,288)
--------------- ---------------
Total liabilities and equity
(deficit) $ 21,700 $ 606,347
=============== ===============
* Note to the Financial Statements: Upon emergence from Chapter 11
bankruptcy on March 24, 2009, Golden Minerals Company became the
successor to Apex Silver Mines Limited for purposes of reporting under
the U.S. federal securities laws. References in the financial statements
presented in this press release to "Successor" refer to Golden Minerals
Company and its subsidiaries on or after March 25, 2009, the day
following emergence from Chapter 11. References to "Predecessor" refer
to Apex Silver Mines Limited and its subsidiaries prior to
March 25, 2009.
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