FORM 10-QSB
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
[X] Quarterly report pursuant to section 13 or 15(d) of the
Securities Exchange Act of 1934 For the fiscal quarter ended
February 29, 1996 or
[ ] Transition report pursuant to section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period from ________ to ________.
Commission file number 0-7501
RUBY MINING COMPANY
- ----------------------------------------------------------------------
(Exact Name of Registrant as Specified in its Charter)
Colorado 81-0214117
- ---------------------------------------- --------------------
State or other jurisdiction of (I.R.S.Employer
incorporation or organization) Identification No.)
877 North 8th West, Riverton, WY 82501
- ---------------------------------------- --------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone Number: (307)856-9278
--------------------
NONE
- ----------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed
since last report)
Check whether the Registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities and
Exchange Act of 1934 during the preceding 12 months (or for
such shorter period that the Registrant was required to file such
reports), and (2) has been subject to such filing requirements
for the past 90 days.
YES X NO
State the number of shares outstanding of each of the
issuer's classes of common stock, as of the latest practicable
date.
Class Outstanding at April 10, 1996
- ----------------------------- -------------------------------
Common stock, $.001 par value 9,000,000 Shares
Transitional Small Business Disclosure Format (Check One)
YES NO X
RUBY MINING COMPANY
Index
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
Condensed Balance Sheets -- February 29, 1996 3
Condensed Statements of Operations -- Three Months
and Nine Months Ended February 29, 1996
and February 28, 1995 4
Condensed Statements of Cash Flows -- Nine Months Ended
February 29, 1996 and February 28, 1995 5
Notes to Condensed Financial Statements 6
ITEM 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 6
PART II. OTHER INFORMATION
ITEM 6. Exhibits and Reports on Form 8-K 7
Signatures 8
RUBY MINING COMPANY
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Balance Sheets
February 29, 1996
(unaudited)
ASSETS
CURRENT ASSETS:
Cash $ 35,400
Other 300
---------
TOTAL CURRENT ASSETS 35,700
INVESTMENTS 86,300
PROPERTY AND EQUIPMENT, at cost
Mining equipment 39,600
Less accumulated depreciation (31,600)
---------
8,000
---------
$ 130,000
---------
---------
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Directors' fees payable $ 10,400
Accounts payable - affiliates 28,200
---------
TOTAL CURRENT LIABILITIES: 38,600
SHAREHOLDERS' EQUITY
Common stock, $0.001 par value;
authorized, 20,000,000 shares;
issued and outstanding,
9,000,000 shares 9,000
Additional paid-in capital 623,400
Accumulated deficit (548,400)
Unrealized holding gain on investments 7,400
---------
91,400
---------
$ 130,000
---------
---------
See accompanying notes to condensed financial statements.
3
RUBY MINING COMPANY
Condensed Statements of Operations
(Unaudited)
Three Months Ended Nine Months Ended
February February
-------------------- --------------------
29, 1996 28, 1995 29, 1996 28, 1995
-------- -------- -------- --------
REVENUES:
Interest $ 300 $ 200 $ 900 $ 700
COSTS AND EXPENSES:
General and
Administrative (100) 2,200 9,900 9,800
------ -------- -------- --------
NET INCOME (LOSS) $ 400 $ (2,000) $ (9,000) $ (9,100)
------ -------- -------- --------
------ -------- -------- --------
INCOME (LOSS)
PER SHARE $ * $ * $ * $ *
------ -------- -------- --------
------ -------- -------- --------
WEIGHTED AVERAGE
NUMBER OF SHARES
OUTSTANDING 9,000,000 9,000,000 9,000,000 9,000,000
--------- --------- --------- ---------
--------- --------- --------- ---------
* Less than $0.01 per share.
See accompanying notes to condensed financial statements.
4
RUBY MINING COMPANY
Condensed Statements of Cash Flows
(Unaudited)
Nine Months Ended
February
-----------------------
29, 1996 28, 1995
-------- --------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss $ (9,000) $ (9,100)
Adjustments to reconcile
net loss to net cash used
in operating activities:
Increase in accounts payable 9,600 6,000
-------- --------
CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES 600 (3,100)
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 600 (3,100)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 34,800 37,600
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 35,400 $ 34,500
-------- --------
-------- --------
See accompanying notes to condensed financial statements.
5
RUBY MINING COMPANY
Notes to Condensed Financial Statements
1) The Condensed Balance Sheet as of February 29, 1996,
the Condensed Statements of Operations for the three months and
nine months ended February 29, 1996 and February 28, 1995, and
the Condensed Statements of Cash Flows for the nine months ended
February 29, 1996 and February 28, 1995, have been prepared by
the Registrant without audit. In the opinion of the Registrant,
the accompanying financial statements contain all adjustments
(consisting of only normal recurring accruals) necessary to
fairly present the financial position of Registrant as of
February 29, 1996 the results of operations for the three months
and nine months ended February 29, 1996 and February 28, 1995,
and the cash flows for the nine months then ended.
2) Certain information and footnote disclosures normally
included in financial statements prepared in accordance with
generally accepted accounting principles have been condensed or
omitted. It is suggested that these financial statements be read
in conjunction with the Registrant's May 31, 1995 Form 10-KSB.
3) The results of operations for the periods ended
February 29, 1996 and February 28, 1995 are not necessarily
indicative of the operating results for the full year.
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations.
Liquidity and Capital Resources
The Registrant's working capital decreased by $9,000 during
the nine months ended February 29, 1996 resulting in negative
working capital of $2,900 at the end of the period. The decrease
in working capital is primarily a result of a $9,600 increase in
accounts payable to affiliates for various general and
administrative expenses, which was partially offset by an
increase of $900 in cash as a result of interest earned on the
Registrant's funds held in interest bearing accounts. Cash was
reduced by $300 as various governmental filing fees were paid,
for a net increase of cash of $600.
The Registrant anticipates that it will be able to meet its
capital requirements for the remainder of the year ending May 31,
1996. However, the Registrant must secure drilling or
construction contracts, or negotiate a way to retire debt to its
directors and parent company in order to continue operating long-
term.
6
Results of Operations
The Registrant had no revenues from operations during the
three months or the nine months ended February 29, 1996, or the
corresponding periods of the prior year. The Registrant did,
however, record $900 and $700 in interest revenue earned on
monies held in interest bearing accounts in the nine month
periods ended February 29, 1996 and February 28, 1995,
respectively ($300 and $200, respectively, in interest revenue
for each of the three month periods ended February 29, 1996 and
February 28, 1995).
General and administrative costs increased by $100, during
the nine months ended February 29, 1996 from the same period of
the previous year. There was a decrease of $2,300 in general and
administrative expenses during the three months ended February
29, 1996 as compared to the same three months of the previous
year. This reduction is due to the reversal of an accrual of
professional services in an earlier quarter of the nine months
ended February 29, 1996.
The Registrant's operations consist primarily of
administrative activities associated with the preparation of
various reports and documents as required by law.
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits. None.
(b) Reports on Form 8-K. There were no reports filed by the
Registrant on Form 8-K for the quarter ended February 29, 1996.
7
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned, hereunto duly authorized.
RUBY MINING COMPANY
(Registrant)
Date: April 10, 1996 By: s/ John L. Larsen
------------------------------
JOHN L. LARSEN,
President
Date: April 10, 1996 By: s/ Robert Scott Lorimer
------------------------------
ROBERT SCOTT LORIMER,
Principal Financial Officer
and Chief Accounting Officer
8