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
November 30, 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
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(Exact Name of Registrant as Specified in its Charter)
Colorado 81-0214117
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State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
877 North 8th West, Riverton, WY 82501
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(Address of principal executive offices) (Zip Code)
Registrant's telephone Number: (307) 856-9278
NONE
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(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
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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 January 9, 1997
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Common stock, $.001 par value 9,000,000 Shares
RUBY MINING COMPANY
Index
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
Condensed Balance Sheet -- November 30, 1996 . . . . . . . .3
Condensed Statements of Operations -- Three and Six Months
Ended November 30, 1996 and 1995. . . . . . . . . . . . . .4
Condensed Statements of Cash Flows -- Six Months
Ended November 30, 1996 and 1995. . . . . . . . . . . . . .5
Notes to Condensed Financial Statements . . . . . . . . . . .6
ITEM 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations.7
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 Sheet
November 30, 1996
ASSETS
CURRENT ASSETS:
Cash $ 33,500
Other 300
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TOTAL CURRENT ASSETS 33,800
INVESTMENTS 341,500
PROPERTY AND EQUIPMENT, at cost
Mining equipment 39,600
Less accumulated depreciation (31,600)
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8,000
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$ 383,300
=========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Directors' fees payable $ 10,400
Accounts payable - affiliates 34,800
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TOTAL CURRENT LIABILITIES: 45,200
SHAREHOLDERS' EQUITY
Common stock, $0.001 par value;
authorized, 20,000,000 shares;
issued and outstanding,
9,000,000 shares 9,000
Additional paid-in capital 623,400
Accumulated deficit (556,900)
Unrealized loss in investments 262,600
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338,100
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$ 383,300
=========
See accompanying notes to condensed financial statements.
RUBY MINING COMPANY
Condensed Statements of Operations
(Unaudited)
Three Months Ended Six Months Ended
November 30, November 30,
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1996 1995 1996 1995
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REVENUES:
Interest $ 300 $ 300 $ 600 $ 600
COSTS AND EXPENSES:
General and
Administrative 2,600 4,100 7,300 10,000
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NET INCOME (LOSS) $(2,300) $(3,800) $(6,700) $(9,400)
======= ======= ======= =======
INCOME (LOSS)
PER SHARE $ * $ * $ * $ *
======= ======= ======= =======
WEIGHTED AVERAGE
NUMBER OF SHARES
OUTSTANDING 9,000,000 9,000,000 9,000,000 9,000,000
========= ========= ========= =========
* Less than $.01 per share.
See accompanying notes to condensed financial statements.
RUBY MINING COMPANY
Condensed Statements of Cash Flows
(Unaudited)
Six Months Ended
November 30,
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1996 1995
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss $ (6,700) $ (9,400)
Adjustments to reconcile net loss to
net cash used in operating activities:
Increase in accounts payable 4,500 9,700
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CASH (USED IN) PROVIDE BY
OPERATING ACTIVITIES (2,200) 300
NET (DECREASE) INCREASE IN CASH
AND CASH EQUIVALENTS (2,200) 300
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 35,700 34,800
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CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 33,500 $ 35,100
========= =========
See accompanying notes to condensed financial statements.
RUBY MINING COMPANY
Notes to Condensed Financial Statements
1) The Condensed Balance Sheet as of November 30, 1996 the
Condensed Statements of Operations for the six months ended
November 30, 1996 and 1995, and the Condensed Statements of Cash
Flows for the six months ended November 30, 1996 and 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 the
Registrant as of November 30, 1996, the results of operations for
the six months ended November 30, 1996 and 1995 and its cash flows
for the six months ended November 30, 1996 and 1995.
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, 1996 Form 10-KSB.
3) The results of operations for the periods ended November 30,
1996 and 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 continued to decrease, as
amounts due to Registrant's parent, U.S. Energy Corp. ("USE")
continued to be accrued for office and administrative costs and
expense. The $6,700 decrease in working capital during the six
months left a working capital deficit of $11,400 at November 30,
1996.
The Registrant anticipates that it will be able to meet its
capital requirements for the remainder of the year ending May 31,
1997 as USE has not made demand on amounts due it. 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.
Results of Operations
The Registrant had no revenues from operations during the most
recently completed six months or the corresponding six months of
the prior year. The Registrant did however recognize $600 in
interest revenue for the six months ended November 30, 1996 and
November 30, 1995.
General and administrative costs decreased during the six months
ended November 30, 1996 from the same period of the previous year
by $2,700, primarily due to reduced operating activity.
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 November 30, 1996.
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: January 9, 1997 By: s/ John L. Larsen
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JOHN L. LARSEN,
President
Date: January 9, 1997 By: s/ Robert Scott Lorimer
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ROBERT SCOTT LORIMER,
Principal Financial Officer
and Chief Accounting Officer