Exhibit 99.1
Stillwater Mining Reports 2004 First Quarter Results
COLUMBUS, Mont., April 29 /PRNewswire-FirstCall/ -- STILLWATER MINING
COMPANY (NYSE: SWC) reported net income of $15.8 million or $0.17 per diluted
share for the first quarter of 2004 on revenue of $100.7 million compared to a
net loss of $1.8 million or $0.04 per diluted share on revenue of
$64.2 million for the first quarter of 2003. This year's first quarter
earnings benefited from commencement of sales of the palladium inventory
received from Norilsk Nickel, higher PGM prices and increased volume in the
Company's secondary business.
First Quarter 2004 Highlights, Compared to First Quarter 2003
* Net income of $15.8 million, compared to first quarter 2003 loss.
* Combined average realized prices for mine production increase 18% to
$484 per ounce.
* Consolidated PGM production of 148,000 ounces; marginally better than
2003.
* Stillwater mine production down 5% at 105,000 ounces; cash costs up
10%.
* East Boulder mine production up 19% at 43,000 ounces; cash costs down
18%.
* Deliveries of palladium inventory commenced under new two-year
contracts.
During the first quarter of 2004, the Company's mines produced
approximately 148,000 ounces of palladium and platinum, which included 114,000
ounces of palladium and 34,000 ounces of platinum compared to approximately
146,000 ounces, which included 112,000 ounces of palladium and 34,000 ounces
of platinum for the first quarter of 2003. PGM production at the Stillwater
Mine was approximately 105,000 ounces, 5% less than it produced in the first
quarter of 2003 while PGM production at the East Boulder Mine increased 19% to
approximately 43,000 ounces in the first quarter of 2004, compared to
approximately 36,000 ounces in the first quarter of 2003.
The Company's realized prices per ounce for mine production in the first
quarter 2004 were $378 for palladium, and $864 for platinum, compared to $363
and $580, respectively, in the first quarter of 2003. The Company's combined
average realized price per ounce of mine production sold for the first quarter
of 2004 was $484 compared to $411 last year. The combined average market
price for the first quarter of 2004 was $378 compared to $336 last year. The
Company's combined realized price per ounce exceeded the combined average
market price for the first quarter of 2004 by $106 per ounce, and for the
first quarter of 2003 by $75 per ounce, as a result of the benefit the Company
received from floor prices for palladium under its long-term sales contracts,
partially constrained by ceiling prices for platinum.
Total cash costs on a consolidated basis for the first quarter of 2004
increased to $284 per ounce compared to $281 per ounce for the same period in
2003. The increase is a result of a $16 per ounce increase in royalties,
taxes and insurance partially due to higher PGM prices offset by a $13 per
ounce decrease in operating costs due to lower mining costs per ounce at the
East Boulder Mine as a result of its higher production. Total consolidated
production costs per ounce in the first quarter of 2004 increased $6 per ounce
to $356 compared to the same period of 2003. The increase is due to increased
total cash costs and higher depreciation and amortization costs of $3 per
ounce.
Results for the first quarter of 2004 include sales of 46,000 ounces of
palladium out of the 877,000 ounces of inventory received from Norilsk Nickel,
and 27,000 ounces of PGMs from secondary reprocessing of autocatalysts,
including 8,000 ounces of palladium, 17,000 ounces of platinum and 2,000
ounces of rhodium all of which were sold at close to market prices.
Corresponding sales from secondary reprocessing for the first quarter of 2003
were 2,000 ounces of PGMs, including 1,000 ounces of palladium, 800 ounces of
platinum and 200 ounces of rhodium.
Announcing the Company's results, Stillwater Chairman and Chief Executive
Officer, Francis R. McAllister said, "Stillwater's improved capital structure
and operations combined with improved markets and metal prices returned the
Company to profitability in the First Quarter. Both the Stillwater Mine and
the East Boulder Mine showed operating improvement from the fourth quarter of
2003. Total cash costs at the Stillwater Mine were higher in the first
quarter of 2004 due to the effect of the higher metal prices on taxes and
royalties. The East Boulder Mine had an excellent first quarter as it
continues to improve on all metrics. It operated at 1,308 tons of ore per day
for the first quarter of 2004 producing approximately 43,000 ounces of
palladium and platinum, a 19% increase from last year's first quarter. Total
cash costs decreased significantly at East Boulder from $372 per ounce in
2003's first quarter to $306 per ounce in this year's first quarter. Our goal
is by year-end to have East Boulder operating at a 1,650 ton per day mining
rate."
McAllister continued, "Important developments are occurring in the
palladium markets. We are seeing increased demand for palladium, as evidenced
by the ease with which the Company could place the palladium it received in
the Norilsk Nickel transaction. With the significant price differential
between palladium and platinum, as well as palladium and gold, customers have
switched to palladium for autocatalysts, and for dental and jewelry alloys.
In fact, with the high price of platinum, it appears Chinese jewelry makers
are buying palladium for producing palladium jewelry. We have also seen
recent validation of market commentary in the Stillwater Annual Report that
palladium will have a role in diesel emission control with the announcement
from Umicore of Belgium regarding the use of palladium in diesel catalytic
technology. Further we see increased demand for palladium in the important
electronics industry with Yageo Corporation's, a major Taiwanese producer of
resistor chips and multilayer ceramic capacitors (MLCC), announcement of
increasing monthly production capacity of resistor chips to 14 billion units
per month and MLCC production capacity to 2 billion units per month by June."
Lastly McAllister reported, "The rebricking of the Company's smelting
furnace, which we had announced earlier, in our year-end news release, is
proceeding according to schedule. Mine production is being stockpiled and
will be subsequently processed over the remainder of the year. Additionally,
the stock purchase agreement provided that the parties intended to execute an
agreement to buy from Norilsk Nickel at least one million ounces of palladium
annually. The Company and Norilsk Nickel have recently decided to not pursue
such an agreement at this time."
STILLWATER MINE
At the Stillwater Mine PGM production in the first quarter of 2004 was
105,000 ounces compared to 110,000 ounces in the first quarter of 2003.
During the quarter, total tons milled were 210,000 tons compared to
206,000 tons in the first quarter of 2003. The combined mill head grade in
the first quarter of 2004 was 0.55 ounce per ton, compared to 0.59 ounce per
ton for the same period last year. During the first quarter of 2004, the
mining rate was approximately 2,132 tons of ore per day and the mine produced
more tonnage from the lower-grade upper west area of the mine. During the
latter half of the year mining will shift to produce more tonnage from the
higher-grade offshaft area of the mine.
Total cash costs per ounce for the first quarter of 2004 increased to $276
compared to $252 for the same period in 2003. The increase is a result of a
$6 per ounce increase in operating costs and a $18 per ounce increase in
royalties, taxes and insurance partially due to the higher commodity prices.
Total production costs per ounce for the first quarter of 2004 increased to
$341 compared to $311 for the same period in 2003 due to the higher cash costs
and an increase in depreciation and amortization costs of $6 per ounce. For
the year, the Company expects PGM production of approximately 430,000 ounces
and total cash costs to be approximately $265 per ounce. During the first
quarter of 2004 capital expenditures were $9.0 million of which $8.5 million
were incurred in connection with capitalized mine development.
EAST BOULDER MINE
During the first quarter of 2004, the East Boulder Mine produced
43,000 ounces of palladium and platinum from mining at an average of
approximately 1,308 tons of ore per day compared to 36,000 ounces in the first
quarter of 2003. A total of 119,000 tons were milled with a combined average
grade of 0.40 ounce per ton in the first quarter of 2004. The mine continues
to increase development and ramp up production to achieve its targeted
operating level of 1,650 tons of ore per day by year-end. During the first
quarter of 2004 capital expenditures were $4.1 million of which $3.8 million
were incurred in connection with capitalized mine development.
Total cash costs per ounce for the first quarter of 2004 decreased 18% to
$306 compared to $372 for the same period in 2003. Total production costs per
ounce for the first quarter of 2004 decreased $78 per ounce to $392 compared
to $470 for the same period in 2003. The decreases are due to lower operating
costs as a result of the higher production rate and lower depreciation and
amortization costs of $12 per ounce.
FINANCES
Reported sales revenues were $100.7 million for the first quarter of 2004
compared with $64.2 million for the first quarter of 2003. The $36.5 million
increase was driven by higher realized PGM prices overall, as well as by the
sale of a portion of the 877,000 ounces of palladium inventory received from
Norilsk Nickel as part of their acquisition in 2003 of 55.5% of the Company
plus the inclusion of secondary processing revenues as a result of the new
autocatalyst processing agreement. The sale of 46,000 ounces of the palladium
inventory contributed $12 million to revenue for the quarter, while sales of
27,000 ounces from the secondary reprocessing provided $16 million of added
revenue.
Cash provided by operations before working capital changes for the quarter
ended March 31, 2004 was $27.6 million compared to $9.2 million for the
comparable period of 2003. This increase primarily reflects the cash benefit
of the year-on-year earnings improvement. The three-month 2004 build in
working capital of $12.5 million includes a $22.6 million increase in accounts
receivable and an $8.6 million decrease in PGM inventory. The accounts
receivable growth reflects initial sales under contracts for the 877,000
ounces received from Norilsk Nickel, a delayed receipt of a payment and higher
overall prices for PGMs. The inventory decrease primarily reflects sales of
the Norilsk Nickel ounces out of inventory. Net cash provided by operating
activities was $15.1 million in the first quarter of 2004, compared to $23.3
million in the first quarter of last year. However, last year's first quarter
cash from operations included a net draw of cash out of working capital of
$14.1 million.
Capital expenditures totaled $14.6 million in the first quarter of 2004,
including $12.3 million incurred in connection with capitalized mine
development activities, compared to a total of $14.5 million in the same
period of 2003, which included $12.1 million capitalized mine development.
During the first quarter of 2004, the Company made $0.4 million in
principal payments on the Company's debt and as provided in the Company's
credit agreement, offered $1.2 million of cash proceeds from sales of
palladium received from Norilsk Nickel as a prepayment against the Term B
facility. The offer was not accepted and so, according to the terms of the
credit agreement, the net amount available under the Company's revolving
credit facility has been reduced from $17.5 million to $16.3 million.
Currently, the Company has $128.1 million outstanding under its term loan
facilities and $7.5 million outstanding as letters of credit under the
revolving credit facility.
During the first quarter of 2004, as a result of lower production from its
mine operations, the Company did not meet the rolling four-quarter average
production covenant under the credit facility. The bank syndicate has granted
a waiver of this covenant default that is effective for the first and second
quarters of 2004. The Company believes it will be in compliance with its
production covenant by the end of the third quarter of 2004. In addition, the
Company currently is seeking to renegotiate, refinance or replace the credit
facility and anticipates completion of this during the second quarter of 2004.
The Company is in compliance with all other provisions of the credit facility
as of March 31, 2004.
At March 31, 2004, cash and cash equivalents were $47.6 million and
$16.3 million was available to the Company under the revolving credit
facility. The Company's net working capital at March 31, 2004 was
$206.1 million, compared to $154.7 million at December 31, 2003. This
increase reflects the higher accounts receivable balance, as discussed
previously, and a reduction in the current portion of long-term debt, now that
the Company has agreements in place to resell the palladium inventory received
from Norilsk Nickel, which will be sold over a period of two years and not, as
reflected at year-end, all in the current year. As a result, the prepayment
offers against the long-term debt also will be spread over two years. The
ratio of current assets to current liabilities was 3.9 at March 31, 2004, as
compared to 2.4 at December 31, 2003.
METALS MARKET
During the first quarter of 2004, palladium averaged $242 per ounce
trading as high as $288 per ounce and as low as $192 per ounce, while platinum
traded as high as $917 per ounce and as low as $816 per ounce and averaged
$867 per ounce. The combined average market price per ounce of palladium and
platinum for the first quarter of 2004 was $378 compared to $336 for the first
quarter of 2003.
The PGM markets continued to strengthen in the first quarter of 2004,
prices of palladium and platinum both hit their respective highs in late
March. A weakening U.S. dollar and speculative buying helped push both metals
higher. At quarter end, the palladium market got a boost from Umicore's
announcement that it had developed a new technology that allowed palladium to
be used instead of platinum in diesel catalytic technology. This important
announcement pushed palladium to a high of $333 per ounce in mid-April.
Stillwater Mining Company will host a conference call at 12 p.m. (noon)
Eastern Time on Friday, April 30, 2004 to discuss the first quarter results.
The conference call dial-in numbers are (888) 428-4479 (US) and (651) 291-0618
(International). The conference call will be simultaneously Web cast on the
Internet via the Company's Web site at www.stillwatermining.com. To access
the conference call on the Company's Web site go to the Investor Relations
Section under Management Presentations and click on the link to the conference
call. The conference call will be archived on the Company's Web site or a
replay will be available by telephone, dial-in number (800) 475-6701 (US) and
(320) 365-3844 (International) and the access code is 727287, through May 7,
2004.
Stillwater Mining Company is the only U.S. producer of palladium and
platinum and is the largest primary producer of platinum group metals outside
of South Africa. The Company is traded on the New York Stock Exchange under
the symbol SWC. Information on Stillwater Mining can be found at its Web
site: www.stillwatermining.com.
Some statements contained in this news release are forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended,
and, therefore, involve uncertainties or risks that could cause actual results
to differ materially. These statements may contain words such as "believes,"
"anticipates," "plans," "expects," "intends," "estimates" or similar
expressions. These statements are not guarantees of the Company's future
performance and are subject to risks, uncertainties and other important
factors that could cause our actual performance or achievements to differ
materially from those expressed or implied by these forward-looking
statements. Such statements include, but are not limited to, comments
regarding expansion plans, costs, grade, production and recovery rates,
permitting, financing needs, the terms of future credit facilities and capital
expenditures, increases in processing capacity, cost reduction measures,
safety, timing for engineering studies, and environmental permitting and
compliance, litigation and the palladium and platinum market. Additional
information regarding factors which could cause results to differ materially
from management's expectations is found in the section entitled "Risk Factors"
above in the Company's 2003 Annual Report on Form 10-K. The Company intends
that the forward-looking statements contained herein be subject to the above-
mentioned statutory safe harbors. Investors are cautioned not to rely on
forward-looking statements. The Company disclaims any obligation to update
forward-looking statements.
Key Factors
(Unaudited)
Three months ended
March 31,
2004 2003
OPERATING AND COST DATA FOR MINE PRODUCTION
Consolidated:
Ounces produced (000)
Palladium 114 112
Platinum 34 34
Total 148 146
Tons milled (000) 313 289
Mill head grade (ounce per ton) 0.51 0.55
Sub-grade tons milled (000) (1) 16 21
Sub-grade tons mill head grade
(ounce per ton) 0.21 0.23
Total tons milled (000) (1) 329 310
Combined mill head grade
(ounce per ton) 0.50 0.53
Total mill recovery (%) 91 90
Total operating costs per ounce (2), (3) $240 $253
Total cash costs per ounce (2), (3) $284 $281
Total production costs per ounce (2), (3) $356 $350
Total operating costs per ton milled $108 $119
Total cash costs per ton milled (2), (3) $128 $133
Total production costs per ton milled (2), (3) $160 $165
Stillwater Mine:
Ounces produced (000)
Palladium 81 84
Platinum 24 26
Total 105 110
Tons milled (000) 194 185
Mill head grade (ounce per ton) 0.57 0.64
Sub-grade tons milled (000) (1) 16 21
Sub-grade tons mill head grade (ounce per ton) 0.21 0.23
Total tons milled (000) (1) 210 206
Combined mill head grade (ounce per ton) 0.55 0.59
Total mill recovery (%) 92 91
Total operating costs per ounce (2), (3) $234 $228
Total cash costs per ounce (2), (3) $276 $252
Total production costs per ounce (2), (3) $341 $311
Total operating costs per ton milled $118 $122
Total cash costs per ton milled (2), (3) $139 $135
Total production costs per ton milled (2), (3) $171 $167
Key Factors (continued)
(Unaudited)
Three months ended
March 31,
2004 2003
OPERATING AND COST DATA FOR MINE PRODUCTION
(Continued)
East Boulder Mine:
Ounces produced (000)
Palladium 33 28
Platinum 10 8
Total 43 36
Tons milled (000) 119 104
Mill head grade (ounce per ton) 0.40 0.39
Sub-grade tons milled (000) (1) -- --
Sub-grade tons mill head grade
(ounce per ton) -- --
Total tons milled (000) (1) 119 104
Combined mill head grade (ounce per ton) 0.40 0.39
Total mill recovery (%) 89 89
Total operating costs per ounce (2), (3) $256 $329
Total cash costs per ounce (2), (3) $306 $372
Total production costs per ounce (2), (3) $392 $470
Total operating costs per ton milled $92 $112
Total cash costs per ton milled (2), (3) $109 $127
Total production costs per ton milled (2), (3) $140 $161
(1) Sub-grade tons milled includes reef waste material only. Total
tons milled includes ore tons and sub-grade tons only.
(2) Total cash costs for this purpose include costs of mining,
processing and administrative expenses at the mine site (including
mine site overhead, taxes other than income taxes, royalties, by-
product credits from production and credits for secondary
materials. Total production costs include total cash costs plus
depreciation and amortization. Income taxes, corporate general and
administrative expenses and interest income and expense are not
included in either total cash costs or total production costs.
(3) Cash cost per ton and cash cost per ounce represent non-U.S.
Generally Accepted Accounting Principles (GAAP) measurements that
management uses to monitor and evaluate the performance of its
mining operations. Management believes cash costs per ounce and
per ton provide an indicator of profitability and efficiency at
each location and on a consolidated basis, as well as provide a
meaningful basis to compare our results with those of other mining
companies and other mining operating properties. See table
"Reconciliation of Non-GAAP measures to cost of sales."
Key Factors (continued)
(Unaudited)
Three months ended
March 31,
2004 2003
SALES AND PRICE DATA
Ounces sold (000)
Mine Production:
Palladium 117 119
Platinum 33 34
Total 150 153
Other PGM activites:
Palladium 54 1
Platinum 17 1
Rhodium 2 --
Total 73 2
Total ounces sold 223 155
Average realized price per ounce (4)
Mine Production:
Palladium $378 $363
Platinum $864 $580
Combined (5) $484 $411
Other PGM activities:
Palladium $257 $270
Platinum $755 $577
Rhodium $770 $657
Average market price per ounce (4)
Palladium $242 $244
Platinum $867 $661
Combined (5) $378 $336
(4) The company's average realized price represents revenues which
include the impact of contract floor and ceiling prices and
hedging gains and losses realized on commodity instruments and
exclude contract discounts, divided by total ounces sold. The
average market price represents the average London PM Fix for
palladium, platinum and combined prices and Johnson Matthey for
rhodium prices for the actual months of the period.
(5) Stillwater Mining reports a combined average realized and market
price of palladium and platinum based on actual sales of
mine-production ounces. Prior period amounts have been adjusted
to conform with the current year presentation.
Key Factors (continued)
(Unaudited)
Reconciliation of Non-GAAP measures to cost of revenues
Cash cost per ton and cash cost per ounce represent Non-GAAP
measurements that management uses to monitor and evaluate the
performance of its mining operations. Management believes cash costs
per ounce and per ton provide an indicator of profitability and
efficiency at each location and on a consolidated basis, as well as
provide a meaningful basis to compare our results with those of other
mining companies and other mining operating properties.
Three months ended
March 31,
2004 2003
OPERATING AND COST DATA RECONCILIATION
(in thousands except cost per ton and
cost per ounce data)
Consolidated:
Total operating costs $35,602 $36,962
Total cash costs $42,123 $41,133
Total production costs $52,703 $51,154
Total ounces 148 146
Total tons milled 329 311
Total operating costs per ounce $241 $253
Total cash cost per ounce $284 $281
Total production cost per ounce $356 $350
Total operating cost per ton milled $108 $119
Total cash cost per ton milled $128 $133
Total production cost per ton milled $160 $164
Reconciliation to cost of revenues:
Total operating costs $35,602 $36,962
Royalties, taxes and other 6,521 4,171
Total cash costs $42,123 $41,133
Asset retirement costs 91 82
Depreciation and Amortization 10,489 9,979
Total production costs $52,703 $51,194
Change in product inventory 8,831 5,229
Costs of other PGM activities 15,177 1,103
(Gain) or loss on sale of assets and
other costs 885 444
Total cost of revenues $77,596 $57,970
Stillwater Mine:
Total operating costs $24,675 $25,220
Total cash costs $29,061 $27,861
Total production costs $35,944 $34,390
Total ounces 105 110
Total tons milled 210 206
Total operating costs per ounce $234 $228
Total cash cost per ounce $276 $252
Total production cost per ounce $341 $311
Total operating cost per ton milled $118 $122
Total cash cost per ton milled $139 $135
Total production cost per ton milled $171 $167
Key Factors (continued)
(Unaudited)
Three months ended
March 31,
2004 2003
OPERATING AND COST DATA RECONCILIATION
(CONTINUED)
(in thousands except cost per ton and
cost per ounce data)
Reconciliation to cost of revenues:
Total operating costs $24,675 $25,219
Royalties, taxes and other 4,386 2,642
Total cash costs $29,061 $27,861
Asset retirement costs 74 67
Depreciation and Amortization 6,809 6,462
Total production costs $35,944 $34,390
Change in product inventory 187 4,692
(Gain) or loss on sale of assets and
other costs (2) 31
Total cost of revenues $36,129 $39,113
East Boulder Mine
Total operating costs $10,927 $11,793
Total cash costs $13,062 $13,272
Total production costs $16,759 $16,804
Total ounces 43 36
Total tons milled 119 105
Total operating costs per ounce $256 $329
Total cash cost per ounce $306 $372
Total production cost per ounce $392 $470
Total operating cost per ton milled $92 $112
Total cash cost per ton milled $109 $127
Total production cost per ton milled $140 $161
Reconciliation to cost of revenues:
Total operating costs $10,927 $11,743
Royalties, taxes and other 2,135 1,529
Total cash costs $13,062 $13,272
Asset retirement costs 17 15
Depreciation and Amortization 3,680 3,517
Total production costs $16,759 $16,804
Change in product inventory 600 537
(Gain) or loss on sale of assets and
other costs (72) --
Total cost of revenues $17,287 $17,341
Other PGM activities
Reconciliation to cost of revenues:
Change in product inventory $8,044 $--
Costs of other PGM activities 15,177 1,103
(Gain) or loss on sale of assets and
other costs 959 413
Total cost of revenues $24,180 $1,516
Stillwater Mining Company
Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
(in thousands, except per share amounts)
Three months ended
March 31,
2004 2003
Revenues $100,693 $64,155
Costs and expenses
Cost of metals sold 67,107 47,991
Depreciation and amortization 10,489 9,979
Total costs of revenues 77,596 57,970
General and administrative 3,724 3,633
Total costs and expenses 81,320 61,603
Operating Income 19,373 2,552
Other income (expense)
Interest income 284 111
Interest expense (3,900) (4,911)
Income (loss) before income taxes and
cumulative effect of accounting change 15,757 (2,248)
Income tax benefit -- 899
Income (loss) before cumulative
effect of accounting change 15,757 (1,349)
Cumulative effect of change in accounting
for asset retirement obligations,
net of $264 income tax benefit -- (408)
Net income (loss) $15,757 $(1,757)
Other comprehensive income (loss),
net of tax (483) 31
Comprehensive income (loss) $15,274 $(1,726)
Basic earnings (loss) per share
Income (loss) before cumulative
effect of accounting change $0.18 $(0.03)
Cumulative effect of accounting change -- (0.01)
Net income (loss) $0.18 $(0.04)
Diluted earnings (loss) per share
Income (loss) before cumulative
effect of accounting change $0.17 $(0.03)
Cumulative effect of accounting change -- (0.01)
Net income (loss) $0.17 $(0.04)
Weighted average common shares outstanding
Basic 89,898 43,633
Diluted 90,169 43,633
Stillwater Mining Company
Consolidated Balance Sheets
(Unaudited)
(in thousands, except share and per share amounts)
March 31, December 31,
2004 2003
ASSETS
Current assets
Cash and cash equivalents $47,631 $47,511
Restricted cash equivalents 2,650 2,650
Inventories 193,899 202,485
Accounts receivable 26,376 3,777
Deferred income taxes 4,369 4,313
Other current assets 3,332 4,270
Total current assets $278,257 $265,006
Property, plant and equipment, net 423,569 419,528
Other noncurrent assets 5,719 6,054
Total assets $707,545 $690,588
LIABILITIES and STOCKHOLDER'S EQUITY
Current liabilities
Accounts payable $9,589 $9,781
Accrued payroll and benefits 10,067 10,654
Property, production and franchise
taxes payable 7,820 8,504
Current portion of long-term debt and
capital lease obligations 1,935 1,935
Long-term debt secured by finished goods 37,011 74,106
Other current liabilities 5,686 5,290
Total current liabilities 72,108 110,270
Long-term debt and capital lease
obligations 122,098 85,445
Deferred income taxes 4,369 4,313
Other noncurrent liabilities 13,299 11,263
Total liabilities 211,874 211,291
Commitments and Contingencies
Stockholders' equity
Preferred stock, $0.01 par value,
1,000,000 shares authorized; none issued -- --
Common stock, $0.01 par value,
200,000,000 shares authorized;
89,943,472 and 43,587,107 shares issued
and outstanding 899 899
Paid-in capital 594,075 592,974
Retained earnings (98,000) (113,756)
Accumulated other comprehensive loss (1,303) (820)
Total stockholders' equity 495,671 479,297
Total liabilities and
stockholders' equity $707,545 $690,588
Stillwater Mining Company
Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
Three months ended
March 31,
2004 2003
Cash flows from operating activities
Net income (loss) $15,757 $(1,757)
Adjustments to reconcile net income to net
cash used by operating activities:
Depreciation and amortization 10,489 9,979
Deferred income taxes -- (1,143)
Cumulative effect of change in accounting
for asset retirement obligations -- 672
Stock issued under employee benefit plans 1,058 1,031
Amortization of debt issuance costs 283 358
Amortization of restricted stock
compensation -- 18
Changes in operating assets and liabilities:
Inventories 8,586 4,991
Accounts receivable (22,599) 14,095
Accounts payable (192) (3,734)
Other 1,716 (1,233)
Net cash provided by operating activities 15,098 23,277
Cash flows from investing activities
Capital expenditures (14,574) (14,534)
Net cash used in investing activities (14,574) (14,534)
Cash flows from financing activities
Payments on long-term debt and
capital lease obligations (447) (5,353)
Issuance of common stock, net if
issue costs 43 --
Payment for debt issuance costs -- (1,454)
Other -- (533)
Net cash used by financing activities (404) (7,340)
Cash and cash equivalents
Net increase 120 1,403
Balance at beginning of period 47,511 25,913
Balance at end of period $47,631 $27,316
SOURCE Stillwater Mining Company
-0- 04/29/2004
/CONTACT: John W. Pearson of Stillwater Mining Company, +1-406-322-8742/
/Web site: http://www.stillwatermining.com/
(SWC)
CO: Stillwater Mining Company
ST: Montana
IN: MNG
SU: CCA ERN