Exhibit 99.1
Stillwater Mining Announces Amendment to 2004 Third Quarter Results
Amended Consolidated Statement of Cash Flows
COLUMBUS, Mont., Nov. 1 /PRNewswire-FirstCall/ -- STILLWATER MINING COMPANY
(NYSE: SWC) announced an amendment to its 2004 third quarter results released
earlier today. Attached is an amended Consolidated Statement of Cash Flows.
During the third quarter 2004, payment for debt issuance costs was $3.8 million,
not a receipt of $0.8 million as originally reported. As a result of the
amendment, the net cash provided by financing activities during the third
quarter of 2004 was $8.3 million, not $12.8 million as originally reported. The
amendment does not affect net cash provided by financing activities for the nine
month period ended September 30, 2004, net income for the three month or nine
month periods of 2004, nor cash and cash equivalents at September 30, 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's shares are 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.
Stillwater Mining Company
Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
Three months ended Nine months ended
September 30, September 30
2004 2003 2004 2003
Cash flows from operating
activities
Net income (loss) $4,365 $(1,628) $36,613 $(22,645)
Adjustments to reconcile net income
to net cash used by
Operating activities:
Depreciation and amortization 10,571 10,081 31,695 30,426
Deferred income taxes -- 2,034 -- 11,685
Cumulative effect of change in
accounting for asset retirement
obligations -- -- -- 672
Stock issued under employee benefit
plans 755 924 2,842 2,786
Amortization and write-off of debt
issuance costs 4,258 273 4,700 2,789
Amortization of restricted stock
compensation 412 -- 686 670
Loss on disposal of property, plant
and equipment 1,991 -- 1,916 --
Changes in operating assets and liabilities:
Inventories 36,149 (478) 34,955 10,219
Accounts receivable (730) 902 (14,744) 13,190
Accounts payable 1,415 (9,075) 2,727 (4,439)
Other 1,332 (2,281) (1,118) (8,594)
Net cash provided by operating
activities 60,518 752 100,272 36,759
Cash flows from investing
activities
Capital expenditures (20,905) (14,780) (55,797) (40,975)
Net cash used in investing
activities (20,905) (14,780) (55,797) (40,975)
Cash flows from financing
activities
Proceeds from long-term financing,
net 140,000 -- 140,000 --
Payments on long-term debt and
capital lease obligations (128,241) (492) (129,205) (58,628)
Issuance of common stock, related
to Norilsk Nickel
transaction (1) -- -- -- 100,000
Stock issuance cost, related to
Norilsk Nickel transaction -- -- -- (9,716)
Issuance of common stock, net of
stock issue costs 267 64 2,747 64
Payment for debt issuance costs (3,757) -- (3,838) (1,606)
Net cash provided by financing
activities 8,269 (428) 9,704 30,114
Cash and cash equivalents
Net increase (decrease) 47,882 (14,456) 54,179 25,898
Balance at beginning of period 53,808 66,267 47,511 25,913
Balance at end of period $101,690 $51,811 $101,690 $51,811
Non-cash Financing activities:
(1) Fair value of common stock
issued $-- $-- $-- $248,213
Inventory received in connection
with the Norilsk Nickel
transaction -- -- -- (148,213)
Issuance of common stock, related
to Norilsk Nickel
transaction $-- $-- $-- $100,000
SOURCE Stillwater Mining Company
-0- 11/01/2004
/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: ERN