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Show MARCONA CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATED BALANCE SHEET December 31, 1975 ASSETS - In Thousands Current assets: Cash and short-term securities (Notes 5 and 6)................................................................... $ 19,294 Accounts receivable............................................................................................................... 15,917 Reimbursable Brazilian project expenditures (Note 4)....................................................... 19,904 Mineral inventories................................................................................................................ 1,181 Operating materials and supplies.......................................................................................... 832 Costs applicable to voyages in progress................................................................................ 4,283 Prepaid expenses and deferred charges................................................................................ 4,802 Vessels and related assets held for sale (Note 3)................................................................. 24,695 Total current assets......................................................................................................... 90,908 Investment in and advances to Samarco Mineracao S.A. (Note 4)............................................ 44,117 Exploration and predevelopment costs......................................................................................... 1,535 Other investments and assets, at the lower of cost or net realizable value.................................. 3,341 Plant, vessels and equipment (Notes 3, 7 and 8)......................................................................... 79,128 Investment in Peruvian mining assets expropriated (less provision for loss of $77,961,000) (Note 2).................................................................... _1 $219,030 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Notes payable to banks (Note 5)......................................................................................... $ 11,400 Notes payable to Utah International Inc. (Note 4)............................................................. 31,393 Accounts payable................................................................................................................... 16,453 Accrued expenses................................................................................................................... 11,137 Income taxes payable (Note 9)............................................................................................ 1,611 Current portion of long-term debt (Note 8)........................................................................ 8,366 Revenues applicable to voyages in progress......................................................................... 471 Total current liabilities................................................................................................... 80,831 Long-term debt, less current portion (Notes 4 and 8)................................................................. 26,190 Deferred income taxes (Note 9)................................................................................................... 986 Stockholders' equity (Notes 8 and 10): Capital stock........................................................................................................................... 9,349 Retained earnings.................................................................................................................. 101,674 Total stockholders' equity.............................................................................................. 111,023 Commitments and contingent liabilities (Notes 3, 4 and 11) _ $219,030 F-46 MARCONA CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATED STATEMENT OF OPERATIONS AND RETAINED EARNINGS _In Thousands Except Per Share Amounts Year Ended December 31 1971 1972 1973 1974 1975 Net sales and revenues: Mineral sales............................................................... $172,494 $174,538 $210,776 $275,205 $220,702 Ocean freight and vessel charter revenues................. 61,569 33,356 44,121 39,883 34,153 Interest income............................................................ 3,591 4,280 4,431 4,275 2,513 Other revenues (Note 12).......................................... 188 201 3,216 3,700 1,095 237,842 212,375 262,544 323,063 258,463 Costs and expenses: Cost of minerals sold (Note 1).................................. 100,508 99,791 127,734 155,672 146,417 Cost of transporting minerals and other products..... 69,173 54,892 70,111 101,073 74,177 Royalties and export taxes on mineral shipments..... 10,109 10,353 11,616 12,711 7,033 Selling, administrative and general expenses............ 3,886 4,262 4,962 5,810 6,062 Depreciation (Note 7)................................................ 15,286 16,820 21,427 21,884 15,547 Interest......................................................................... 3,664 3,873 5,228 5,666 4,396 202,626 189,991 241,078 302,816 253,632 Earnings for the year before income taxes and extraordinary item.................................................................. 35,216 22,384 21,466 20,247 4,831 Provision for income taxes (Note 9).......................................................... 8,608 2,323 1,292 _56 1,406 Earnings for the year before extraordinary item........... 26,608 20,061 20,174 20,191 3,425 Extraordinary item Provision for loss on expropriation of Peruvian mining assets and related shipping losses, less $30,700,000 income tax credits (Notes 2 and 9)... (62,800) Earnings (loss) for the year........................................... 26,608 20,061 20,174 20,191 (59,375) Retained earnings, beginning of year............................ 123,437 140,844 150,205 159,066 167,149 150,045 160,905 170,379 179,257 107,774 Excess of purchase price over par value of Class C stock acquired............................................................. (395) Dividends paid................................................................ (9,201) (10,700) (11,313) (11,713) (6,100) Retained earnings, end of year....................................... $140,844 $150,205 $159,066 $167,149 $101,674 Earnings per share of Class B stock: Earnings before extraordinary item........................... $ 26.42 $ 19.98 $ 20.09 $ 20.17 $ 3.42 Extraordinary item...................................................... (62.80) Earnings (loss) for the year........................................ 26.42 19.98 20.09 20.17 (59.38) Dividends paid per share: Class A-C and A-U stock............................................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 Class B stock................................................................ 9.20 10.70 11.30 11.70 6.10 Class C stock............................................................... 0.05 0.07 1.76 1.63 F-47 |
