Owner
Post by Franko10 ™ on Oct 7, 2004 11:15:51 GMT -5
Claude Reports
2001 Financial Results
Lower than expected gold production from Claude Resource’s Seabee mine contributed to a net loss of $2.2 million ($0.05 per share) for the year ending December 31, 2001.This compares to net earnings of $2.4 million ($0.06 per share) before a $51.1 million non-cash write-down in 2000. As a result of this provision the Company recorded a net loss of $48.7 million ($1.25 per share) last year.
The Company generated cash flow from operations of $3.4 million ($0.08 per share) in 2001 versus $7.5 million ($0.19 per share) in 2000.
The Seabee mine produced 48,500 ounces in 2001 compared to 58,300 ounces in 2000, a result of low ore grade from the mine’s "D" zone. The average realized gold price per ounce in 2001 was CDN $422 (US $272), a slight increase from the CDN $414 (US $279) realized in 2000.
Although mine operating costs were lower, the reduced gold production resulted in an increase in total cash costs per ounce from US $190 in 2000 to US $221 this year.
The Company’s oil, NGL’s and gas properties produced 246,000 BOE in 2001, an 8% decrease from the 267,800 BOE produced in 2000. Average prices realized were relatively unchanged at US $23.68 (CDN $36.68) per BOE in 2001 compared to US $23.37 (CDN $34.72) in 2000.
The Company’s working capital position of $8.5 million remains relatively unchanged from 2000. Claude’s balance sheet is free of any long-term debt obligations and the Company continues to have limited exposure to gold derivative contracts.
Gold production at Seabee is expected to be well below life of mine average for the first six months of 2002 while the Company completes mining and milling the low-grade "D" zone. Production is expected to increase steadily through the second half of 2002 as Claude accesses much higher grade ore at the 600 metre level in the "B" zone of the mine.
Fourth Quarter
Claude reported a net loss of $.3 million ($0.01 per share) in the fourth quarter of 2001 compared to net earnings, before a non-cash write-down, of $1.2 million ($0.03 per share) in the comparable quarter of 2000. Cash flow from operations of $.8 million ($0.02 per share) compares to $2.5 million ($0.06 per share) for the same period in 2000.
Gold production fell 10% in the fourth quarter from 16,400 in 2000 to 14,800 in 2001. The Company realized a gold price of US $277 (CDN $438) per ounce, a 5% increase from the US $264 (CDN $403) per ounce realized last period. Total cash costs were US $216, up from the US $171 per ounce in the comparative quarter of 2000.
Oil, NGL’s and gas production fell 22% in the fourth quarter from 68,643 BOE in 2000 to 53,757 BOE in 2001. Average realized prices dropped 49% from US $29.30 (CDN $44.71) per BOE in 2000 to US $15.08 (CDN $23.36) in this period.
For further information please contact:
Neil McMillan, President
(306) 668-7505
--------------------------------------------------------------------------------
Consolidated Statements of Loss
(Canadian Dollars in Thousands)
Three Months
Ended Year
Ended
December 31 December 31
2001 2000 2001 2000
Revenues
Gold $ 5,534 $ 6,689 $ 19,524 $ 24,166
Oil and gas:
Gross revenue 761 3,189 9,024 9,300
Crown royalties (169) (948) (2,672) (2,516)
Alberta Royalty Tax Credit (3) 174 619 584
Overriding royalties (368) (1,586) (3,885) (4,061)
Net oil and gas revenue 221 829 3,086 3,307
5,755 7,518 22,610 27,473
Expenses
Gold 4,241 4,341 15,817 16,432
Oil and gas 379 243 1,732 1,582
General and administrative 535 519 1,684 1,715
Interest and other (58) 11 (30) 167
Provision for income taxes (140) (82) 26 32
4,957 5,032 19,229 19,928
Earnings before the undernoted items 798 2,486 3,381 7,545
Depreciation, depletion and reclamation:
Gold 1,097 1,246 5,217 4,194
Oil and gas (15) 17 347 467
Provision for foreign currency fluctuations - - - 529
Net earnings (loss) before write-down $ (284) $ 1,223 $ (2,183) $ 2,355
Write-down of mineral properties $ - $ 51,078 $ - $ 51,078
Net loss (284)
====== (49,855)
====== (2,183)
====== (48,723)
=======
Net earnings (loss) per share before write-down (0.01)
====== 0.03
====== (0.05)
====== 0.06
=======
Net loss per share
Basic and diluted (0.01)
====== (1.27)
====== (0.05)
====== (1.25)
=======
Weighted average number of shares outstanding (000's) 40,826
====== 39,366
====== 40,622
====== 38,964
=======
See accompanying notes to consolidated financial statements.
--------------------------------------------------------------------------------
Consolidated Statements of Cash Flows
(Canadian Dollars in Thousands)
Three Months
Ended Year
Ended
December 31 December 31
2001 2000 2001 2000
Cash provided from (used in):
Operations:
Net earnings (loss) $ (284) $ (49,855) $ (2,183) $ (48,723)
Non cash items:
Depreciation, depletion and reclamation 1,082 1,263 5,564 4,661
Write-down of mineral properties - 51,078 - 51,078
Provision for foreign currency fluctuations - - - 529
Cash from operations 798 2,486 3,381 7,545
Net change in other operating items:
Receivables 959 (122) 1,435 1,271
Inventories 1,386 1,548 1,383 734
Prepaids (4) (99) 117 (99)
Payables and accrued liabilities (24) 1,201 (1,846) 2,027
Obligations relating to foreign currency fluctuations - - - (2,420)
3,115 5,014 4,470 9,058
Investing:
Short-term investments - - (657) -
Mineral properties (1,168) (1,813) (3,983) (8,294)
Oil and gas properties (355) (376) (818) (523)
Increase in investments - (31) - (31)
(1,523) (2,220) (5,458) (8,848)
Financing:
Issue of common shares 1,363 701 1,469 897
Demand loan
Proceeds - - 657 -
Repayment (82) - (219) -
Brokerage deposits - - - 198
1,281 701 1,907 1,095
Increase in cash position 2,873 3,495 919 1,305
Cash position, beginning of period (974) (2,515) 980 (325)
Cash position, end of period $ 1,899 $ 980 $ 1,899 $ 980
==== ==== ==== ====
Cash from operations per share $ 0.02 $ 0.06 $ 0.08 $ 0.19
==== ==== ==== ====
2001 Financial Results
Lower than expected gold production from Claude Resource’s Seabee mine contributed to a net loss of $2.2 million ($0.05 per share) for the year ending December 31, 2001.This compares to net earnings of $2.4 million ($0.06 per share) before a $51.1 million non-cash write-down in 2000. As a result of this provision the Company recorded a net loss of $48.7 million ($1.25 per share) last year.
The Company generated cash flow from operations of $3.4 million ($0.08 per share) in 2001 versus $7.5 million ($0.19 per share) in 2000.
The Seabee mine produced 48,500 ounces in 2001 compared to 58,300 ounces in 2000, a result of low ore grade from the mine’s "D" zone. The average realized gold price per ounce in 2001 was CDN $422 (US $272), a slight increase from the CDN $414 (US $279) realized in 2000.
Although mine operating costs were lower, the reduced gold production resulted in an increase in total cash costs per ounce from US $190 in 2000 to US $221 this year.
The Company’s oil, NGL’s and gas properties produced 246,000 BOE in 2001, an 8% decrease from the 267,800 BOE produced in 2000. Average prices realized were relatively unchanged at US $23.68 (CDN $36.68) per BOE in 2001 compared to US $23.37 (CDN $34.72) in 2000.
The Company’s working capital position of $8.5 million remains relatively unchanged from 2000. Claude’s balance sheet is free of any long-term debt obligations and the Company continues to have limited exposure to gold derivative contracts.
Gold production at Seabee is expected to be well below life of mine average for the first six months of 2002 while the Company completes mining and milling the low-grade "D" zone. Production is expected to increase steadily through the second half of 2002 as Claude accesses much higher grade ore at the 600 metre level in the "B" zone of the mine.
Fourth Quarter
Claude reported a net loss of $.3 million ($0.01 per share) in the fourth quarter of 2001 compared to net earnings, before a non-cash write-down, of $1.2 million ($0.03 per share) in the comparable quarter of 2000. Cash flow from operations of $.8 million ($0.02 per share) compares to $2.5 million ($0.06 per share) for the same period in 2000.
Gold production fell 10% in the fourth quarter from 16,400 in 2000 to 14,800 in 2001. The Company realized a gold price of US $277 (CDN $438) per ounce, a 5% increase from the US $264 (CDN $403) per ounce realized last period. Total cash costs were US $216, up from the US $171 per ounce in the comparative quarter of 2000.
Oil, NGL’s and gas production fell 22% in the fourth quarter from 68,643 BOE in 2000 to 53,757 BOE in 2001. Average realized prices dropped 49% from US $29.30 (CDN $44.71) per BOE in 2000 to US $15.08 (CDN $23.36) in this period.
For further information please contact:
Neil McMillan, President
(306) 668-7505
--------------------------------------------------------------------------------
Consolidated Statements of Loss
(Canadian Dollars in Thousands)
Three Months
Ended Year
Ended
December 31 December 31
2001 2000 2001 2000
Revenues
Gold $ 5,534 $ 6,689 $ 19,524 $ 24,166
Oil and gas:
Gross revenue 761 3,189 9,024 9,300
Crown royalties (169) (948) (2,672) (2,516)
Alberta Royalty Tax Credit (3) 174 619 584
Overriding royalties (368) (1,586) (3,885) (4,061)
Net oil and gas revenue 221 829 3,086 3,307
5,755 7,518 22,610 27,473
Expenses
Gold 4,241 4,341 15,817 16,432
Oil and gas 379 243 1,732 1,582
General and administrative 535 519 1,684 1,715
Interest and other (58) 11 (30) 167
Provision for income taxes (140) (82) 26 32
4,957 5,032 19,229 19,928
Earnings before the undernoted items 798 2,486 3,381 7,545
Depreciation, depletion and reclamation:
Gold 1,097 1,246 5,217 4,194
Oil and gas (15) 17 347 467
Provision for foreign currency fluctuations - - - 529
Net earnings (loss) before write-down $ (284) $ 1,223 $ (2,183) $ 2,355
Write-down of mineral properties $ - $ 51,078 $ - $ 51,078
Net loss (284)
====== (49,855)
====== (2,183)
====== (48,723)
=======
Net earnings (loss) per share before write-down (0.01)
====== 0.03
====== (0.05)
====== 0.06
=======
Net loss per share
Basic and diluted (0.01)
====== (1.27)
====== (0.05)
====== (1.25)
=======
Weighted average number of shares outstanding (000's) 40,826
====== 39,366
====== 40,622
====== 38,964
=======
See accompanying notes to consolidated financial statements.
--------------------------------------------------------------------------------
Consolidated Statements of Cash Flows
(Canadian Dollars in Thousands)
Three Months
Ended Year
Ended
December 31 December 31
2001 2000 2001 2000
Cash provided from (used in):
Operations:
Net earnings (loss) $ (284) $ (49,855) $ (2,183) $ (48,723)
Non cash items:
Depreciation, depletion and reclamation 1,082 1,263 5,564 4,661
Write-down of mineral properties - 51,078 - 51,078
Provision for foreign currency fluctuations - - - 529
Cash from operations 798 2,486 3,381 7,545
Net change in other operating items:
Receivables 959 (122) 1,435 1,271
Inventories 1,386 1,548 1,383 734
Prepaids (4) (99) 117 (99)
Payables and accrued liabilities (24) 1,201 (1,846) 2,027
Obligations relating to foreign currency fluctuations - - - (2,420)
3,115 5,014 4,470 9,058
Investing:
Short-term investments - - (657) -
Mineral properties (1,168) (1,813) (3,983) (8,294)
Oil and gas properties (355) (376) (818) (523)
Increase in investments - (31) - (31)
(1,523) (2,220) (5,458) (8,848)
Financing:
Issue of common shares 1,363 701 1,469 897
Demand loan
Proceeds - - 657 -
Repayment (82) - (219) -
Brokerage deposits - - - 198
1,281 701 1,907 1,095
Increase in cash position 2,873 3,495 919 1,305
Cash position, beginning of period (974) (2,515) 980 (325)
Cash position, end of period $ 1,899 $ 980 $ 1,899 $ 980
==== ==== ==== ====
Cash from operations per share $ 0.02 $ 0.06 $ 0.08 $ 0.19
==== ==== ==== ====
