ASARCO REPORTS THIRD QUARTER RESULTS
New York, N.Y., October 23, 1995 - ASARCO Incorporated (NYSE:AR) today reported net income of $58.3 million, or $1.38 per common share, for the third quarter ended September 30, 1995, compared with a net loss of $16.1 million, or 39 cents per share for the third quarter of 1994.
Results for the third quarter of 1995 reflect Asarco's 63% ownership of Southern Peru Copper
Corporation (SPCC). In April of this year Asarco increased its ownership interest in SPCC to 63% from 52.3%.
Asarco is consolidating SPCC in its financial statements effective January 1, 1995. The Company had previously
accounted for its interest in SPCC under the equity method of accounting.
Results for the third quarter of 1994 included a $30.7 million after tax provision to add to the Company's
reserve for environmental costs. Excluding this charge, earnings for the third quarter of 1994 would have been
$14.6 million or 35 cents per share.
Sales of products and services were $819.7 million in the third quarter of 1995 compared to $513.0
million for the same period of 1994. Had SPCC been consolidated in Asarco's financial statements in the third
quarter of 1994, sales of products and services would have been $693.3 million.
For the nine months ended September 30, 1995, Asarco reported net income of $180.4 million, or $4.27
per share, compared with net income of $15.8 million or 38 cents per share for the comparable period of 1994.
Sales of products and services for the first nine months of 1995 were $2,398.2 million compared with
$1,443.7 million in 1994. Had SPCC been consolidated in Asarco's financial statements in the first nine months
of 1994, sales of products and services would have been $1,904.0 million.
Consolidated mined copper production in the third quarter of 1995 totaled 146,300 tons. Asarco's
beneficial interest in the consolidated production was 113,200 tons compared to 105,600 tons in the third quarter
of 1994. The increase in Asarco's beneficial interest in consolidated copper production was principally related to
its increased ownership of SPCC and to the resumption of full operations of the Hayden mill at the Ray, Arizona
mine.
The average prices for copper, lead, zinc and molybdenum increased in the third quarter of 1995
compared with the prior year period. The average price for copper on the New York Commodity Exchange
(COMEX) for the third quarter of 1995 was $1.36 compared to $1.14 in the third quarter of 1994. On the
London Metal Exchange (LME) in the third quarter of 1995, the average copper price was $1.37 compared to
$1.11 in the prior year period. Approximately one half of the Company's consolidated copper sales are based on
the COMEX price with the balance based on LME quotations. The average price for lead on the LME was 28
cents per pound in the third quarter of 1995 compared to 27 cents in 1994. The average zinc price was 46 cents
per pound compared to 44 cents in the same period of 1994. The average price for molybdenum in the third
quarter of 1995 was $4.37 per pound compared to $3.52 a year ago. Gold averaged $384 per ounce compared to
$386 per ounce in the third quarter of 1994. The average price for silver in the third quarter of 1995 was $5.33
compared to $5.34 in the prior year.
Commenting on the Company's results, Richard de J. Osborne, Chairman of the Board of Asarco, said
"Asarco's earnings for the third quarter of 1995 reflect the higher copper price along with lower costs and an
increase in sales of copper mined by the Company as compared to the third quarter of 1994. In addition, the
Company benefited from its increased ownership of SPCC as well as improved earnings from the Company's
specialty chemicals business.
"SPCC contributed $36.2 million to the Company's net earnings in the third quarter of 1995 compared to
$13.4 million in 1994. SPCC mined copper production increased to 69,100 tons in the third quarter of 1995 from
66,000 tons in the prior year. Molybdenum mined by SPCC in the third quarter increased over 43% from the
prior year period to 1.9 million pounds.
"On October 5, SPCC announced that it had filed a registration statement with the Securities and
Exchange Commission relating to a proposed exchange of its common stock for any and all of the outstanding
"Labor Shares" of SPCC's Peruvian Branch. These Labor Shares, which are accounted for as a minority interest
by SPCC, are currently traded on the Lima Stock Exchange. SPCC intends to list its common stock on the New
York and Lima stock exchanges. Assuming all Labor Shares are exchanged for common stock, the Company
will own 52.2% of the outstanding common stock of SPCC which represents no change in its current economic
interest.
"The Company's specialty chemicals business continued to produce earnings at record levels in the third
quarter of 1995. The integration of acquisitions and subsequent restructuring of the business over the last several
years has been completed and when coupled with generally good economic conditions, the specialty chemicals
business is now producing a dependable source of earnings for the Company.
"During the third quarter of 1995, Asarco sold its stock in Corporacion Minera Nor Peru which owned
and operated the Quiruvilca mine in the northern part of Peru. The Company also sold its Lone Star Lead
Construction business during the quarter. These sales were part of the Company's program to dispose of its non
core operations. Third quarter 1995 results reflect a pretax loss of $4 million with respect to these sales.
We continue to be optimistic about the markets for the Company's major metals, particularly copper.
Demand continues to be strong worldwide and copper inventories remain at relatively low levels."
ASARCO Incorporated, headquartered in New York City, is one of the world's leading integrated
producers of nonferrous metals, principally copper, lead, zinc, silver, molybdenum and gold. Asarco also
produces specialty chemicals and aggregates.
ASARCO Incorporated and Consolidated Subsidiaries
(In millions, except per share data)
|
|
Three Months Ended |
Nine Months Ended |
|
|
September 30 |
September 30 |
|
|
|
|
|
|
|
|
|
|
Historical |
Pro Forma |
|
|
Historical |
Pro Forma |
|
1995 |
1994 |
1994 |
|
1995 |
1994 |
1994 |
|
|
|
|
|
|
|
|
Sales |
$819.7 |
$513.0 |
$693.3 |
|
$2,398.2 |
$1,443.7 |
$1,904.0 |
|
|
|
|
|
|
|
|
Earnings (loss) before taxes, equity earnings and minority interests |
|
139.9 |
(45.1) |
3.3 |
|
398.0 |
(14.8) |
95.8 |
|
|
|
|
|
|
|
|
Taxes on income (benefits) |
46.6 |
(15.3) |
.6 |
|
127.0 |
(.3) |
39.9 |
|
|
|
|
|
|
|
|
Earnings (loss) before equity |
|
|
|
|
|
|
|
earnings and minority interests |
93.3 |
(29.8) |
2.7 |
|
271.0 |
(14.5) |
55.9 |
|
|
|
|
|
|
|
|
Equity earnings of nonconsolidated |
|
|
|
|
|
|
|
associated companies net of taxes |
.9 |
13.9 |
.5 |
|
1.6 |
30.8 |
1.4 |
|
|
|
|
|
|
|
|
Minority interests |
(35.9) |
(.2) |
(19.3) |
|
(92.2) |
(.5) |
(41.5) |
|
|
|
|
|
|
|
|
Net earnings |
$ 58.3 |
$ (16.1) |
$ (16.1) |
|
$ 180.4 |
$ 15.8 |
$ 15.8 |
|
|
|
|
|
|
|
|
Common shares |
|
|
|
|
|
|
|
outstanding (average) |
42.4 |
41.9 |
41.9 |
|
42.3 |
41.8 |
41.8 |
|
|
|
|
|
|
|
|
Net earnings (loss) per share |
$1.38 |
$(0.39) |
$(0.39) |
|
$ 4.27 |
$0.38 |
$0.38 |
Note: Pro Forma 1994 assumes that Asarco consolidated SPCC effective January 1, 1994 based on Asarco's 52.3% ownership of SPCC and is presented for comparison purposes. Effective April 1995 Asarco's ownership of SPCC increased to 63%.
ASARCO Incorporated and Consolidated Subsidiaries
(In Millions)
|
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
|
|
|
|
|
|
|
|
|
1995
|
Historical
1994 |
Pro Forma
1994 |
|
1995
|
Historical
1994 |
Pro Forma
1994 |
Segment Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metals |
$725.5 |
$421.8 |
$602.1 |
|
$2,112.9 |
$1,182.2 |
$1,642.4 |
|
|
|
|
|
|
|
|
Aggregates |
$12.8 |
$12.7 |
$12.7 |
|
$33.7 |
$30.8 |
$30.8 |
|
|
|
|
|
|
|
|
Specialty Chemicals |
$74.4 |
$68.6 |
$68.6 |
|
$228.3 |
$203.6 |
$203.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Operating Income |
|
|
|
|
|
|
|
|
Metals |
$158.0 |
($43.0) |
$5.4 |
|
$431.2 |
($56.3) |
$32.1 |
|
|
|
|
|
|
|
|
Aggregates |
$3.1 |
$2.1 |
$2.1 |
|
$7.1 |
$4.8 |
$4.8 |
|
|
|
|
|
|
|
|
Specialty Chemicals |
$6.0 |
$3.6 |
$3.6 |
|
$17.9 |
$11.3 |
$11.3 |
|
|
|
|
|
|
|
|
Includes equity earnings for operations which are vertically integrated.
Note: Pro Forma 1994 assumes that Asarco consolidated SPCC effective January 1, 1994 based on Asarco's 52.3% ownership of SPCC and is presented for comparison purposes. Effective April 1995 Asarco's ownership of SPCC increased to 63%.
Average Metals Prices
|
Three Months Ended
September 30 |
Nine Months Ended
September 30 |
|
|
|
|
|
|
1995 |
1994 |
1995 |
1994 |
|
|
|
|
|
Copper (per pound - COMEX) |
$1.36 |
$1.14 |
$1.36 |
$1.00 |
|
|
|
|
|
Copper (per pound - LME) |
$1.37 |
$1.11 |
$1.34 |
$0.98 |
|
|
|
|
|
Lead (per pound - LME) |
$0.28 |
$0.27 |
$0.28 |
$0.23 |
|
|
|
|
|
Silver (per ounce H&H) |
$5.33 |
$5.34 |
$5.17 |
$5.33 |
|
|
|
|
|
Gold (per ounce - London Final) |
$384 |
$386 |
$384 |
$384 |
|
|
|
|
|
Zinc (per pound - LME) |
$0.46 |
$0.44 |
$0.47 |
$0.44 |
|
|
|
|
|
Molybdenum (per pound -
Metals Week Dealer Oxide) |
$4.37
|
$3.52
|
$8.45
|
$3.14
|
|
|
|
|
|
Metal Production and Sales
Three Months Ended September 30
|
|
1995 |
|
|
1994 |
|
|
|
|
|
|
|
|
|
Mined |
Refined |
Sales |
Mined |
Refined |
Sales |
|
|
|
|
|
|
|
Copper (tons) |
|
|
|
|
|
|
Asarco |
77,200 |
130,300 |
120,000 |
77,100 |
123,200 |
121,800 |
SPCC |
69,100 |
54,800 |
94,900 |
66,000 |
51,300 |
80,500 |
Consolidated |
146,300 |
185,100 |
214,900 |
143,100 |
174,500 |
202,300 |
|
|
|
|
|
|
|
Asarco Beneficial Interest |
113,200 |
158,900 |
169,500 |
105,600 |
145,300 |
156,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lead (tons) |
|
|
|
|
|
|
Asarco |
31,400 |
51,200 |
52,200 |
33,100 |
52,300 |
49,700 |
SPCC |
- |
- |
- |
- |
- |
- |
Consolidated |
31,400 |
51,200 |
52,200 |
33,100 |
52,300 |
49,700 |
|
|
|
|
|
|
|
Asarco Beneficial Interest |
31,400 |
51,200 |
52,200 |
33,100 |
52,300 |
49,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Silver (000s ounces) |
|
|
|
|
|
|
Asarco |
1,476 |
8,128 |
9,583 |
1,539 |
8,923 |
9,121 |
SPCC |
757 |
689 |
725 |
822 |
476 |
853 |
Consolidated |
2,233 |
8,817 |
10,308 |
2,361 |
9,399 |
9,974 |
|
|
|
|
|
|
|
Asarco Beneficial Interest |
1,871 |
8,487 |
9,961 |
1,894 |
9,128 |
9,489 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gold (ounces) |
|
|
|
|
|
|
Asarco |
1,300 |
61,200 |
36,800 |
1,600 |
69,100 |
47,600 |
SPCC |
- |
- |
- |
- |
- |
- |
Consolidated |
1,300 |
61,200 |
36,800 |
1,600 |
69,100 |
47,600 |
|
|
|
|
|
|
|
Asarco Beneficial Interest |
1,300 |
61,200 |
36,800 |
1,600 |
69,100 |
47,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Zinc (tons) |
|
|
|
|
|
|
Asarco |
31,100 |
|
|
29,400 |
|
|
SPCC |
- |
|
|
- |
|
|
Consolidated |
31,100 |
|
|
29,400 |
|
|
|
|
|
|
|
|
|
Asarco Beneficial Interest |
31,100 |
|
|
29,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Molybdenum (000s pounds) |
|
|
|
|
|
|
Asarco |
1,476 |
|
|
943 |
|
|
SPCC |
1,921 |
|
|
1,340 |
|
|
Consolidated |
3,397 |
|
|
2,283 |
|
|
|
|
|
|
|
|
|
Asarco Beneficial Interest |
2,478 |
|
|
1,522 |
|
|
Note: SPCC presented at 100%.
Consolidated and Asarco Beneficial Interest amounts shown for 1994 are pro forma and assume that Asarco consolidated SPCC effective January 1, 1994 based on Asarco's 52.3% equity ownership. The minority interest in SPCC represented by Labor Shares in its Peruvian Branch results in Asarco having a beneficial interest in SPCC of 43.2%. Effective April 1995 Asarco's equity ownership of SPCC increased to 63% and its beneficial interest increased to 52.1%.
Metal Production and Sales
Nine Months Ended September 30
|
|
1995 |
|
|
1994 |
|
|
|
|
|
|
|
|
|
Mined |
Refined |
Sales |
Mined |
Refined |
Sales |
Copper (tons) |
|
|
|
|
|
|
Asarco |
227,300 |
385,900 |
377,700 |
212,200 |
366,500 |
406,600 |
SPCC |
197,700 |
162,100 |
234,400 |
204,400 |
67,300 |
242,900 |
Consolidated |
425,000 |
548,000 |
612,100 |
416,600 |
433,800 |
649,500 |
|
|
|
|
|
|
|
Asarco Beneficial Interest |
324,600 |
465,700 |
494,200 |
300,500 |
395,500 |
511,400 |
|
|
|
|
|
|
|
Lead (tons) |
|
|
|
|
|
|
Asarco |
96,000 |
155,800 |
151,300 |
95,500 |
155,800 |
151,000 |
SPCC |
- |
- |
- |
- |
- |
- |
Consolidated |
96,000 |
155,800 |
151,300 |
95,500 |
155,800 |
151,000 |
|
|
|
|
|
|
|
Asarco Beneficial Interest |
96,000 |
155,800 |
151,300 |
95,500 |
155,800 |
151,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Silver (000s ounces) |
|
|
|
|
|
|
Asarco |
4,490 |
27,498 |
28,414 |
4,615 |
28,059 |
24,851 |
SPCC |
2,167 |
1,814 |
1,866 |
2,277 |
625 |
2,386 |
Consolidated |
6,657 |
29,312 |
30,280 |
6,892 |
28,684 |
27,237 |
|
|
|
|
|
|
|
Asarco Beneficial Interest |
5,563 |
28,395 |
29,339 |
5,598 |
28,328 |
25,881 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gold (ounces) |
|
|
|
|
|
|
Asarco |
3,900 |
211,100 |
130,300 |
4,400 |
199,500 |
95,900 |
SPCC |
- |
- |
- |
- |
- |
- |
Consolidated |
3,900 |
211,100 |
130,300 |
4,400 |
199,500 |
95,900 |
|
|
|
|
|
|
|
Asarco Beneficial Interest |
3,900 |
211,100 |
130,300 |
4,400 |
199,500 |
95,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Zinc (tons) |
|
|
|
|
|
|
Asarco |
94,800 |
|
|
91,700 |
|
|
SPCC |
- |
|
|
- |
|
|
Consolidated |
94,800 |
|
|
91,700 |
|
|
|
|
|
|
|
|
|
Asarco Beneficial Interest |
94,800 |
|
|
91,700 |
|
|
|
|
|
|
|
|
|
Molybdenum (000s pounds) |
|
|
|
|
|
|
Asarco |
4,180 |
|
|
2,613 |
|
|
SPCC |
5,836 |
|
|
4,670 |
|
|
Consolidated |
10,016 |
|
|
7,283 |
|
|
|
|
|
|
|
|
|
Asarco Beneficial Interest |
7,077 |
|
|
4,629 |
|
|
Note: SPCC presented at 100%.
Consolidated and Asarco Beneficial Interest amounts shown for 1994 are pro forma and assume that Asarco consolidated SPCC effective January 1, 1994 based on Asarco's 52.3% equity ownership. The minority interest in SPCC represented by Labor Shares in its Peruvian Branch results in Asarco having a beneficial interest in SPCC of 43.2%. Effective April 1995 Asarco's equity ownership of SPCC increased to 63% and its beneficial interest increased to 52.1%.
ASARCO Incorporated and Subsidiaries
CONSOLIDATED STATEMENT OF EARNINGS
(unaudited)
|
3 Months Ended
September 30, |
9 Months Ended
September 30, |
|
(in thousands) |
(in thousands) |
|
|
|
|
|
Sales of products and services |
$819,721 |
$512,968 |
$2,398,192 |
$1,443,705 |
|
|
|
|
|
Operating costs and expenses: |
|
|
|
|
Cost of products and services |
589,472 |
450,735 |
1,740,129 |
1,294,335 |
Selling, administrative and other |
29,858 |
19,968 |
93,211 |
59,348 |
Provision (recovery) for bad debts |
422 |
648 |
1,487 |
(2,086) |
Depreciation and depletion |
26,645 |
20,396 |
88,701 |
62,727 |
Research and exploration |
6,693 |
5,541 |
19,459 |
13,875 |
Provision for environmental matters |
- _______ |
46,585 |
- _______ |
51,159 |
Total operating costs and expenses |
653,090 |
543,873 |
1,942,987 |
1,479,358 |
|
|
|
|
|
Operating income (loss) |
166,631 |
(30,905) |
455,205 |
(35,653) |
Interest expense |
(25,287) |
(16,103) |
(68,614) |
(45,104) |
Other income (expense) |
(1,443) |
1,918 |
11,453 |
7,429 |
Gain on sale of Asarco Australia Limited |
- _______ |
- _______ |
- _______ |
58,512 _______ |
|
|
|
|
|
Earnings (loss) before taxes on income,
minority interests and equity earnings |
139,901
|
(45,090)
|
398,044
|
(14,816)
|
Taxes on income (benefit) |
46,555 |
(15,248) |
126,966 |
(297) |
Minority interests in net earnings of
consolidated subsidiaries |
(35,959)
|
(172)
|
(92,263)
|
(474)
|
Equity in earnings of nonconsolidated
associated companies, net of taxes of
$81 and $374 in 1995; $1,279 and
$2,959 in 1994 |
929
|
13,865
|
1,623
|
30,812
|
|
|
|
|
|
Net earnings |
$ 58,316 |
$(16,149) |
$ 180,438 |
$ 15,819 |
|
|
|
|
|
Per share amounts: |
|
|
|
|
|
|
|
|
|
Net earnings (a) |
$ 1.38 |
$ (.39) |
$ 4.27 |
$ .38 |
|
|
|
|
|
Cash dividends |
$ 0.20 |
$ 0.10 |
$ 0.50 |
$ 0.30 |
|
|
|
|
|
Weighted average number of shares
outstanding |
42,402
|
41,942
|
42,264
|
41,850
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) The effect on the calculation of net earnings per common share of the Company's
Common Stock equivalents (shares under option) was insignificant.
ASARCO Incorporated and Subsidiaries
CONSOLIDATED BALANCE SHEET
(unaudited)
|
September 30,
1995 |
December 31,
1994 |
ASSETS |
|
|
Current assets: |
|
|
Cash and cash equivalents |
$ 229,093 |
$ 18,321 |
Marketable securities |
- |
- |
Accounts and notes receivable, net |
513,638 |
383,724 |
Inventories |
399,282 |
299,148 |
Other assets |
53,949 |
46,124 |
Total current assets |
1,195,962 |
747,317 |
|
|
|
Investments: |
|
|
Cost and available-for-sale |
874,777 |
751,888 |
Equity |
66,836 |
391,489 |
Property |
4,097,409 |
2,509,072 |
Accumulated depreciation and depletion |
(2,049,765) |
(1,203,573) |
Intangible assets |
47,279 |
48,356 |
Other assets |
52,584 |
46,476 |
Total Assets |
$4,285,082 _________ |
$ 3,291,025 __________ |
|
|
|
LIABILITIES |
|
|
Current liabilities: |
|
|
Bank loans |
$ 11,466 |
$ 5,125 |
Current portion of long-term debt |
27,613 |
13,330 |
Accounts payable |
311,923 |
296,983 |
Salaries and wages |
33,867 |
20,159 |
Taxes on income |
91,379 |
43,152 |
Reserve for closed plant and environmental matters |
45,632 |
55,946 |
Other liabilities |
61,965 |
30,838 |
Total current liabilities |
583,845 |
465,533 |
|
|
|
Long-term debt |
1,120,409 |
914,601 |
Deferred income taxes |
230,847 |
156,450 |
Reserve for closed plant and environmental matters |
24,773 |
66,458 |
Postretirement benefit obligations other than
pensions |
94,397
|
95,186
|
Other liabilities and reserves |
74,092 |
72,967 |
Total non-current liabilities |
1,544,518 |
1,305,662 |
|
|
|
MINORITY INTERESTS |
393,770 |
2,443 |
|
|
|
COMMON STOCKHOLDERS' EQUITY |
|
|
Common stock (a) |
594,351 |
572,591 |
Unrealized gain on securities reported at fair value |
166,588 |
91,627 |
Retained earnings |
1,002,010 |
853,169 |
Total Common Stockholders' Equity |
1,762,949 |
1,517,387 |
|
|
|
Total Liabilities, Minority Interests and Common
Stockholders' Equity |
$4,285,082 _________
|
$ 3,291,025 _________
|
|
|
|
|
|
|
|
|
|
(a) Common shares: authorized 80,000; outstanding: |
42,480 |
42,102 |
ASARCO Incorporated and Subsidiaries
CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited)
|
3 Months Ended
September 30, |
9 Months Ended
September 30, |
|
(in thousands) |
(in thousands) |
OPERATING ACTIVITIES |
|
|
|
|
Net earnings (loss) |
$ 58,316 |
$(16,149) |
$180,438 |
$15,819 |
Adjustments to reconcile net earnings to net
cash provided from (used for) operating
activities: |
|
|
|
|
Depreciation and depletion |
26,645 |
19,757 |
88,701 |
62,727 |
Deferred income taxes |
12,950 |
(13,364) |
35,113 |
302 |
Treasury stock used for employee benefits |
939 |
1,261 |
3,770 |
3,703 |
Undistributed equity (earnings) losses |
(946) |
(10,840) |
(540) |
(24,967) |
Net (gain) loss on sale of investments and
property and Asarco Australia Limited |
4,749
|
(221)
|
2,996
|
(59,510)
|
Increase (decrease) in reserve for closed
plant and environmental matters |
(21,425)
|
25,543
|
(51,999)
|
14,234
|
Minority interests |
35,959 |
172 |
92,263 |
474 |
Cash provided from (used for) operating
assets and liabilities, net of the
consolidation of SPCC: |
|
|
|
|
Accounts and notes receivable |
(72,356) |
18,675 |
(35,949) |
(57,421) |
Inventories |
26,664 |
(5,259) |
10,358 |
(28,747) |
Accounts payable and accrued liabilities |
20,729 |
(62,999) |
(10,945) |
29,301 |
Other operating liabilities and reserves |
6,565 |
10,959 |
(8,323) |
6,914 |
Other operating assets |
14,126 |
(4,905) |
3,584 |
(11,311) |
Foreign currency transaction (gains)
losses |
38
|
191
|
(1,241)
|
2,498
|
|
|
|
|
|
Net cash provided from (used for) operating
activities |
112,953
|
(37,179)
|
308,226
|
(45,984)
|
|
|
|
|
|
INVESTING ACTIVITIES |
|
|
|
|
Capital expenditures |
(89,399) |
(31,651) |
(275,781) |
(55,583) |
Sale of securities, investments and property |
26,073 |
13,406 |
88,638 |
93,109 |
Release of restricted cash |
2,177 |
- |
60,450 |
- |
Sale of available-for-sale securities |
4,823 |
59,591 |
13,967 |
122,265 |
Purchase of available-for-sale securities |
(4,623) |
(59,863) |
(14,975) |
(123,063) |
Purchase of investments |
(1,545) |
(68) |
(37,555) |
(283) |
Acquisition of additional interest in SPCC |
- |
- |
(116,444) |
- |
Consolidation of the opening cash balance of
SPCC |
- _______
|
- _______
|
93,348 ______
|
- _______
|
|
|
|
|
|
Net cash provided from (used for) investing
activities |
(62,494)
|
(18,585)
|
(188,352)
|
36,445
|
|
|
|
|
|
FINANCING ACTIVITIES |
|
|
|
|
Debt incurred |
65,057 |
62,217 |
229,780 |
108,096 |
Debt retired |
(92,272) |
(595) |
(121,439) |
(80,956) |
Net treasury stock transactions |
5,108 |
3,225 |
5,343 |
3,707 |
Dividends paid |
(8,487) |
(4,196) |
(21,146) |
(12,557) |
Net cash provided from (used for) financing
activities |
(30,594)
|
60,651
|
92,538
|
18,290
|
|
|
|
|
|
Effect of exchange rate changes on cash |
(1,295) |
(1,039) |
(1,640) |
(1,370) |
Increase (decrease) in cash and cash
equivalents |
18,570
|
3,848
|
210,772
|
7,381
|
Cash and cash equivalents at beginning of
period |
210,523
|
16,033
|
18,321
|
12,500
|
Cash and cash equivalents at end of period |
$229,093 _______ |
$19,881 ______ |
$229,093 _______ |
$19,881 ______ |
FOR FURTHER INFORMATION: Jerry W. Cooper (212) 510-1810 (212) 510-1835 (FAX) Donald M. Noyes (212) 510-1813
Corporate Communications Department, ASARCO Incorporated, 180 Maiden Lane, N.Y. 10038-4991
|