Share Name Share Symbol Market Type Share ISIN Share Description
Sweet China LSE:SWC London Ordinary Share GB00B06L6200 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 0.50p 0.00p 0.00p - - - 0 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Food Producers 6.4 -6.2 -6.8 - 0.44

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DateSubject
01/10/2016
09:20
Sweet China Daily Update: Sweet China is listed in the Food Producers sector of the London Stock Exchange with ticker SWC. The last closing price for Sweet China was 0.50p.
Sweet China has a 4 week average price of - and a 12 week average price of -.
The 1 year high share price is - while the 1 year low share price is currently -.
There are currently 88,764,767 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of Sweet China is £443,823.84.
09/12/2008
09:37
fludde: We shall see- perhaps his confidence will translate to commercial performance. This idea that the share price collapsed because of the China contamination scare is simply laughable. The shares were demolished long before that excuse came along.
16/10/2008
14:28
hoots mon: Story by Robert Tyerman Companies: SWC 10/10/2008 Confectionery and chocolates supplier Sweet China is poised for another acquisition despite its recent share price plunge. Martin Frost, chairman of AIM-quoted Sweet China, which recently bought Hong Kong-based sweets supplier Essential Box, is bitter about the savage markdown of its shares triggered by the recent Melamin contamination of milk powder in China. But he and chief executive officer David Zulman say they are determined to press on with acquisitions to move the company into direct production and sales to the potentially huge mainland Chinese chocolate market. London-headquartered Sweet China, which raised £2 million at 9p at the time of the Essential Box purchase, has seen its shares tumble to a mere 1.5p, despite issuing public assurances that the chocolate it uses, sourced from world leader Barry Callebaut of Switzerland, has repeatedly tested negatively for Melamin. The Chinese authorities have also given Sweet China's chocolate a clean of bill of health, points out Frost. Sales rose 32 per cent in the first four months of the current financial year, says Frost, adding that Essential Box is thriving under its recently appointed chief executive officer, Connie Leung, formerly of the Ferrero group. Although Sweet China's full-year results will show a substantial loss because of the Essential Box acquisition costs, the figures are also expected to show satisfactory operational progress. Fans suggest the company, which in June added Orbis Equity Partners as joint broker along with nominated adviser Zimmerman Adams and Hichens Harrison, could even benefit from the present economic and investment downturns in two ways. First, chocolates represent cheap treats appropriate for hard times and, secondly, potential acquisition targets are now much cheaper. If so, Sweet China could fare better than some of its sector peers.
26/9/2008
09:25
fludde: And there you have it- Talking a share up is as bad as talking one down. The mass hysteria of buying a share forcing the price up is as unjust as the hysterical selling we have seen of late. In both cases people jumping on the bandwagon too late will lose money whether they buy at the top or sell at the bottom. It is arguably easier to talk a share down than to talk it up. Whilst fear is as strong an emotion as greed, most investors probably invest in a share in the hope that it will rise more often than selling in the hope it falls. However while many investors set a stop loss to limit their losses when a share falls it is unlikely that an investor will set a limit buy to order shares at a price xx% above the current price. Thus a concerted fall will trigger more automated sells than a concerted rise will trigger automated buys. Also people will sell to protect the remainder of their investment but do not always have the funds to buy when watching a share rise. This suggests the momentum of a fall should be stronger than that of a rise. The real issue is the orchestrated attack on a share price which results in naked manipulation of the price. This is the fraud and this is where the FSA seem powerless to act. These acts make vast sums of money for the few at the expense of the many. And whilst Winter_days thinks this is basic capitalism it is really an example of fundamental fraud if the perpetrators get caught.
09/9/2008
15:50
fludde: Lets hope it is a hefty profit above the old 50p share price rather than over the current share price
20/3/2006
15:05
saucepan: Interesting, Ash. Something has certainly put a booster up the SWC share price at market opening today, with no lead from either the Dow or Palladium. The chart now looks very strong technically.
16/3/2006
18:19
mr ashley james: Saucepan, Yes to an extent I agree but SWC has gone from US$6.05 to US$15.49 in the last ten months since May 2005, I think a Return on Capital Employed of 256% compares far better than what DJIA or $SPX has returned since May 2005. The Palladium Commodity Price has gone from US$171 per toz to US$326 per toz ie up 90.64% so in reality we are getting 34.30% of the amount of increase to the underlying commodity indeed for every 1% increase in base Palladium Price, we are in fact seeing a 1.72% increase in the base SWC price on 2005 model. So it is not appalling afterall SWC is a reasonably sized market capitalisation. Obviously Bull Markets are exponential it takes time for the crowd to catch on. All IMHO, NAG, DYOR etc Cheers Ash:)
04/3/2006
10:14
saucepan: A great thread, Ash; and I enjoyed listenting to the presentation. The SWC share price has gained a bit of momentum since the presentation. I wonder whether this is likely to be just coincidence or as a result of analysts taking a more positive view? Of course, palladium is now back above $300, which obviously helps; though I have observed that SWC share price behaviour does not always slavishly follow the price of palladium, at least immediately. I note that according to yahoo fincance (http://finance.yahoo.com/q/ao?s=SWC), one financial house now has SWC slated as a "strong buy" for the current month. However, I have not been able to identify which. I'd like to know their reasoning, but perhaps they have simply been reading this thread :-)
25/2/2006
09:20
diddy123: Wonder what the share price will be when they are relisted. Any one .
31/3/2005
08:19
saddam bin laden: CYC should do really well over the next week, especially with CAT around the corner. If results don't come out this week I imagine they may be saving this later for an early float of Cat. Don't forget when China Wonder was listed the share price went from 25p to £1.44 within 3 days. If Sweet does half as well this will be refelected in CYC share price. Never rely online for new issues, phone your broker. Always a pain in the butt to get a silly amount on a low cap!
28/10/2002
20:05
mr ashley james: Energyi, SWC on track for US$1.03 earnings it seems with US$0.75 in the bag after 9 months ie at US$6.40 trading on PER 6.21 times assuming this US$1.03 estimate reached. SWC price is now moving up rapidly:- Stillwater Mining Company (ticker: SWC, exchange: New York Stock Exchange) News Release - 28-Oct-2002 -------------------------------------------------------------------------------- Stillwater Mining Reports Third Quarter Earnings And An Amended Credit Facility COLUMBUS, Mont., Oct 28, 2002 /PRNewswire-FirstCall via COMTEX/ -- STILLWATER MINING COMPANY (NYSE: SWC) reported net income of $4.7 million for the third quarter of 2002 or $0.11 per share, on revenue of $66.0 million compared to net income of $10.3 million, or $0.26 per share, on revenue of $52.9 million for the third quarter of 2001. For the first nine months of 2002, the Company reported net income of $32.3 million or $0.75 per share, on revenue of $217.0 million compared to net income of $61.0 million or $1.55 per share, on revenue of $218.1 million for the nine months of 2001. At the end of the third quarter of 2002, the Company was in full compliance with the provisions of its credit agreement, as a result of an amendment approved by the Company's lenders on September 27, 2002, which reduced the trailing four quarters production covenant from 620,000 ounces to 610,000 ounces of palladium and platinum. The Company and its lenders have agreed to amend the credit agreement and modify certain production and financial covenants for the remaining term of the agreement. In exchange for the covenant relief, the Company has agreed to an amendment fee of 50 basis points, or approximately $1.2 million, and a 50 basis point increase in the interest rate payable on the loan. As a result, the interest rate on the Company's five-year $65 million term loan and its revolving credit facility will range from 300.0 to 337.5 basis points over the LIBOR reference rate and under the seven-year $135 million term loan the interest rate will be 425 basis points over the LIBOR reference rate. At September 30, 2002, the Company had $58.7 million and $130.1 million outstanding under the five-year and seven-year term loans, respectively, bearing interest at 4.6% and 5.6%, respectively. The first $25 million of the Company's revolving credit facility remains available to the Company and the remaining $25 million is available as certain financial and operating parameters are achieved. During the third quarter of 2002, the Company produced a total of 139,000 ounces of palladium and platinum, compared to 132,000 ounces for the third quarter of 2001. The 5% PGM production increase is the result of the contribution of 35,000 ounces from the East Boulder Mine. At the Stillwater Mine, cash costs before royalties and taxes during the third quarter of 2002 were $243 per ounce, compared to $239 for last year. After including the East Boulder cash costs for the quarter, the Company's consolidated cash costs before royalties and taxes for the third quarter of 2002 were $270 per ounce compared to $239 per ounce in 2001. Total cash costs per ounce at the Stillwater Mine for the third quarter of 2002 were $275 compared to $264 in 2001. After including the East Boulder costs for the quarter, the Company's total cash costs per ounce on a consolidated basis increased $40 per ounce to $304 for the third quarter of 2002 compared to $264 for the same period in 2001. The increase in total consolidated cash costs is attributed to a $31 per ounce increase in operating costs primarily related to placing the East Boulder Mine into commercial production in 2002 and a $9 per ounce increase in royalties and taxes which is primarily due to an increase in ounces sold and an increase in the areas mined subject to royalties. The higher cash costs at East Boulder are due to the higher quantity of low-grade material that is being milled. For the first nine months of 2002, PGM production increased 24%, as the Company produced 470,000 ounces of palladium and platinum compared to 379,000 ounces for the nine months of 2001. At the Stillwater Mine, cash costs before royalties and taxes for the first nine months of 2002 were $225 per ounce the same as 2001. After including the East Boulder cash costs for the first nine months, consolidated cash costs before royalties and taxes for the first nine months of 2002 were $248 per ounce compared to $225 per ounce in 2001. Total cash costs per ounce for the first nine months of 2002 at the Stillwater Mine were $253 compared to $263 in 2001. After including the East Boulder costs for the first nine months, consolidated total cash costs per ounce were $279 per ounce compared to $263 per ounce for the same period of 2001. Again, the higher cash costs are primarily attributable to the start-up of the East Boulder Mine, which was placed into commercial production in 2002. As a result of the combination of all sales contracts and hedge positions, the Company's average realized sales prices per ounce in the third quarter of 2002 was $431 for palladium and $517 for platinum compared with the average market price for palladium of $325 per ounce and for platinum of $542 per ounce. The Company realized a combined average price per ounce of palladium and platinum for the third quarter of 2002 of $449 or 19% higher than the combined average market price per ounce of $376 for the same period of 2002. The Company's average realized sales prices per ounce for the nine-month period of 2002 were $443 for palladium and $506 for platinum, compared to the average market price for palladium of $355 per ounce and for platinum of $523 per ounce for the same period of 2002. The Company realized a combined average price per ounce of palladium and platinum for the nine-month period of 2002 of $457 or 16% higher than the combined average market price per ounce of $394 per ounce of palladium and platinum as a result of the marketing sales contracts and hedge positions. Announcing the Company's results, Stillwater Chairman and CEO, Francis R. McAllister said, "The strength and value of our marketing sales contracts is evident in the third quarter, as the Company realized a 19% higher price for its PGM production than the combined market price. On a year-to-date basis, the Company realized 16% more than the combined market price for its palladium and platinum sales. From an operational standpoint, operating costs on a per ton basis at the Stillwater Mine improved from the second quarter, however, costs on a per ounce basis were affected by lower production and grade and are not where management would like to see them. Third quarter production, affected by labor and infrastructure issues, is now returning to more normal levels. During the quarter, at the Stillwater Mine, we completed the ventilation raise to the surface and made good progress on the ramp system to access the lower, central portion of the mine. In addition, five deep drill holes at the Stillwater Mine have confirmed the existence and mineralization of the J-M Reef down to the 1,380-foot elevation of the mine. Financial results for the third quarter were adversely impacted by the decrease in production since only 148,000 ounces were sold compared with 165,000 ounces in each of the first two quarters of 2002. Due to our production pipeline, this financial impact will continue to a lesser degree in the fourth quarter. Thereafter, we expect production and sales to reach a more normal balance. At the East Boulder Mine, the sand plant is now operational and increases mine productivity. Management will continue to address reducing operating costs at both mines while still focusing on maintaining a safe working environment for our employees." He continued, "During the quarter, we continued our discussions with our lenders regarding amending the Company's credit agreement and I am pleased to announce that the Company and its lenders have agreed to amend the credit agreement and modify certain production and financial covenants for the remaining terms of the agreement. At September 30, 2002, the Company is in full compliance with the provisions and covenants of its credit agreement." STILLWATER MINE At the Stillwater Mine, palladium and platinum production decreased 15% to 104,000 ounces in the third quarter of 2002 compared to 123,000 ounces in the third quarter of 2001 as a result of a 14% decrease in the combined mill head grade due to mining more tonnage from the Upper West area of the mine and having fewer high-grade stopes available in the quarter. In addition, operations were adversely effected by labor and infrastructure issues previously reported. Late in the third quarter, the mine began to return to a more normal state and the Company has initiated work to address the infrastructure projects, which had been delayed earlier in the year. Mine production averaged approximately 2,200 tons of ore per day for the quarter. Mill throughput totaled 227,000 tons for the quarter compared to 231,000 tons for the 2001 comparable period, while the combined mill head grade decreased by 14% over the same period. The decrease in mill head grade is primarily due to an increased emphasis on the Upper West portion of the mine, which provides a lower overall ore grade. Cash costs before royalties and taxes for the third quarter of 2002 were $243 per ounce, compared to $239 per ounce in the third quarter of 2001. Total cash costs per ounce for the quarter increased $11 per ounce to $275 from $264 for the same period in 2001. The increase in total cash costs per ounce is attributed to a $4 per ounce increase in operating costs and a $7 per ounce increase in royalties and taxes due to lower production units combined with an increase in areas mined subject to royalties. For the first nine months of 2002, the mine produced 380,000 ounces of palladium and platinum compared to 370,000 ounces for the nine months of 2001. The increased production was the result of a 13% increase in mill throughput offset by an 8% decrease in the average combined mill head grade for the comparable period. Again, the lower grade is the result of an increased emphasis in the lower-grade Upper West area of the mine and lower average ore thicknesses in the offshaft areas. For the first nine months of 2002, cash costs before royalties and taxes were $225 per ounce, the same as last year. Total cash costs per ounce for the first nine months decreased to $253 from $263 for the same period in 2001 primarily due to lower royalties and taxes as a result of lower PGM prices in the current period. EAST BOULDER MINE During the third quarter of 2002, the East Boulder Mine produced 35,000 ounces of palladium and platinum from mining at an average of approximately 1,100 tons of ore per day bringing year-to-date PGM production to 90,000 ounces. A total of 108,000 tons of reef enhancement material and ore was milled in the third quarter at an average combined grade of 0.38 ounces per ton. The mill head grade attributed to ore tons increased 15% from the second quarter to average 0.39 ounce per ton in the third quarter of this year as the mine continues to ramp up to its revised production rate of 150,000 to 170,000 ounces of PGM's per year. During the third quarter, the sand plant was commissioned and is now operational, which should allow the mine to improve current stoping efficiencies and utilize cut and fill mining methods where appropriate. Cash operating costs before royalties and taxes were $348 per ounce in the third quarter of 2002, an increase of $24 per ounce from the second quarter due to an increase in stope mining activities. Cash costs per ounce still reflect the fact that the East Boulder Mine continues to process both ore and lower grade reef enhancement material. FINANCES Revenues were $66.0 million for the third quarter of 2002 compared to $52.9 million for the third quarter of 2001. During the quarter, the 25% increase in revenues is attributable to the Company selling 40% more ounces than the prior year, partially offset by an 11% decrease in realized palladium and platinum prices. For the first nine months of 2002, revenues were $217.0 million compared to $218.1 million for same period in 2001, as a result of a 27% increase in ounces sold offset by a 22% decrease in realized palladium and platinum prices. Net cash provided by operations for the third quarter 2002, was $19.3 million compared to $35.8 million for the same period of 2001. The decrease of $16.5 million was primarily the result of decreased net income of $5.6 million, payments on the restructuring accrual of $0.5 million and an increase in net operating assets and liabilities of $11.1 million, offset by an increase in non-cash expenses of $0.6 million. For the first nine months ended September 30, 2002, net cash provided by operations was $46.1 million compared to $92.3 million for the comparable period of 2001. The decrease of $46.2 million was primarily a result of decreased net income of $28.7 million, a decrease in restructuring accrual of $8.9 million, a decrease in other non-cash expenses of $1.6 million and an increase in net operating assets and liabilities of $7.1 million. Capital expenditures primarily relating to mine development activities decreased $116.7 million to $39.6 million for the first nine months of 2002 compared to $156.3 million in the same period of 2001. The decrease is due to a reduction of capital expenditures in accordance with the Company's optimization plan. The Company's working capital at September 30, 2002 was $61.8 compared to $22.3 million at December 31, 2001. Cash and cash equivalents increased by $27.3 million to $42.2 million for the first nine months of 2002. The Company intends to utilize cash on hand and expected cash flows from operations, along with available borrowings under the existing $50 million Revolving Credit Facility to fund its operating and capital needs. At September 30, 2002, the Company had $188.8 million outstanding under the Credit Facility and $7.5 million outstanding under the Revolving Credit Facility. The Company has $17.5 million readily available to it and an additional $25 million available in the future if certain operating and financial parameters are met under the Revolving Credit Facility. METAL MARKETS During the third quarter of 2002, both palladium and platinum traded in relatively narrow ranges. Palladium traded as high as $365 per ounce and as low as $315 per ounce and the average market price was $325 per ounce in the third quarter, while platinum traded as high as $574 per ounce and as low as $519 per ounce and the average market price was $542 per ounce. The combined average market price per ounce of palladium and platinum for the third quarter of 2002 was $376 compared to $477 for the third quarter of 2001. The combined average market price for the two metals for the first nine months of 2002 was $394 per ounce compared to $657 per ounce for the same period in 2001. Stillwater Mining Company will host its third quarter results conference call at 12 noon EDT on October 28, 2002. The conference call dial-in number is (800) 230-1092 (US) (612) 288-0329 (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. A replay of the conference call will be available on the Company's Web site or by a telephone replay, dial-in number (800) 475-6701 (US) and (320) 365-3844 (International) and the access code is 655317, for a limited time. 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. THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. Some statements contained in this release are forward-looking and, therefore, involve uncertainties or risks that could cause actual results to differ materially from projected results. Such forward-looking statements include comments regarding achieving production goals, supply and demand and market prices for palladium and platinum and the potential effect of lower prices. Factors that could cause actual results to differ materially include price volatility of palladium and platinum, the operational and financial difficulties of commencing and sustaining commercial operations at a new mine, risk of cost overruns, inaccurate forecasts, problems with productivity, unexpected events during expansion or development, fluctuations in ore grade, tons mined, crushed or milled, economic and political events affecting supply and demand for platinum and palladium, ability to access bank or other financing, economic developments affecting the capital markets, dependence on a few customers, labor difficulties, inadequate insurance coverage, government regulations, property title uncertainty, amounts and prices of the Company's forward metals sales under hedging and supply contracts, complexity of processing platinum group metals, difficulty of estimating reserves accurately, geological, technical, mining or processing problems, and availability and cost of electricity. These and other factors are discussed in more detail in the Company's filings with the Securities and Exchange Commission, including the "Risk Factors" contained in the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Descriptions of events relating to the palladium and platinum markets are not intended to be complete, and readers are advised to obtain their own information and advice regarding commodities markets. The Company disclaims any obligation to update forward-looking statements. Stillwater Mining Company Key Factors (Unaudited) Three months ended Nine months ended September 30, September 30, 2002 2001 2002 2001 OPERATING DATA (1) Consolidated: Ounces produced (000) Palladium 108 103 363 292 Platinum 31 29 107 87 Total 139 132 470 379 Tons mined (000) 296 201 968 581 Tons milled (000) 303 242 976 629 Mill head grade (ounce per ton) 0.51 0.59 0.54 0.65 Sub-grade tons milled (000) 32 30 56 73 Sub-grade mill head grade (ounce per ton) 0.11 0.21 0.15 0.21 Total tons milled (000) 335 272 1,032 702 Combined mill head grade (ounce per ton) 0.47 0.55 0.51 0.60 Total mill recovery (%) 89 91 89 90 Stillwater Mine: Ounces produced (000) Palladium 80 96 293 285 Platinum 24 27 87 85 Total 104 123 380 370 Tons mined (000) 198 201 694 581 Tons milled (000) 197 201 693 588 Mill head grade (ounce per ton) 0.58 0.65 0.60 0.68 Sub-grade tons milled (000) 30 30 51 73 Sub-grade mill head grade (ounce per ton) 0.10 0.21 0.15 0.21 Total tons milled (000) 227 231 744 661 Combined mill head grade (ounce per ton) 0.51 0.59 0.57 0.62 Total mill recovery (%) 90 91 90 90 East Boulder Mine: (1) Ounces produced (000) Palladium 27 7 70 7 Platinum 8 2 20 2 Total 35 9 90 9 Tons mined (000) 98 -- 274 -- Tons milled (000) 106 41 283 41 Mill head grade (ounce per ton) 0.39 0.28 0.37 0.28 Sub-grade tons milled (000) 2 -- 5 -- Sub-grade mill head grade (ounce per ton) 0.32 -- 0.20 -- Total tons milled (000) 108 41 288 41 Combined mill head grade (ounce per ton) 0.38 0.28 0.36 0.28 Total mill recovery (%) 86 83 87 83 (1) The development ounces recovered and tons milled at the East Boulder Mine in 2001 were generated from construction and development activities. Proceeds of $2.4 million generated from the ounces during 2001 were credited to capitalized mine development in 2001. Stillwater Mining Company Key Factors continued (Unaudited) Three months ended Nine months ended September 30, September 30, 2002 2001 2002 2001 SALES AND PRICE DATA Ounces sold (000) Palladium 117 80 368 292 Platinum 31 26 110 84 Total 148 106 478 376 Average realized price per ounce (1) Palladium $431 $513 $443 $610 Platinum 517 474 506 516 Combined 449 504 457 589 Average market price per ounce (1) Palladium $325 $475 $355 $687 Platinum 542 481 523 559 Combined 376 477 394 657 COST DATA Consolidated: PER TON MILLED (2) Cash operating costs $112 $128 $113 $126 Royalties and taxes 14 13 14 21 Total cash costs $126 $141 $127 $147 Depreciation and amortization 31 26 29 26 Total production costs $157 $167 $156 $173 PER OUNCE PRODUCED (2) Cash operating costs $270 $239 $248 $225 Royalties and taxes 34 25 31 38 Total cash costs $304 $264 $279 $263 Depreciation and amortization 73 49 64 47 Total production costs $377 $313 $343 $310 Stillwater Mine: PER TON MILLED (2) Cash operating costs $111 $128 $115 $126 Royalties and taxes 15 13 14 21 Total cash costs $126 $141 $129 $147 Depreciation and amortization 30 26 28 26 Total production costs $156 $167 $157 $173 PER OUNCE PRODUCED (2) Cash operating costs $243 $239 $225 $225 Royalties and taxes 32 25 28 38 Total cash costs $275 $264 $253 $263 Depreciation and amortization 66 49 55 47 Total production costs $341 $313 $308 $310 East Boulder Mine: PER TON MILLED (3) Cash operating costs $114 $-- $108 $-- Royalties and taxes 14 -- 13 -- Total cash costs $128 $-- $121 $-- Depreciation and amortization 30 -- 31 -- Total production costs $158 $-- $152 $-- PER OUNCE PRODUCED (3) Cash operating costs $348 $-- $348 $-- Royalties and taxes 42 -- 41 -- Total cash costs $390 $-- $389 $-- Depreciation and amortization 94 -- 102 -- Total production costs $484 $-- $491 $-- (1) Stillwater Mining reports a combined average realized and market price of palladium and platinum at the same ratio as ounces are produced from the refinery. 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 ounces sold. The average market price represents the average London PM Fix for the actual months of the period. (2) Income taxes, corporate general and administrative expense and interest income and expense are not included in total cash costs or total production costs. (3) Income taxes, corporate general and administrative expense and interest income and expense are not included in total cash costs or total production costs. Stillwater Mining Company Consolidated Balance Sheet (Unaudited) (in thousands, except share and per share amounts) September 30, December 31, 2002 2001 ASSETS Current assets Cash and cash equivalents $42,223 $14,911 Inventories 46,498 42,944 Accounts receivable 23,531 21,773 Deferred income taxes 4,410 1,417 Other current assets 7,017 4,745 Total current assets 123,679 85,790 Property, plant and equipment, net 785,672 774,036 Other noncurrent assets 6,477 8,395 Total assets $915,828 $868,221 LIABILITIES and SHAREHOLDERS' EQUITY Current liabilities Accounts payable $13,889 $21,539 Accrued payroll and benefits 9,306 10,630 Property, production and franchise taxes payable 9,859 7,768 Current portion of long-term debt and capital lease Obligations 18,247 9,008 Accrued restructuring costs 2,066 10,974 Other current liabilities 8,471 3,588 Total current liabilities 61,838 63,507 Long-term debt and capital lease obligations 204,055 246,803 Deferred income taxes 79,358 71,887 Other noncurrent liabilities 10,584 10,901 Total liabilities 355,835 393,098 Shareholders' equity Preferred stock, $0.01 par value, 1,000,000 shares authorized; none issued -- -- Common stock, $0.01 par value, 100,000,000 shares authorized; 43,453,551 and 38,771,377 shares issued and outstanding 435 388 Paid-in capital 350,867 291,182 Retained earnings 210,104 177,820 Accumulated other comprehensive income (359) 5,733 Unearned compensation -- restricted stock awards (1,054) -- Total shareholders' equity 559,993 475,123 Total liabilities and shareholders' equity $915,828 $868,221 Stillwater Mining Company Consolidated Statement of Operations (Unaudited) (in thousands, except per share amounts) Three months ended Nine months ended September 30, September 30, 2002 2001 2002 2001 Revenues $65,970 $52,893 $216,954 $218,061 Costs and expenses Cost of metals sold 42,364 26,978 130,028 100,816 Depreciation and amortization 10,078 5,950 29,654 17,171 Total cost of sales 52,442 32,928 159,682 117,987 General and administrative expenses 3,853 5,450 10,578 15,905 Restructuring costs, net -- -- (5,938) -- Legal settlement -- 1,684 -- 1,684 Total costs and expenses 56,295 40,062 164,322 135,576 Operating income 9,675 12,831 52,632 82,485 Other income (expense) Interest income 263 473 744 1,719 Interest expense, net of capitalized interest of $0, $4,485, $0 and $13,433 (4,050) -- (12,578) -- Income before income taxes 5,888 13,304 40,798 84,204 Income tax provision (1,229) (3,044) (8,514) (23,250) Net income $4,659 $10,260 $32,284 $60,954 Other comprehensive income (loss), net of tax (2,215) 4,031 (6,092) 15,805 Comprehensive income $2,444 $14,291 $26,192 $76,759 Earnings per share Basic 0.11 0.26 0.76 1.57 Diluted 0.11 0.26 0.75 1.55 Weighted average common shares outstanding Basic 43,306 38,744 42,712 38,708 Diluted 43,365 39,173 42,851 39,294 Stillwater Mining Company
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P:34 V: D:20161001 13:51:38