-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, B4CwqZDbLa6mL1gq8K4YPmy4LW6KYdLUTvU9YoJL5v80s/qpiUyeEv3rSdpVoqL3 92W4oE8siSPozdWSwEuw+Q== 0000950134-96-005962.txt : 19961113 0000950134-96-005962.hdr.sgml : 19961113 ACCESSION NUMBER: 0000950134-96-005962 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961112 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: SUNSHINE MINING & REFINING CO CENTRAL INDEX KEY: 0000833376 STANDARD INDUSTRIAL CLASSIFICATION: PRIMARY SMELTING & REFINING OF NONFERROUS METALS [3330] IRS NUMBER: 752231378 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-10012 FILM NUMBER: 96658918 BUSINESS ADDRESS: STREET 1: 877 WEST MAIN STREET STREET 2: SUITE 600 CITY: BOISES STATE: ID ZIP: 83702 BUSINESS PHONE: 2083450660 MAIL ADDRESS: STREET 1: 877 W MAIN STREET SUITE 600 CITY: BOISE STATE: ID ZIP: 83702 FORMER COMPANY: FORMER CONFORMED NAME: SUNSHINE MINING CO /DE DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: SUNSHINE HOLDINGS INC DATE OF NAME CHANGE: 19880915 10-Q 1 FORM 10-Q FOR QUARTER ENDED SEPTEMBER 30, 1996 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Quarterly Period Ended September 30, 1996 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Transition Period From to ------------------ ------------------- Commission File Number 1-10012 SUNSHINE MINING AND REFINING COMPANY - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) DELAWARE 75-2618333 - -------------------------------------------------------------------------------- (State or other jurisdiction of (I.R.S.Employer incorporation or organization) Identification No.) 877 W. Main, Suite 600, Boise, Idaho 83702 - -------------------------------------------------------------------------------- (Address of principal executive offices) Registrant's telephone number including area code (208) 345-0660 - -------------------------------------------------------------------------------- Former name, former address and former fiscal year, if changed since last report Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No ----- ----- Number of Shares Outstanding Title of Each Class of Common Stock at November 7, 1996 - ------------------------------------ ------------------- Common Stock, $.01 par value 238,108,398 Page 1 of 10 2 SUNSHINE MINING AND REFINING COMPANY CONSOLIDATED BALANCE SHEETS SEPTEMBER 30, 1996 and DECEMBER 31, 1995 (In Thousands)
ASSETS September 30 December 31 1996 1995 ------------ ------------ Current assets: Cash and cash equivalents $ 23,303 $ 12,837 Silver bullion 8,127 8,976 Accounts receivable 1,560 1,583 Inventories (Note 2) 1,900 1,477 Marketable securities 7 13 Other current assets 1,342 1,592 ------------ ------------ Total current assets 36,239 26,478 Property, plant and equipment, at cost 141,006 140,886 Less accumulated depreciation, depletion and amortization (70,886) (69,967) ------------ ------------ 70,120 70,919 Other noncurrent assets and deferred charges 5,560 3,737 ------------ ------------ Total assets $ 111,919 $ 101,134 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 827 $ 687 Accrued expenses 3,763 2,241 ------------ ------------ Total current liabilities 4,590 2,928 Long-term debt 31,515 1,519 Accrued pension and other postretirement benefits 6,152 6,387 Other long-term liabilities and deferred credits 5,083 5,218 Stockholders' equity: Cumulative redeemable preferred stock-- aggregate redemption value: December 31, 1995 - $128,203 - 82,268 Common stock--$.01 par value; 400,000 shares authorized; shares issued: September 30, 1996 - 242,793 December 31, 1995 - 196,760 2,428 1,968 Paid-in capital 704,511 623,337 Deficit (641,098) (622,454) ------------ ------------ 65,841 85,119 Less treasury stock, at cost: September 30, 1996 - 4,685 shares December 31, 1995 - 3,664 shares 1,262 37 ------------ ------------ 64,579 85,082 ------------ ------------ Total liabilities and stockholders' equity $ 111,919 $ 101,134 ============ ============
See accompanying notes. -2- 3 SUNSHINE MINING AND REFINING COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE NINE MONTHS ENDED September 30, 1996 and 1995 (In Thousands, Except Per Share Amounts) (Unaudited)
QUARTER NINE MONTHS -------------------------- --------------------------- 1996 1995 1996 1995 ----------- ----------- ----------- ---------- Operating revenues $ 3,974 $ 4,419 $ 11,327 $ 12,167 Mark to market gain (loss) (296) 730 (900) 1,011 ----------- ----------- ----------- ---------- 3,678 5,149 10,427 13,178 ----------- ----------- ----------- ---------- Costs and expenses: Cost of sales 5,183 4,233 13,389 14,203 Depreciation, depletion and amortization 1,057 1,047 3,078 2,724 Exploration 2,628 1,702 7,102 4,045 Selling, general and administrative expense 1,316 1,386 3,935 4,263 ----------- ----------- ----------- ---------- 10,184 8,368 27,504 25,235 ----------- ----------- ----------- ---------- Operating loss (6,506) (3,219) (17,077) (12,057) Other income (expense): Interest income 319 291 930 1,024 Interest expense (1,014) (232) (2,300) (575) Other, net 210 260 293 502 ----------- ----------- ----------- ---------- (485) 319 (1,077) 951 ----------- ----------- ----------- ---------- Net loss (6,991) (2,900) (18,154) (11,106) Retirement of preferred stock - - 40,124 - Preferred stock dividend requirements - (2,500) (2,622) (7,617) ----------- ----------- ----------- ---------- Income (loss) applicable to common shares $ (6,991) $ (5,400) $ 19,348 $ (18,723) =========== =========== =========== ========== Income (loss) per common share $ (0.03) $ (0.03) $ 0.090 $ (0.10) =========== =========== =========== ========== Average common shares outstanding 238,086 193,059 214,366 193,031 =========== =========== =========== ==========
See accompanying notes. -3- 4 SUNSHINE MINING AND REFINING COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED September 30, 1996 and 1995 (In Thousands) (Unaudited)
1996 1995 ---------- ----------- Cash used by operating activities: Net loss $ (18,154) $ (11,106) Adjustments to reconcile loss from operations to net cash used by operations: Depreciation, depletion and amortization 3,078 2,724 Exploration expenditures 7,102 4,045 Amortization of debt issuance costs 398 - Realized and unrealized gains on marketable equity securities (60) (134) Net (increase) decrease in: Silver bullion 849 (579) Accounts receivable 23 (1,597) Inventories (423) 1,453 Other assets and deferred charges (539) 148 Net increase (decrease) in: Accounts payable and accrued expenses 1,093 40 Accrued pension and other postretirement benefits (235) (250) Other liabilities and deferred credits (1,451) 4 ---------- ----------- Net cash used by operations (8,319) (5,252) ---------- ----------- Cash provided (used) by investing activities: Additions to property, plant and equipment and exploration expenditures (9,381) (4,249) Proceeds from investments 1,493 1,770 ---------- ----------- Net cash used by investing activities (7,888) (2,479) ---------- ----------- Cash provided by financing activities: Costs associated with conversion of preferred stock into common stock (865) - Proceeds from issuance of common stock upon exercise of stock options and warrants 1 143 Proceeds from issuance of long term debt 30,000 - Debt issuance costs (2,463) - ---------- ----------- Net cash provided by financing activities 26,673 143 ---------- ----------- Increase (decrease) in cash and cash investments 10,466 (7,588) Cash and cash investments, January 1 12,837 26,581 ---------- ----------- Cash and cash investments, September 30 $ 23,303 $ 18,993 ========== =========== Supplemental cash flow information - Interest paid in cash $ 1,583 $ 146 ========== ===========
See accompanying notes. -4- 5 SUNSHINE MINING AND REFINING COMPANY NOTES TO CONDENSED FINANCIAL STATEMENTS September 30, 1996 1. BASIS OF PRESENTATION The accompanying unaudited consolidated condensed financial statements of Sunshine Mining and Refining Company ("Sunshine" or the "Company") have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Certain previously reported amounts have been reclassified to conform to the September 1996 presentation. Operating results for the nine month period ended September 30, 1996 are not necessarily indicative of the results that may be expected for the year ended December 31, 1996. For further information, refer to the consolidated financial statements and footnotes thereto included in Sunshine's report on Form 10-K for the year ended December 31, 1995. 2. INVENTORIES The components of inventory consist of the following:
September 30 December 31 1996 1995 Metals inventories: Work in process $ 599 $ 512 Finished goods 371 264 Materials and supplies inventories 930 701 -------- -------- $ 1,900 $ 1,477 ======== ========
3. LONG-TERM DEBT During the first nine months, the Company, through its subsidiary SPMI, issued $30 million in 8% Senior Exchangeable Notes to non-U.S. persons pursuant to Regulation S promulgated under the Securities Act of 1933, as amended. See "Management's Discussion and Analysis of Financial Condition." 4. SIGNIFICANT ACCOUNTING POLICIES The Company adopted the Financial Accounting Standards Board ("FASB") Statement No. 121, "Accounting for the Impairment of Long-Lived Assets and Long-Lived Assets to be Disposed of ("FAS 121")," in the first quarter of 1996. The adoption of FAS 121 had no impact on the Company's financial condition as the Company's methodology for evaluating its mining properties for impairment is consistent with FAS 121. FASB Statement No. 123, "Accounting for Stock Based Compensation ("FAS 123")" establishes an alternative method of accounting for stock based compensation to the method set forth in Accounting Principles Board Opinion No. 25 ("APB 25"). The Company will continue to account for stock option grants under the provisions of APB 25 and has adopted the disclosure provisions of FAS 123. Accordingly, the adoption of FAS 123 in 1996 had no effect on the Company's financial statements. 5. PREFERRED STOCK On May 22, 1996, the Company's Common and Preferred stockholders approved the merger of Sunshine with and into its wholly-owned subsidiary, Sunshine Merger Company, pursuant to which Sunshine Merger Company (which was renamed Sunshine Mining and Refining Company) was the surviving entity. The merger resulted in the retirement of all of Sunshine's outstanding $11.94 (Stated Value) Cumulative Redeemable Preferred Stock (the "Preferred Stock") in exchange for approximately 46 million shares of Common Stock and 5 6 approximately 8 million Warrants to purchase one share of Common Stock at $1.92, and the recognition of a $40.1 million gain applicable to Common shares. See "Management's Discussion and Analysis of Financial Condition." 6. EARNINGS (LOSS) PER COMMON SHARE Earnings (loss) per common share is computed by dividing the earnings (loss) applicable to common stockholders by the weighted average number of common shares and common share equivalents, represented by options and warrants, if such common share equivalents have a dilutive effect. Fully diluted earnings (loss) per common share computations also assume conversion of outstanding Convertible Subordinated Reset Debentures and 8% Senior Exchangeable Notes, if such conversion has a dilutive effect. For the periods presented, the common share equivalents and the assumed conversions of debt did not have a dilutive effect on the earnings (loss) per share calculations. Accordingly, the loss per share calculations for all periods are based on the weighted average number of common shares outstanding during each period. SUNSHINE MINING AND REFINING COMPANY Management's Discussion and Analysis of Financial Condition and Results of Operations for the Nine Months Ended September 30, 1996 and 1995 LIQUIDITY AND CAPITAL RESOURCES The Company, through Sunshine Precious Metals, Inc. ("SPMI"), its wholly-owned subsidiary, concluded an offering (the "Notes Offering") in March, 1996, conducted in Europe only to non-U.S. persons pursuant to Regulation S promulgated under the Securities Act of 1933, as amended. SPMI issued $30 million aggregate principal amount of Senior Exchangeable Notes due 2000 (the "Notes") pursuant to the Notes Offering. The net proceeds from the Notes Offering (approximately $27 million) will be used to fund development and exploration opportunities of the Company, and for working capital requirements of the Company. The Company's working capital totaled $31.6 million at September 30, 1996, which will be adequate to fund the Company's anticipated cash requirements for several years pending the Pirquitas development evaluation which is being done now. Pirquitas is expected to be a large, low-cost silver/tin producer. The Company has steadily increased its rate of exploration expenditures at Pirquitas over the course of 1996. The Company hopes to complete a feasibility study regarding development of the property by June of 1997. Capital requirements for development of the property may be $100 to $150 million. Set forth below are certain terms and provisions of the Notes and the Notes Offering. The Notes bear interest at 8% per annum and will mature four years after their issuance (March 21, 2000). The Notes are exchangeable into a specified number of shares of Common Stock of the Company at an exchange price of $1.4375 per share, subject to reset and adjustment in certain events. At any time after one year from the date of issuance and prior to maturity, SPMI may force the exchange of the Notes, in whole or in part, subject to certain restrictions. SPMI may redeem the Notes at any time at the principal amount if United States withholding taxes are imposed on payments in respect of the Notes. The Notes will be guaranteed by Sunshine (and any successors thereof) and the guarantee will rank senior to all of its unsecured and subordinated obligations, including the currently outstanding Convertible Subordinated Reset Debentures due July 15, 2008. Historical Losses As the price of silver since 1985 has been only slightly in excess of, or less than, the Company's cash cost to produce an ounce of silver, the Company's operations have not been able to generate cash flow sufficient to cover its costs of exploration, research, general and administrative expenses, and interest, as well as non-cash charges such as depreciation, depletion, and amortization. Until such time as the price of silver increases significantly or higher production is achieved at a lower cost, the Company will continue to generate a negative cash flow from operations. Exploration and Development Activities The Company anticipates capital expenditures in 1996 at the Sunshine Mine to be approximately $2.3 million, including $1.9 million expended in the first nine months. In addition, the Company currently projects exploration expenditures for the year will total approximately $10 million at the Sunshine Mine, the 6 7 Pirquitas property in Argentina, and other projects. Exploration expenditures for the first nine months of 1996 totaled approximately $7.1 million. The Company has steadily increased its level of exploration expenditures in recent years as it has identified and acquired a growing list of prospects that it felt had the potential to add significantly to operating income, cash flow, and mineral resources and reserves. The acquisition and successful development of such prospects is central to the Company's plan to return to profitability. Preferred Stock Retirement Effective May 22, 1996, Common and Preferred stockholders of Sunshine approved the merger (the "Merger") of Sunshine with and into its wholly-owned subsidiary, Sunshine Merger Company, pursuant to which Sunshine Merger Company was the surviving entity and was renamed Sunshine Mining and Refining Company, resulting in the retirement of all of Sunshine's outstanding Preferred Stock in exchange for approximately 46 million shares of Common Stock and 8 million Warrants to purchase one share of Common Stock at $1.92. As a result, the Company recognized a $40.1 million gain applicable to Common Shares representing the excess of the aggregate redemption value of the Preferred Stock (including cumulative dividends in arrears of $44.8 million) over the sum of the value of securities issued and related transaction costs. Terms of the Merger include a formula whereby, if the average closing price of the Common Stock as reported on the New York Stock Exchange Composite Transactions for the first 120 NYSE trading days after May 22, 1996 (through November 11, 1996) is less than $1.75, up to a maximum of 17.2 million additional shares of Common Stock may be issued and the exercise price of the Warrants would be reduced to 110% of such average closing price. Based on the average closing price to date, the Company will issue approximately 17 million additional shares in the fourth quarter. Operating, Investing, and Financing Activities Cash used in operating activities in the first nine months of 1996 was $8.3 million compared to $5.3 million in the first nine months of 1995. Cash operating losses increased in the first nine months of 1996 by $3.1 million, primarily due to an increase of $1.8 million in net interest expense and $900 thousand mark to market loss in the 1996 period compared to a $1 million gain in the 1995 period, partially offset by changes in working capital components. Approximately $7.9 million of cash was used by investing activities in the first nine months of 1996 compared to $2.5 million in the 1995 period. The $5.4 million increase was primarily due to increased exploration expenditures of $3.1 million and a $2.1 million increase in additions to property, plant and equipment. Proceeds from the sale of certain marketable securities for the 1996 and 1995 periods were $1.5 million and $1.8 million, respectively. Cash provided by financing activities was $26.7 million in the first nine months of 1996 including $27.5 million from the Company's Notes Offering, partially offset by the costs associated with the Merger. Cash provided by financing activities in the first nine months of 1995 was $0.1 million. RESULTS OF OPERATIONS THE THREE MONTHS ENDED SEPTEMBER 30, 1996 COMPARED TO THE THREE MONTHS ENDED SEPTEMBER 30, 1995 Consolidated operating revenues decreased $486 thousand (11%) for the third quarter of 1996 compared to the third quarter of 1995 primarily due to a decline in average silver prices received from $5.35 in 1995 to $5.05 in 1996 and a decline in sales volumes of 81 thousand ounces of silver partially offset by an increase in by-product sales revenue. The decreased sales resulted from a 34 thousand ounce (6%) decrease in production in the 1996 quarter and additional sales in the 1995 quarter due to a drawdown in work-in-process inventories. The decrease in production was primarily due to a rockburst in the mine which delayed approximately 70 thousand ounces of production. The 1995 drawdown resulted from the suspension of operations of the Company's silver refinery during the first 7 8 quarter of 1995, which resulted in shorter processing time before sales recognition of silver and copper concentrates to a third party smelter. Mark to market loss on investment bullion and work in process inventories was $296 thousand as a result of silver prices declining from $4.98 at June 30, 1996 to $4.83 at September 30, 1996 compared to a $730 thousand gain in the 1995 quarter resulting from an increase in silver prices from $5.01 to $5.44 for the corresponding 1995 dates. Cost of sales increased $951 thousand (22.5%) (from $4.2 million in the third quarter of 1995 to $5.2 million in the third quarter of 1996) due primarily to increased development costs and associated waste haulage. Development work was devoted to ramping in the West Chance area of the Sunshine Mine from which no production benefit has yet been received. Such ramping will provide access to the West Chance area for the Company's newly acquired rubber-tired loaders, which is the basis for the Company's plan to return the Mine to full production by year end. Silver production totaled 537 thousand ounces produced from 23,565 tons at 23.64 ounces per ton in 1996 versus 563 thousand ounces from 29,056 tons at 20.27 ounces per ton in 1995. Exploration expense increased $926 thousand (54%) for the third quarter of 1996 compared to the same period in 1995 as a result of the Company's increased exploration program, particularly at Pirquitas. (See "Liquidity and Capital Resources - Exploration and Development Activities.") Interest expense increased $782 thousand due to the Notes Offering completed in March, 1996. (See "Liquidity and Capital Resources.") THE NINE MONTHS ENDED SEPTEMBER 30, 1996 COMPARED TO THE NINE MONTHS ENDED SEPTEMBER 30, 1995 Consolidated operating revenues decreased approximately $840 thousand (6.9%) for the first nine months of 1996 compared to the first nine months of 1995 primarily due to a reduction in sales volume (1.8 million ounces of silver in the first nine months of 1996 compared to 2.0 million ounces of silver in the same period of 1995). The reduction in sales volumes was due to a drawdown in work-in-process inventories in the first nine months of 1995 resulting from the suspension of operations of the Company's silver refinery during the 1995 period, which resulted in shorter processing time before sales recognition of silver and copper concentrates to a third party smelter. This drawdown was partially offset by increased sales volumes resulting from a 413,000 ounce (31%) increase in production in 1996 compared to 1995. The 1996 period reflects a $900 thousand mark to market loss due to a decline in silver prices at September 30 compared to the end of 1995. During the first nine months of 1995, silver prices increased resulting in a $1 million gain for the period. Cost of sales decreased $814 thousand (6%) (from $14.2 million in the first nine months of 1995 to $13.4 million in the first nine months of 1996) due to the drawdown in inventories in 1995, as discussed above. Increased development costs were offset by lower unit production costs. Unit production costs decreased primarily due to the 31% increase in silver production and a 27% increase in average grades from 1995 to 1996 (1.7 million ounces produced from 81,882 tons at 22.09 ounces per ton in 1996 versus 1.3 million ounces from 79,025 tons at 17.46 ounces per ton in 1995). The $1.3 million increase in development costs was devoted to ramping and associated waste haulage which will provide stoping access to the West Chance vein in the Sunshine Mine. (See Three Months discussion above.) Exploration expense increased $3.1 million (76%) for the first nine months of 1996 compared to the same period in 1995 as a result of the Company's increased exploration program, primarily at Pirquitas. (See "Liquidity and Capital Resources - Exploration and Development Activities.") Depreciation, depletion and amortization increased by approximately $355 thousand as a result of increased production figures in the 1996 period. Interest expense increased $1.7 million due to the Notes Offering completed in March, 1996. (See "Liquidity and Capital Resources.") Other, net decreased $209 thousand due to a decrease in gains from the sale of investments. 8 9 SUNSHINE MINING AND REFINING COMPANY PART II - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS On September 5, 1996, the United States District Court for the District of Idaho granted the motion of the Coeur d'Alene Tribe of Idaho (the "Tribe") to reopen the Tribe's lawsuit alleging natural resource damage claims against Sunshine and other defendants, and to consolidate the discovery and motions practice of the Tribe's lawsuit with the United States government's natural resource damage claims currently pending against Sunshine and other defendants in that court. The Tribe's lawsuit against Sunshine and the other defendants had been administratively terminated by the United States District Court for the District of Idaho in 1992. ITEM 2. CHANGES IN SECURITIES NONE ITEM 3. DEFAULTS UPON SENIOR SECURITIES None ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS On July 30, 1996 at Sunshine's Annual Meeting of Stockholders, for which proxies were solicited pursuant to Regulation 14A, holders of common stock voted on the following matters: 1. The following nominees for director were elected by the vote indicated:
Broker Name For Withheld Non-votes ---- --- -------- --------- G. Chris Andersen 160,468,338 4,054,869 0 V. Dale Babbitt 160,452,814 4,070,393 0 George M. Elvin 160,609,057 3,914,150 0 Daniel D. Jackson 160,428,464 4,094,743 0 Oren G. Shaffer 160,564,558 3,958,649 0 Robert B. Smith, Jr. 160,535,615 3,987,592 0 John S. Simko 160,514,251 4,008,956 0
2. The proposal to adopt the 1995 Employee Nonqualified Stock Option Plan of the Company was approved by the following vote: For: 147,154,005 Against: 12,070,428 Abstain: 5,298,774 Broker Non-Votes 0
ITEM 5. OTHER INFORMATION None ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits 27 Financial Data Schedule (b) Reports on Form 8-K None 9 10 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereto duly authorized. SUNSHINE MINING AND REFINING COMPANY Dated: November 11, 1996 By: /s/ William W. Davis --------------------- William W. Davis Executive Vice President and Chief Financial Officer 10 11 INDEX TO EXHIBITS
EXHIBIT NUMBER DESCRIPTION - ------- ----------- 27 - Financial Data Schedule
EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED BALANCE SHEET AT SEPTEMBER 30, 1996 (UNAUDITED) AND THE CONSOLIDATED STATEMENT OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 (UNAUDITED) AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS 0000833376 SUNSHINE MINING AND REFINING COMPANY 1,000 9-MOS DEC-31-1996 JAN-01-1996 SEP-30-1996 23,303 7 1,560 0 1,900 36,239 141,006 70,886 111,919 4,590 31,515 0 0 2,428 62,151 111,919 11,327 10,427 13,389 16,467 7,102 0 2,300 (18,154) 0 (18,154) 0 0 0 19,348 .09 .09
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