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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
(AMENDMENT NO. 1)
Pursuant to Section 13 or 15(d) of the Securities Act of 1934
Date of Report (Date of earliest event reported): March 27, 1998
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UNITED PARK CITY MINES COMPANY
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(Exact name of registrant as specified in its charter)
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Delaware 1-3753 87-0219807
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(State or other jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
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P. O. Box 1450, Park City, Utah 84060
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(Address of principal executive offices) (Zip Code)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (435) 649-8011
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(Former name or former address, if changed since last report.)
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United Park City Mines Company
Form 8-K/A
(Amendment No. 1)
March 27, 1998
Page 2
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Financial Statements of Businesses Acquired.
Under the date of February 19, 1998, United Park City Mines Company
("hereinafter the "Company") filed a Form 8-K reporting thereon the acquisition
of assets of New Quincy Mining Company ("New Quincy") and Lucky Bill Mining
Company ("Lucky Bill") and, under Item 7 (a) Financial Statements of Businesses
Acquired of said Form 8-K, the Company reported that it was impracticable to
provide the required financial statements for New Quincy and Lucky Bill at the
time the Form 8-K was filed for the reason that those companies had conducted no
active business operations for at least the past ten (10) years, and it had been
many years since either of those companies had its financial statements audited.
The Company further reported in said Form 8-K that, when completed by Coopers &
Lybrand L.L.P., an audit of the schedule of revenues and expenses of New Quincy
for the year ended December 31, 1997 would be filed not later than sixty (60)
days after the filing of the original Form 8-K.
The above stated audit has now been completed by Coopers & Lybrand L.L.P.
and the Company hereby timely submits the required financial statement pursuant
to Item 7 (a) Financial Statements of Businesses Acquired as follows:
Report of Independent Accountants
To the Board of Directors and Stockholders
of United Park City Mines Company:
We have audited the accompanying statement of revenues and expenses of New
Quincy Mining Company for the year ended December 31, 1997. This financial
statement is the responsibility of the Company's officers. Our responsibility
is to express an opinion on this financial statement based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statement is free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statement referred to above presents fairly, in
all material respects, the revenues and expenses of New Quincy Mining Company
for the year ended December 31, 1997.
s/ Coopers & Lybrand L.L.P.
Salt Lake City, Utah
March 13, 1998
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United Park City Mines Company
Form 8-K/A
(Amendment No. 1)
March 27, 1998
Page 3
NEW QUINCY MINING COMPANY
Statement of Revenues and Expenses
for the year ended December 31, 1997
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1997
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Revenues:
Lease $ 7,500
Other 1,092
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8,592
Expenses:
Legal fees 18,736
Property taxes 1,711
Miscellaneous 407
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20,854
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Excess expenses over revenues $(12,262)
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NOTE TO STATEMENT OF REVENUES AND EXPENSES
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1. Significant Accounting Policies:
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Nature of Business
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New Quincy Mining Company owns 135 acres of land near Park City, Utah most of
which is leased to Deer Valley Ski Resort for $7,500 per year under an
operating lease with no expiration date.
Basis of Accounting
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New Quincy Mining Company's policy is to prepare its financial statement on
the accrual basis; therefore, revenues are recognized when earned and
expenses are recognized when the obligation is incurred. Accordingly, the
financial statement is intended to present the results of operations in
conformity with generally accepted accounting principles.
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United Park City Mines Company
Form 8-K/A
(Amendment No. 1)
March 27, 1998
Page 4
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 hereunto duly authorized.
UNITED PARK CITY MINES COMPANY
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(Registrant)
Date: March 27, 1998 /s/ Edwin L. Osika, Jr.
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Edwin L. Osika, Jr., Executive Vice President
(Chief Financial Officer and Duly Authorized Officer)
