SECURITIES AND EXCHANGE COMMISSION
Washington, D. C.
_________________
FORM 10-Q
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1994
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: 1-8641
COEUR D'ALENE MINES CORPORATION
(Exact name of registrant as specified on its charter)
IDAHO 82-0109423
(State or other jurisdiction of (I.R.S. Employer Ident. No.)
incorporation or organization)
P. O. Box I, Coeur d'Alene, Idaho 83816
(Address of principal executive (Zip Code)
offices)
Registrant's telephone number, including area code: (208) 667-3511
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
_________________________
APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares
outstanding of each of Issuer's classes of common stock, as of the latest
practicable date: Common stock, par value $1.00, of which 15,354,627
shares were issued and outstanding as of May 10, 1994.
<PAGE>
COEUR D'ALENE MINES CORPORATION
INDEX
Page No.
PART I. Financial Information:
Item 1. Financial Statements
Consolidated Balance Sheets -- 3-4
March 31, 1994 and December 31, 1993
Consolidated Statements of Operations -- 5-6
Three Months Ended March 31, 1994 and 1993
Consolidated Statements of Cash Flows -- 7-8
Three Months Ended March 31, 1994 and 1993
Notes to Consolidated Financial Statements 9-11
Item 2. Management's Discussion and Analysis of 12-15
Financial Condition and Results of Operations
PART II. Other Information. 15
Item 6. Exhibits and Reports on Form 8-K 15
SIGNATURES
<PAGE>
<TABLE>
UNAUDITED
COEUR D'ALENE MINES CORPORATION
(An Idaho Corporation)
Coeur d'Alene, Idaho
CONSOLIDATED BALANCE SHEETS
<CAPTION>
ASSETS March 31, December 31,
1994 1993
<S> <C> <C>
CURRENT ASSETS
Cash and cash equivalents $ 27,076,924 $ 14,678,097
Short term investments 147,384,045 70,221,106
Receivables 7,745,035 7,757,910
Refundable income taxes 2,180,891 1,924,065
Inventories 33,839,026 34,670,469
Total Current Assets 218,225,921 129,251,647
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment 82,715,422 81,007,505
Less accumulated depreciation 37,098,626 35,310,111
45,616,796 45,697,394
MINING PROPERTIES
Operational mining properties 91,370,967 90,120,998
Less accumulated depletion 34,540,473 33,125,461
56,830,494 56,995,537
Developmental properties 86,158,053 83,536,738
142,988,547 140,532,275
OTHER ASSETS
Funds held in escrow 2,270,695 2,270,695
Notes receivable 210,874 355,069
Debt issuance costs, net of
accumulated amortization 8,780,723 4,708,372
Marketable equity securities 2,664,341 2,422,416
Other 1,631,347 470,469
15,557,980 10,227,021
$422,389,244 $325,708,337
</TABLE>
<PAGE>
<TABLE>
<PAGE>
UNAUDITED
COEUR D'ALENE MINES CORPORATION
(An Idaho Corporation)
Coeur d'Alene, Idaho
CONSOLIDATED BALANCE SHEETS
<CAPTION>
LIABILITIES AND STOCKHOLDERS' EQUITY MARCH 31, DECEMBER 31,
1994 1993
<S> <C> <C>
CURRENT LIABILITIES
Accounts payable $ 1,372,278 $ 1,946,273
Accrued liabilities 3,571,455 5,265,232
Cash dividends payable 2,303,194
Accrued interest payable 5,213,960 2,008,851
Accrued salaries and wages 3,470,327 2,898,486
Accrued litigation settlement 5,875,000 5,875,000
Accrued environmental settlement 1,230,000 1,230,000
Reserve for mine closure 407,916 494,800
Current portion of obligations under
capital leases 1,934,148 1,899,771
Total Current Liabilities 25,378,278 21,618,413
OTHER LIABILITIES
6% Subordinated Convertible Debentures 50,000,000 50,000,000
7% Subordinated Convertible Debentures 75,000,000 75,000,000
6 3/8% Subordinated Convertible Debentures 100,000,000
Obligations under capital leases 3,737,292 4,233,913
Other long-term liabilities 4,410,189 2,325,764
Deferred income taxes 1,552,438 1,681,542
Total Long-Term Liabilities 234,699,919 133,241,219
STOCKHOLDERS' EQUITY
Preferred Stock, $1.00 par value per
share authorized 10,000,000 shares,
none outstanding
Common Stock, $1.00 par value per share--
authorized 60,000,000 shares, issued
16,413,080 and 16,394,302 shares
(including 1,058,453 shares held
as treasury stock) 16,413,080 16,394,302
Capital surplus 179,101,154 181,038,631
Accumulated deficit (15,698,241) (13,100,942)
Repurchased and Nonvested Shares (13,448,422) (13,483,286)
Unrealized gains (losses) on
investment securities (4,056,524)
162,311,047 170,848,705
$422,389,244 $325,708,337
<FN>
See notes to consolidated financial statements.<PAGE>
</TABLE>
<PAGE>
<TABLE>
UNAUDITED
COEUR D'ALENE MINES CORPORATION
(An Idaho Corporation)
Coeur d'Alene, Idaho
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended March 31, 1994 and 1993
<CAPTION>
1994 1993
<S> <C> <C>
INCOME
From mine operations:
Sale of concentrates and dore' $ 20,209,582 $ 9,660,518
Less cost of mine operations 17,530,160 9,154,466
Gross Profits 2,679,422 506,052
From manufacturing operations:
Sale of industrial products 2,685,916 2,320,344
Less cost of manufacturing 2,509,563 2,095,411
Gross Profits 176,353 224,933
OTHER INCOME
Interest and other 1,586,222 1,281,593
Total Income 4,441,997 2,012,578
EXPENSES
Administration 1,590,709 976,061
Accounting and legal 420,940 583,614
General corporate 1,367,106 940,942
Interest 2,504,582 1,485,947
Mining exploration 736,324 501,272
Idle facilities 412,344 642,339
Total Expenses 7,032,005 5,130,175
LOSS BEFORE INCOME TAXES AND
CUMULATIVE EFFECT OF A CHANGE
IN ACCOUNTING (2,590,008) (3,117,597)
Provision (benefit) for
income taxes 7,291 (1,136,914)
LOSS BEFORE CUMULATIVE EFFECT OF
A CHANGE IN ACCOUNTING (2,597,299) (1,980,683)
Cumulative effect of a change
in accounting method 5,181,188
NET INCOME (LOSS) $ (2,597,299) $ 3,200,505
</TABLE>
<PAGE>
<TABLE>
<PAGE>
UNAUDITED
COEUR D'ALENE MINES CORPORATION
(An Idaho Corporation)
Coeur d'Alene, Idaho
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended March 31, 1994 and 1993
<CAPTION>
1994 1993
<S> <C> <C>
EARNINGS PER SHARE DATA
Earnings per share data:
Weighted average number
of shares of Common Stock
and equivalents used in
calculation 15,338,770 15,317,568
Loss per share before cumulative
effect of change in accounting
method $ (.17) $ (.13)
Cumulative effect of a change in
accounting method $ .34
NET INCOME (LOSS) PER SHARE $ (.17) $ .21
Fully diluted earnings per share data:
Weighted average number of shares
assuming full dilution 21,929,686
Loss per share before cumulative
effect of change in
accounting method (.05)
Cumulative effect of a change
in accounting method .24
FULLY DILUTED NET INCOME PER SHARE $ .19
Cash dividends per share $ .15 $ .15
<FN>
See notes to consolidated financial statements. UNAUDITED
</TABLE>
<PAGE>
<TABLE>
UNAUDITED
COEUR D'ALENE MINES CORPORATION
(An Idaho Corporation)
Coeur d'Alene, Idaho
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three months ended March 31, 1994 and 1993
<CAPTION>
1994 1993
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) $(2,597,299) $ 3,200,505
Adjustments to reconcile net loss
to net cash provided by (used in)
operating activities:
Depreciation, depletion and
amortization 4,405,152 1,496,292
Cumulative adjustment FAS 109 (5,181,188)
Deferred income taxes (129,104) (1,169,676)
Loss on disposition of
fixed assets and securities 125,445 46,771
Change in operating assets and
liabilities:
Accounts receivable (269,624) (189,186)
Inventories 706,783 (1,349,509)
Accounts payable and
accrued liabilities 1,642,620 2,624,801
NET CASH PROVIDED BY (USED
IN) OPERATING ACTIVITIES $ 3,883,973 $ (521,190)
<PAGE>
</TABLE>
<PAGE>
<TABLE>
UNAUDITED
CONSOLIDATED STATEMENTS OF CASH FLOW
Three months ended March 31, 1994 and 1993
<CAPTION>
1994 1993
<S> <C> <C>
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant,
and equipment $ (970,987) $ (2,667,104)
Purchase of debt and equity securities (82,051,395) (56,030,047)
Proceeds from sales of debt and
equity securities 165,613
Proceeds from sale of assets 102,277 70,707
Expenditures on developmental properties (2,621,315) (2,185,752)
Expenditures on operational mining
properties (1,150,914)
Proceeds from (expenditures on)
other assets (220,955) 57,625
NET CASH USED IN
INVESTING ACTIVITIES (86,747,676) (60,754,571)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from offering of 6 3/8%
Convertible Subordinated Debentures
Due 2004 (net of offering costs) 95,724,774
Retirement of obligations under
capital leases (462,244) (432,922)
NET CASH PROVIDED BY (USED
IN) FINANCING ACTIVITIES 95,262,530 (432,922)
INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS 12,398,827 (61,708,683)
Cash and cash equivalents at beginning
of year 14,678,097 134,106,948
CASH AND CASH EQUIVALENTS AT
MARCH 31, 1994 AND 1993 $ 27,076,924 $ 72,398,265
<FN>
See notes to consolidated financial statements.<PAGE>
UNAUDITED
</TABLE>
<PAGE>
<TABLE>
UNAUDITED
Coeur d'Alene Mines Corporation
and Subsidiaries
Notes to Consolidated Financial Statements
<CAPTION>
NOTE A: Inventories are composed of the following:
MARCH 31, DECEMBER 31,
1994 1993
<S> <C> <C>
Mining:
Ore in process and on leach pads $27,364,516 $27,958,186
Dore' inventory 1,659,521 1,947,294
Supplies 3,074,739 3,356,544
32,098,776 33,262,024
Manufacturing:
Raw materials 1,052,747 755,206
Finished goods 687,503 653,239
$33,839,026 $34,670,469
<FN>
Inventories of ore on leach pads are valued based on actual costs
incurred to place such ore into production, less costs allocated to
minerals recovered through the leaching process. Dore' inventory
includes product at the mine site and product held by refineries.
</TABLE>
NOTE B:
Effective January 1, 1994, the Company changed its method of
accounting for debt and equity securities by adopting Statement of
Financial Accounting Standards (FAS) No. 115, "Accounting for Certain
Investments in Debt and Equity Securities". FAS No. 115 requires the use
of fair value accounting. The Company has classified its short term
investments and marketable securities as available for sale, according
to the provisions of the new pronouncement. Accordingly, unrealized
holding gains and losses on such securities is excluded from earnings and
reported as a separate component of shareholders' equity until realized.
NOTE C:
On April 30, 1993, the Company acquired for approximately $54
million in cash, Cyprus Gold New Zealand, Limited. The acquisition has
been accounted for as a purchase. The following consolidated results of
the Company's operations assume that the acquisition took place at the
beginning of the period presented.
<PAGE>
3 Months Ended
(In thousands except for March 31, 1993
per share amounts)
Revenues $17,312
Net loss before cumulative
effect of change in
accounting $(3,154)
Net income $ 2,027
Earnings per share data:
Loss per shareholder before
cumulative effect of
change in accounting $ (.21)
Net income per share $ .13
NOTE D:
During the first quarter, the Company effected an offering of $100
million ($96,750,000 net to the Company after underwriter discount) of
6 3/8% Convertible Subordinated Debentures Due 2004 which are convertible
into shares of Common Stock on or before January 31, 2004, unless
previously redeemed, at a conversion price of $26.20 per share. The
Company is required to make semi-annual interest payments. The
debentures are redeemable at the option of the Company on or after
January 31, 1997. The debentures have no other funding requirements
until maturity. The debentures mature January 31, 2004.
NOTE E:
Effective January 1, 1993, the Company changed its method of
accounting for income taxes by adopting Statement of Financial Accounting
Standards (FAS) 109, "Accounting for Income Taxes." FAS 109 requires an
asset and liability approach to accounting for income taxes and
establishes criteria for recognizing deferred tax assets. Accordingly,
the Company adjusted its existing deferred income tax assets and
liabilities to reflect current statutory income tax rates and previously
unrecognized tax benefits related to federal and certain state net
operating loss carryforwards. The Statement also contains new
requirements regarding balance sheet classification and prior business
combinations. Hence, the Company adjusted the carrying values of Coeur
Rochester, Inc. acquired in 1986 and CDE Chilean Mining Corp. acquired
in 1989 to reflect the gross purchase value previously reported net-of-
tax.
The cumulative effect of the accounting change on prior years at
January 1, 1993 is a non-recurring gain of $5,181,188, or $.34 per share,
is included in the accompanying Consolidated Statement of Operations for
the three months ended March 31, 1993. Other than the cumulative effect,
the accounting change had no material effect on the results for the three
months and six months ended June 30, 1993.
<PAGE>
The Company's first quarter tax expense results from state tax
liabilities due to operating losses incurred. There is no provision for
Federal income taxes in the first quarter of 1994.
NOTE F:
Certain reclassifications of prior year balances have been made to
conform to current year classifications.
NOTE G:
Other than as stated in the notes above, in the opinion of
management, the foregoing unaudited financial statements include all
adjustments, consisting of normal recurring accruals, necessary to a fair
presentation of the results of operations of the periods shown.
<PAGE>
<PAGE>
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
General
The results of the Company's operations are significantly affected
by the market prices of gold and silver which may fluctuate widely and
are affected by many factors beyond the Company's control, including
interest rates, expectations regarding inflation, currency values,
governmental decisions regarding the disposal of precious metal
stockpiles, global and regional political and economic conditions, and
other factors. The Company's Rochester Mine, which it wholly owns and
operates, and the Golden Cross Mine, in which the Company has an 80%
operating interest, currently are generating positive cash flow from
operations and are the Company's only mining properties currently in
operation. The Company plans to continue to operate those mines so long
as they continue to generate positive cash flow from operations.
The depressed level of silver prices led to the suspension of mining
activity at the Galena Mine in July 1992 (during which month the average
price of silver was $3.95 per ounce) and at the Coeur Mine in April 1991
(during which month the average price of silver was $3.97 per ounce).
Any resumption of mining at those mines, which the Company does not
believe will be considered unless the market price of silver exceeds
$6.00 per ounce, will require the affirmative decision of Asarco,
Incorporated, the operator of those mines, to recommence operations
there. The market price of silver (as reported by Handy and Harmon) on
May 11, 1994 was $5.435 per ounce.
The Company plans to continue its developmental activities at the
Kensington and Fachinal Properties. Although the Company believes
operation of the Fachinal Property is economically feasible at current
gold and silver prices, a decision to proceed will not be made until a
final feasibility study is completed (expected in late May or early June
1994) and such study demonstrates the project's economic viability. A
production decision relating to the Kensington Property is subject to the
approval by the Company and its joint venture partner, a market price of
gold of at least $400 per ounce and the receipt of certain required
permits. The market price of gold (London final) on May 11, 1994 was
$380.50 per ounce.
The Company plans, in connection with its evaluation of potential
acquisition candidates, to focus primarily upon mining properties and
businesses that are operational or expected to become operational in the
near future so that they can reasonably be expected to contribute to the
Company's near-term cash flow from operations.
The Company incurred net losses in each of the past five years and
the first quarter of 1994. The Company is unable to ascertain or
reasonably project whether and the extent to which its production of
precious metals and the market prices thereof will increase and,
therefore, whether or when profitable operations will resume.
<PAGE>
RESULTS OF OPERATIONS
Sales and Gross Profits
Sales of concentrates and dore' increased by $10,549,064, or 109%,
for the first quarter of 1994 over the same quarter of 1993 and was
primarily attributable to increased production as a result of the
acquisition of the Golden Cross Mine on April 30, 1993, and an increase
in metals prices. Silver and gold prices averaged $5.28 and $384.30 per
ounce, respectively, in the first quarter of 1994 compared with $3.66 and
$329.47 per ounce, respectively, in the first quarter of 1993. In the
first quarter of 1994, the Company produced 1,510,396 ounces of silver
and 31,577 ounces of gold compared to 1,336,369 ounces of silver and
17,147 ounces of gold in the first quarter of 1993. The increase in
silver production is primarily due to increased production at the
Company's Rochester Mine in the first quarter of 1994.
The cost of mine operations for the first quarter of 1994 increased
by $8,375,694, or 91%, above the prior year's comparable quarter and is
primarily attributable to the acquisition of the Golden Cross Mine.
Higher than normal production costs were incurred at the Golden Cross
Mine, which experienced a wetter than expected January and an
anticipated, temporary reduction in ore grade from the open pit mine.
The sales of manufactured products, which consist of lightweight flexible
hose and duct and metal tubing, increased by $365,572, or 16%, in the
first quarter of 1994 above the first quarter of 1993. Cost of
manufacturing increased by $414,152, or 20%, compared with the first
quarter of 1993. As a result of the above, gross profits from mine
operations increased by $2,173,370, or 429%, and gross profits from
manufacturing declined by $48,580, or 22%, in the first quarter of 1994
from the prior year's first quarter.
Other Income
Other income increased by $304,629, or 24%, for the first quarter
of 1994 compared to the first quarter of 1993. The difference is
primarily the result of an increase in the level of the Company's cash
and securities portfolio.
Expenses
For the first quarter of 1994, total expenses increased by
$1,901,830, or 37%, above the prior year's comparable quarter. The
increase is primarily due to (i) an increase in interest expense of
$1,018,635 primarily resulting from the issuance of $100 million
principal amount of 6 3/8% Convertible Subordinated Debentures in January
and February 1994, and (ii) increases in administrative, general
corporate and mining exploration expenses.
<PAGE>
Income (Loss) Before Taxes and Accounting Change
As a result of the above, the Company's loss before income taxes and
the cumulative effect of a change in accounting amounted to $2,590,008
for the first quarter of 1994 compared to a loss before income taxes and
the cumulative effect of a change in accounting of $3,117,597 for the
first quarter of 1993. The Company reported income tax expense (benefit)
for the first quarter of 1994 of $7,291 compared to $(1,136,914) for the
same period of 1993. As a result, the Company reports a loss before the
cumulative effect of a change in accounting of $2,597,299, or $.17 per
share, for the first quarter of 1994 compared with $1,980,683, or $.13
per share, for the 1993's comparable quarter.
Change in Accounting
Effective January 1, 1993, the Company changed its method of
accounting for income taxes by adopting the mandatory Statement of
Financial Accounting Standards (FAS) 109, "Accounting for Income Taxes."
FAS 109 requires an asset and liability approach to accounting for income
taxes and establishes criteria for recognizing deferred tax assets.
Accordingly, the Company adjusted its existing deferred income tax assets
and liabilities to reflect current statutory income tax rates and
previously unrecognized tax benefits related to federal and certain state
net operating loss carryforwards. The cumulative effect of the
accounting change on prior years at January 1, 1993, results in a non-
recurring gain of $5,181,188, or $.34 per share, and is included in the
accompanying Consolidated Statement of Operations for the three months
ended March 31, 1993. Other than the cumulative effect, the accounting
change had no material effect on the results for the March 31, 1993
quarter.
Net Income
As a result of the above, the Company reports a net loss of
$2,597,299, or $.17 per share, for the first quarter of 1994 compared
with net income of $3,200,505, or $.21 per share, for the first quarter
of 1993.
The Company has three convertible subordinated debenture issues.
In the first quarter of 1993, these debentures are assumed to be
converted into common shares because the effect of such conversion upon
earnings per share is dilutive. As a result, the Company reports fully
diluted loss per share of $(.05) before the cumulative effect of a change
in accounting, and $.24 resulting from the change in accounting, for a
total fully diluted income per share of $.19. For the first quarter of
1994, the assumed conversion of the debentures would have an antidilutive
effect upon earnings per share and, therefore, fully diluted per share
data for that quarter is not presented.
LIQUIDITY AND CAPITAL RESOURCES
The Company's working capital at March 31, 1994 was approximately
$192.8 million compared to $107.6 million at December 31, 1993. The
ratio of current assets to current liabilities was 8.6 to 1 at March 31,
1994, compared with 6.0 to 1 at December 31, 1993.
<PAGE>
The increase in the Company's working capital at March 31, 1994
compared to December 31, 1993 is primarily attributable to the Company's
sale in January and February 1994 of an aggregate of $100,000,000
principal amount of 6 3/8% Convertible Subordinated Debentures Due 2004
(the "Debentures"). The Debentures were issued by the Company in
connection with an offering to "qualified institutional buyers" as
defined in Rule 144A under the Securities Act and to certain non-U.S.
persons in reliance upon Regulation S under the Securities Act. The
Company plans to use the approximately $95.7 net proceeds from such
offering for general corporate purposes, including the possible
acquisition of, or investment in, additional precious metals mines,
properties or businesses, and for possible developmental activities on
new or existing mining properties. The Company's acquisition efforts are
primarily focused upon operating precious metals mines and precious
metals properties or businesses that are expected to become operational
in the near future. The Company currently is engaged in the review and
investigation of opportunities for expansion of its business through
acquisitions, investments or other transactions. Presently, however,
there are no agreements or understandings relating to any specific
acquisitions or investments. The Company invested the proceeds of the
above offering in interest-bearing marketable securities and money market
obligations, and plans to continue such investments pending the use of
the proceeds of that offering as discussed above.
Net cash provided by (used in) operating activities for the first
quarter of 1994 was $3,883,973 compared with $(521,190) for the first
quarter of 1993. A total of $86,747,676 of cash was used in investing
activities in the first quarter of 1994, compared to $60,754,571 in the
first quarter of 1993. Of the $86,747,676 used in investing activities
in the first quarter of 1994, $82.1 million relates to the purchase of
investment grade intermediate term investments. The Company's financing
activities provided $95,262,530 of cash during the first quarter of 1994
compared with $432,922 used in financing activities for the first quarter
of 1993. As a result of the above, the Company's net cash increase
(decrease) for the first quarter of 1994 was $12,398,827 compared with
$(61,708,683) for the first quarter of 1993.
In view of the recent, significant increase in the Company's capital
resources described above, the Company plans to terminate its $38 million
revolving line of credit agreement with a syndicate of banks, under which
the Company is required to pay an annual commitment fee of .375% of the
unused balance of the line. No borrowings have ever been effected by the
Company under that agreement.
For the quarters ended March 31, 1994 and 1993, the Company expended
$461,210 and $225,842, respectively, in connection with environmental
compliance activities at its operating properties. At March 31, 1994,
the Company had expended a total of approximately $4.2 million on
environmental and permitting activities at the Kensington property, which
expenditures have been capitalized as part of its development cost.
<PAGE>
PART II. Other Information.
Item 5. Other Information
Item 6. Exhibits and Reports on Form 8-K
(b) Reports on Form 8-K
None
<PAGE>
<TABLE>
<PAGE>
COEUR D'ALENE MINES CORPORATION AND SUBSIDIARIES
EXHIBIT 11
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
<CAPTION>
Three Months Ended
March 31
<S> <C> <C>
1994 1993
Primary Earnings Per Share:
Average shares outstanding 15,338,770 15,317,568
Net effect of dilutive stock
options-based on the treasury
stock method using average
market price
15,338,770 15,317,568
Net Income $(2,597,299) $(1,980,683)
Cumulative effect of FAS 109 5,181,188
Adjusted net income $(2,597,299) $ 3,200,505
Earnings before cumulative
effect of FAS 109 $ (.17) $ (0.13)
Cumulative effect of FAS 109 0.34
Per share amount $ (.17) $ 0.21
Fully Diluted Earnings Per Share:
Average shares outstanding 15,317,568
Net effect of dilutive stock
options-based on the treasury
stock method using average
market price
Assumed conversion of 6%
convertible bonds 1,883,240
Assumed conversion of 7%
convertible bonds 4,728,878
21,929,686
Net Income (1,980,683)
Add 6% convertible bond
interest net of federal
income tax effect 521,994
Add 7% convertible bond
interest net of federal
income tax effect 925,479
Less excess capitalized interest
over actual interest expense (466,883)
Cumulative effect of FAS 109 5,181,188
Adjusted net income $ 4,181,095
Earnings before cumulative
effect of FAS 109 (0.05)
Cumulative effect of FAS 109 0.24
Per share amounts 0.19 <PAGE>
</TABLE>
<PAGE>
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 thereunto duly authorized.
COEUR D'ALENE MINES CORPORATION
(Registrant)
Dated May 12, 1994 /s Dennis E. Wheeler
DENNIS E. WHEELER
Chairman, President and
Chief Executive Officer
Dated May 12, 1994 /s James A. Sabala
JAMES A. SABALA
Senior Vice President
(Principal Financial and
Accounting Officer)
