<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------------------------
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter ended MARCH 31, 2000
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 1-8488
CAMPBELL RESOURCES INC.
(Exact Name of registrant as specified in its charter)
Under the Canada Business Corporations Act
(Jurisdiction of Incorporation)
I.R.S. Employer Identification No - Not Applicable
120 ADELAIDE ST. WEST, SUITE 1910
TORONTO, ONTARIO M5H 1T1 CANADA
TELEPHONE - (416) 366-5201
(Address, including zip code, and telephone number including area code
of registrants principal executive offices)
----------------------------------------
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, and (2) has been subject to such filing requirements
for the past 90 days. YES X NO
Indicate the number of shares outstanding of each of issuer's classes of common
stock, as of the latest practicable date.
Shares Outstanding as of March 31,2000,
157,220,282 Common Shares, without par value
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CAMPBELL RESOURCES INC.
Table of Contents
<TABLE>
<CAPTION>
Page
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<S> <C> <C>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Consolidated Balance Sheets (Unaudited) as at March 31, 2000 and
December 31, 1999...............................................................................3
Consolidated Statements of Operations (Unaudited) for the Three Months
Ended March 31, 2000 and 1999...................................................................4
Consolidated Statements of Deficit (Unaudited) for the Three Months Ended March
31, 2000 and 1999...............................................................................4
Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended
March 31, 2000 and 1999.........................................................................5
Notes to the Consolidated Financial Statements (Unaudited) ....................................6
ITEM 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations .....................................................................11
PART II. OTHER INFORMATION:
ITEM 1. Legal Proceedings..............................................................................13
ITEM 2. Changes in Securities..........................................................................13
ITEM 3. Defaults Upon Senior Securities................................................................13
ITEM 4. Submission of Matters to a Vote
of Security Holders............................................................................13
ITEM 5. Other Information..............................................................................13
ITEM 6. Exhibits and Reports on Form 8-K...............................................................13
SIGNATURES.....................................................................................14
</TABLE>
2
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CAMPBELL RESOURCES INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Expressed in thousands of Canadian dollars)
<TABLE>
<CAPTION>
MARCH 31 December 31
2000 1999
--------- ---------
<S> <C> <C>
ASSETS
CURRENT ASSETS
Cash and short-term deposits $ 20,176 $ 18,219
Money market instruments 7,958
Receivables 2,751 1,999
Inventories (note 3) 5,223 4,891
Prepaids 498 460
--------- ---------
Total current assets 28,648 33,527
--------- ---------
OTHER ASSETS 186 194
FUTURE INCOME TAX ASSET 2,147
MINING INTERESTS 183,740 178,538
less accumulated depreciation and amortization (125,524) (125,125)
--------- ---------
58,216 53,413
--------- ---------
Total assets $ 89,197 $ 87,134
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 2,380 $ 1,104
Accrued liabilities 1,349 1,003
Future income tax liability 1,377
--------- ---------
Total current liabilities 5,106 2,107
--------- ---------
ACCRUED RECLAMATION 2,185 2,169
CONVERTIBLE DEBENTURES (note 4) 3,744 3,718
FUTURE INCOME AND MINING TAX LIABILITY 1,802 1,716
OTHER LIABILITIES 1,672 1,751
SHAREHOLDERS' EQUITY
Capital stock (note 5) 125,358 125,339
Foreign currency translation adjustment 701 593
Deficit (51,371) (50,259)
--------- ---------
Total shareholders' equity 74,688 75,673
--------- ---------
Total liabilities and shareholders' equity $ 89,197 $ 87,134
========= =========
</TABLE>
Commitments and contingencies (note 7)
3
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CAMPBELL RESOURCES INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31,
(Expressed in thousands of Canadian dollars except per share amounts)
<TABLE>
<CAPTION>
2000 1999
-------- --------
<S> <C> <C>
METAL SALES $ 1,256 $ 6,601
-------- --------
EXPENSES
Mining 1,472 7,808
General administration 709 769
Depreciation and amortization 289 1,389
Exploration 694 336
Care and maintenance 137 238
-------- --------
3,301 10,540
-------- --------
Loss from operations (2,045) (3,939)
-------- --------
Other income (expense)
Other income 358 772
Convertible debenture interest expense (77) (107)
-------- --------
281 665
-------- --------
Loss before taxes (1,764) (3,274)
Income and mining tax recovery (expense) (32) 226
-------- --------
NET LOSS ($ 1,796) ($ 3,048)
======== ========
LOSS PER SHARE ($ 0.01) ($ 0.02)
======== ========
</TABLE>
CONSOLIDATED STATEMENTS OF DEFICIT (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31,
(Expressed in thousands of Canadian dollars)
<TABLE>
<CAPTION>
2000 1999
-------- --------
<S> <C> <C>
Balance at beginning of period ($50,259) ($37,557)
Change in accounting policy (note 2) 684
Net loss (1,796) (3,048)
-------- --------
Balance at end of period ($51,371) ($40,605)
======== ========
</TABLE>
4
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CAMPBELL RESOURCES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31,
(Expressed in thousands of Canadian dollars)
CASH PROVIDED BY (USED IN):
<TABLE>
<CAPTION>
2000 1999
-------- --------
<S> <C> <C>
OPERATING ACTIVITIES
Net loss ($ 1,796) ($ 3,048)
Items not involving cash
Depreciation and amortization 289 1,389
Future mining taxes recovery (354)
Other (107) (435)
-------- --------
(1,614) (2,448)
Net change in non-cash operating working capital 500 2,192
-------- --------
(1,114) (256)
-------- --------
FINANCING ACTIVITIES
Issues of capital stock 19
-------- --------
INVESTING ACTIVITIES
Expenditures on mining interests (5,003) (945)
Money market instruments 8,000
-------- --------
2,997 (945)
-------- --------
Effect of exchange rate change on cash
and short-term deposits 55 83
-------- --------
Increase (decrease) in cash and short-term deposits 1,957 (1,118)
Cash and short-term deposits at beginning of period 18,219 41,493
-------- --------
Cash and short-term deposits at end of period $ 20,176 $ 40,375
======== ========
CHANGES IN NON-CASH OPERATING WORKING CAPITAL
Receivables ($ 752) $ 790
Inventories and prepaids (370) 398
Accounts payable 1,276 403
Accrued liabilities 346 601
-------- --------
$ 500 $ 2,192
======== ========
</TABLE>
5
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CAMPBELL RESOURCES INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) THREE MONTHS ENDED
MARCH 31, 2000 (Tabular amounts are expressed in thousands of Canadian dollars)
1--GENERAL
The Company is incorporated under the Canada Business Corporations Act and is
engaged in the exploration, development, mining and processing of precious
metals in Canada, Mexico and Panama.
These unaudited consolidated financial statements reflect all adjustments that
are, in the opinion of management, necessary for a fair statement of results for
the interim period presented. The unaudited financial statements presented
herein have been prepared in accordance with the instructions to Form 10-Q and
do not include all the information and note disclosures required by generally
accepted accounting principles for complete financial statements. For further
information, refer to the financial statements and related footnotes included in
the Company's Annual Report on Form 10-K for the year ended December 31, 1999.
The financial statements are prepared in accordance with accounting principles
generally accepted in Canada and, except as described in note 8, conform in all
material respects with accounting principles generally accepted in the United
States.
The results of operations for the first three months of the year are not
necessarily indicative of the results to be expected for the full year.
2 -- CHANGE IN ACCOUNTING POLICY
The Company has changed its policy for accounting for income taxes by adopting,
effective January 1, 2000, the Canadian Institute of Chartered Accountants
Handbook Section 3465 "Income Taxes". The Company has adopted Section 3465
retroactively without restatement of prior period financial statements resulting
in the deficit at January 1, 2000 being reduced by $684,000 million.
3 -- INVENTORIES
<TABLE>
<CAPTION>
2000 1999
------ ------
<S> <C> <C>
Materials and supplies $4,333 $4,369
Work-in-process 890 522
------ ------
$5,223 $4,891
====== ======
</TABLE>
6
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4 -- CONVERTIBLE DEBENTURES
In July 1994, the Company issued US$11,005,000 of 7.5% Convertible Subordinated
Debentures. The debentures are unsecured, bear interest at 7.5% payable in
arrears on June 1 and December 1 each year and mature on July 21, 2004. The
debentures are convertible at the option of the holder into common shares of the
Company at any time prior to maturity at a conversion of US$0.50 per common
share. The debentures are redeemable for cash at any time after the fifth
anniversary of the date of issue or, at the Company's option, may be redeemed in
common shares on the basis of one common share for each US$0.50 of debenture
principal being redeemed. The right of the Company to redeem the debentures for
cash or common shares is conditional on the average price of the common shares
exceeding US$0.50 during a period of 20 consecutive days prior to notice of
redemption. The Company may, at its option, repay the debenture at maturity by
issuing common shares of the Company at the conversion price of US$0.50 per
common share.
During the three months ended March 31, 2000, debenture holders converted US$nil
(1999 - US$400,000) of debenture principal into nil (1999 - 800,000) common
shares of the Company resulting in a balance outstanding at March 31, 2000 of
US$2,576,000 (December 31, 1999 - US$2,576,000).
5 -- CAPITAL STOCK
Changes in the issued and outstanding common shares for the three months are as
follows (in thousands):
<TABLE>
<CAPTION>
2000 1999
----------------------- -----------------------
Shares Amount Shares Amount
------- -------- ------- --------
<S> <C> <C> <C> <C>
Common shares:
Balance at beginning of period 157,152 $125,339 154,686 $123,632
Issued:
Conversion of convertible debentures 800 588
Employee Incentive Plan and
Directors' Stock Option Plan 68 19
------- -------- ------- --------
Balance at March 31 157,220 $125,358 155,486 $124,220
======= ======== ======= ========
</TABLE>
Loss per share has been calculated using the weighted average number of shares
outstanding during the three months which was 157,164,000 (1999 - 155,486,000).
6-- STATEMENTS OF CASH FLOWS
Additional disclosures with respect to the Statements of Cash Flows are as
follows:
<TABLE>
<CAPTION>
Three months ended March 31
2000 1999
---- ----
<S> <C> <C>
Cash taxes paid $ 38 $113
Cash interest paid $ $ 1
</TABLE>
7
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7 -- COMMITMENTS AND CONTINGENCIES
a) At March 31, 2000 the Company has sold forward 8,500 ounces of gold for
delivery in 2000 under forward contracts at an average of US$290 per
ounce, and has outstanding calls for 33,200 ounces of gold in 2001 and
20,000 ounces of gold in 2002 at US$350 per ounce subject to floating
gold lease rates.
b) The Company's Joe Mann mine is subject to a graduated net smelter
return royalty increasing from 1.8% up to a gold price of Canadian $512
per ounce to 3.6% at a gold price of Canadian $625 per ounce.
c) During 1996, the Company's Mexican subsidiary received import duty
assessments following an audit claiming the subsidiary's interest in
certain pieces of machinery and equipment with an approximate value of
US$2,200,000 and levying taxes, penalties, interest and inflationary
adjustments for a further Mexican pesos 9,200,000. On May 26, 1997, the
Company received notice that it was successful in its appeal against
the assessments and that the Mexican pesos 9,200,000 was not payable.
The charge against the assets will be released when the final tax
assessment covering this matter is issued in favour of the Company by
the tax authorities. On May 6, 1998, the tax authorities issued a tax
assessment identical to that issued in 1996 except that the amounts
claimed have increased to Mexican pesos 18,000,000 as a result of
inflation and additional interest. The Company has been advised that
this assessment is improper as it completely ignores the earlier
ruling. Accordingly the Company has filed a new appeal before the
Federal Tax Court to nullify the assessment. No provision has been made
in the financial statements for the amounts assessed on the basis of
the earlier ruling and the legal advice received.
d) During 1991, a subsidiary of the Company entered into a corporate
restructuring and financing arrangement ("Arrangement") in which it
issued to a group of Canadian financial institutions $38,000,000 of
Guaranteed Subordinate Debentures and Notes ("Debentures") and
$12,000,000 of Guaranteed Non-Cumulative Redeemable Retractable
Preferred Shares ("Preferred Shares"). The Debentures are unsecured,
subordinate to all existing non-trade debt and future senior debt, bear
interest at varying rates, are repayable upon maturity in 2007, and
cannot be prepaid. The Preferred Shares are redeemable at any time at
an amount of $240,000 per Preferred Share, rank equally and pari passu
with the common shares for dividends when declared, and are retractable
in 2007. In order to secure the performance of the Debentures and
Preferred Shares the Company's subsidiary entered into an Interest Rate
and Currency Exchange Swap Agreement ("Swap Agreement") with a major
international bank. The Swap Agreement provides for the conversion of
one floating rate interest basis to another and for differences in the
timing of payments so as to match the interest payment requirements
under the Debentures, repay the Debentures upon maturity and retract
the Preferred Shares. All payments are denominated in Canadian dollars.
The Company's subsidiary placed Canadian dollar deposits with the
counter party to the Swap agreement which deposits have been charged to
secure the performance under the Swap agreement. These deposits earn
interest at Canadian Bankers Acceptance rates. The Swap Agreement was
irrevocably assigned directly to the investors. Accordingly the bank is
the primary obligor under the Arrangement.
e) The Company is from time to time involved in various claims, legal
proceedings and reassessments for income, mining and other taxes,
arising in the ordinary course of business. The Company's current and
proposed mining and exploration activities are subject to various laws
and regulations governing the protection of the environment. These laws
and regulations are continually changing and are
8
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generally becoming more restrictive. The Company conducts its
operations so as to protect its employees, the general public and the
environment and, to the best of its knowledge, believes its operations
are in compliance with all applicable laws and regulations, in all
material respects. The Company has made, and expects to make in the
future, submissions and expenditures to comply with such laws and
regulations. Where estimated reclamation and closure costs are
reasonably determinable, the Company has recorded a provision for
environmental liabilities based on management's estimate of these
costs. Such estimates are subject to adjustment based on changes in
laws and regulations and as new information becomes available.
8--DIFFERENCES BETWEEN CANADIAN AND UNITED STATES GENERALLY ACCEPTED
ACCOUNTING PRINCIPLES
The reconciliation of net loss determined in accordance with generally accepted
accounting principles in Canada to net loss determined under accounting
principles which are generally accepted in the United States is as follows:
<TABLE>
<CAPTION>
Three months ended March 31
2000 1999
------- -------
<S> <C> <C>
Net loss for period as reported $(1,796) $(3,048)
Depreciation and amortization (a) (208) 513
Deferred income taxes (b) (118)
Foreign exchange contracts (d) 438
------- -------
Net loss for the year in accordance
with United States accounting principles $(2,004) $(2,215)
------- -------
Other comprehensive income (loss):
Foreign currency translation adjustments 108 (167)
------- -------
Comprehensive loss for the year in accordance
with United States accounting principles $(1,896) $(2,382)
------- -------
Loss per share for the year in accordance
with United States accounting principles
Basic and fully diluted $ (0.01) $ (0.01)
------- -------
</TABLE>
Differences between Canadian and United States accounting principles as they
affect the Company's financial statements are as follows:
a) Depreciation and Amortization - Under Canadian accounting principles,
depreciation and amortization may be calculated on the
unit-of-production method based upon the estimated mine life, whereas
under United States accounting principles the calculations are made
based upon proven and probable mineable reserves.
b) Deferred Income Taxes - Effective January 1, 2000 the Company adopted
the liability method of accounting for income taxes in accordance with
Canadian accounting principles (see note 2) which is now substantially
consistent with accounting for income taxes in accordance with United
States accounting principles. For Canadian accounting principles the
Company did not restate prior period financial statements.
9
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c) Contingent Liability - Under United States accounting principles the
contingent liability disclosed in note 6(d) would be reflected in the
balance sheet. Accordingly, for United States accounting principles
total assets and liabilities would increase by $50 million. The
increase in assets represents investments (non-current) comprising
Canadian dollar payments under the Swap agreement and Canadian dollar
deposits with the counter party to the Swap agreement. The liabilities
(non-current) represent the Guaranteed Subordinate Debentures and Notes
of $38 million and the Guaranteed Non-Cumulative Redeemable Retractable
Preferred Shares of $12 million which would be included outside of
shareholders' equity.
d) Foreign Exchange Contracts - In accordance with Canadian accounting
principles, certain long-term foreign exchange contracts are considered
to be hedges of sales revenue denominated in foreign currencies. Gains
and losses related to changes in market values of such contracts are
deferred and recognized when the contract is settled as part of sales
revenue. Under United States accounting principles, changes in the
market value of the contracts would be included in current earnings.
e) Balance Sheets - The cumulative effect of the application of United
States accounting principles, noted in (a) to (d) above, on the
consolidated balance sheets of the Company as at March 31, 2000 and
December 31, 1999 would be to decrease mining interests by $22,685,000
(1999 - $22,477,000), increase long-term investments by $50,000,000
(1999 - $50,000,000), increase long-term liabilities by $38,000,000
(1999 - $38,000,000), increase future tax assets, non-current by $nil
(1999 - $1,999,000), increase future taxes, current liabilities by $nil
(1999 - $1,179,000), decrease future income and mining taxes,
non-current liabilities by $1,032,000 (1999 - $896,000), increase
preferred shares by $12,000,000 (1999 - $12,000,000) and reduce
shareholders equity by $21,653,000 (1999 - $20,761,000).
f) Other Recent Accounting Pronouncements - In June 1998, the FASB issued
SFAS No. 133 "Accounting for Derivative Instruments and Hedging
Activities." SFAS No. 133 establishes methods of accounting for
derivative financial instruments and hedging activities related to
those instruments as well as other hedging activities. The Company will
be required to implement SFAS No. 133 for its fiscal year ending
December 31, 2001. The Company has not yet determined the impact, if
any, of the adoption of SFAS No. 133 on its reported financial
position, results of operations or cash flows.
10
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CAMPBELL RESOURCES INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
MARCH 31, 2000
(all dollars are Canadian unless noted otherwise)
FORWARD-LOOKING STATEMENTS
This report contains certain "Forward-Looking Statements" within the meaning of
the Private Securities Litigation Reform Act of 1995 and is subject to certain
risks and uncertainties, including those "Risk Factors" set forth in the
Company's current Annual Report on Form 10-K for the year ended December 31,
1999. Such factors include, but are not limited to: differences between
estimated and actual ore reserves; changes to exploration, development and
mining plans due to prudent reaction of management to ongoing exploration
results, engineering and financial concerns; and fluctuations in the gold price
which affect the profitability and ore reserves of the Company. Readers are
cautioned not to place undue reliance on these forward-looking statements which
speak only as of the date hereof. The Company undertakes no obligation to
release publicly any revisions to these forward-looking statements to reflect
events or circumstances after the date hereof or to reflect unanticipated events
or developments.
OVERVIEW
During the first quarter of 2000 Campbell focused its efforts in three areas,
completing the development at the Joe Mann Mine to enable mining to commence
using cut-and-fill methods, continuing exploration at the Santa Gertrudis Mine
and limited mining at the Santa Gertrudis Mine to partially fund the exploration
effort. The cessation of mining under the previous mining methods at the Joe
Mann Mine in late 1999 and the subsequent development make the results for the
first quarter of 2000 not very comparable with those of 1999 when the Joe Mann
Mine was in full production and the Santa Gertrudis Mine was largely on a care
and maintenance basis.
During the first quarter of 2000 the Company recorded a loss of $1.8 million or
$0.01 per share compared to a loss of $3 million or $0.02 per share in the
comparable period of 1999. There was negative cash flow from operations before
the change in operating working capital of $1.6 million in the quarter compared
to negative cash flow of $2.4 in the first quarter of 1999.
Gold production in the three months, all from the Santa Gertrudis Mine, was
3,100 ounces at a cash cost of US$325 per ounce compared to 15,900 ounces at a
cash cost of US$301 per ounce in the comparable period of 1999 of which 15,300
ounces was from the Joe Mann Mine and the balance from Santa Gertrudis. Gold
production from the Santa Gertrudis Mine during the first quarter of 2000 was
approximately 40% lower than forecast due to longer than anticipated leach
cycles and possible grade control problems both of which are being addressed.
Production from the Santa Gertrudis Mine for the year is currently forecast to
be 30,000 ounces of gold at a cash cost of US$220 per ounce.
JOE MANN MINE DEVELOPMENT
Development at the Joe Mann Mine in preparation for cut-and-fill mining
commenced in December, 1999 and
11
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continued through the first quarter of 2000. The hydraulic backfill plant was
installed at the beginning of the quarter and has been successfully
commissioned. The Company resumed milling on April 3, 2000 on a limited basis to
begin processing the ore mined during the development period that had been
stockpiled on surface. Commercial levels of production are expected to be
achieved in May instead of April, as forecast earlier. Development costs in the
first quarter were $5 million before any recovery for development ore. Campbell
currently estimates that the Joe Mann Mine will produce approximately 60,000
ounces of gold in 2000 of which approximately 2,000 ounces will be during the
development period and 58,000 thereafter at a cash cost of US$235 per ounce.
OTHER
Depreciation and amortization expense decreased to $0.3 million for the quarter
and all relates to the Santa Gertrudis Mine compared to $1.4 million in 1999
that all related to the Joe Mann Mine.
Exploration expense increased to $0.7 million in the first quarter of 2000
compared to $0.3 million in the comparable period of 1999. Exploration
expenditures in 1999 were lower as drilling originally scheduled for the first
quarter of 1999 were deferred to the second quarter. The Company has budgeted
US$1.5 million on exploration at Santa Gertrudis for 2000.
LIQUIDITY AND CAPITAL RESOURCES
At March 31, 2000, the Company's cash and short-term deposits plus money market
instruments decreased to $20.2 million compared to $26.2 million at December 31,
1999. Working capital also decreased to $23.5 million compared to $31.4 million
at December 31, 1999. The decrease is attributable to the lack of cash flow
resulting from the development at the Joe Mann Mine and the lower than expected
gold production from the Santa Gertrudis Mine. Based on gold prices of US$285
per ounce, Campbell currently forecasts a return to positive cash flow
commencing in the second half of 2000.
The Company's principal sources of liquidity are the future cash flows from the
Joe Mann Mine and Santa Gertrudis Mine and the Company's working capital that
amounted to $23.5 million at March 31, 2000. The Company is subject to the
normal risks and uncertainties associated with mining, including fluctuations in
gold prices, the relative U.S./ Mexican/ Canadian exchange rates, the ability of
the Company to meet its production estimates and any unforeseen environmental
problems.
12
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PART II.
ITEM 1. Legal Proceedings
Not applicable
ITEM 2. Changes in Securities
Not Applicable
ITEM 3. Defaults Upon Senior Securities
None
ITEM 4. Submission of Matters to a Vote of Security Holders
None
ITEM 5. Other Information
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
None
13
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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.
CAMPBELL RESOURCES INC.
"PAUL J. IRELAND"
Paul J. Ireland
Vice President, Finance and Chief Financial Officer
(Principal Financial and Accounting Officer and
authorized signatory)
Toronto, Ontario
May 09, 2000
14
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CAMPBELL RESOURCES INC.
FORM 10-Q - MARCH 31, 2000
EXHIBIT INDEX
27.1 Financial Data Schedule
15
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
consolidated balance sheets, consolidated statements of operations and
consolidated statements of cash flows and is qualified in its entirety
by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<CURRENCY> CANADIAN $
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<EXCHANGE-RATE> 0.688
<CASH> 20,176
<SECURITIES> 0
<RECEIVABLES> 2,751
<ALLOWANCES> 0
<INVENTORY> 5,223
<CURRENT-ASSETS> 28,648
<PP&E> 183,740
<DEPRECIATION> 125,524
<TOTAL-ASSETS> 89,197
<CURRENT-LIABILITIES> 5,106
<BONDS> 3,744
0
0
<COMMON> 125,358
<OTHER-SE> (50,670)
<TOTAL-LIABILITY-AND-EQUITY> 89,197
<SALES> 1,256
<TOTAL-REVENUES> 1,256
<CGS> 2,455
<TOTAL-COSTS> 2,455
<OTHER-EXPENSES> 137
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 77
<INCOME-PRETAX> (1,764)
<INCOME-TAX> 32
<INCOME-CONTINUING> (1,796)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,796)
<EPS-BASIC> (0.01)
<EPS-DILUTED> (0.01)
</TABLE>
