<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington D. C. 20549
-----------
FORM 8-K
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report
(Date of earliest event reported): February 14, 1997
Hecla Mining Company
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(Exact name of registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
1-8491 82-0126240
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(Commission File Number) (IRS Employer Identification No.)
6500 Mineral Drive
Coeur d'Alene, Idaho 83814-8788
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(Address of principal executive offices) (Zip Code)
(208) 769-4100
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(Registrant's Telephone Number)
Page 1 of 2 Pages
<PAGE> 2
Item 5. OTHER EVENTS.
On February 6, 1997, the Registrant issued the press release attached
hereto as Exhibit 99, which is incorporated herein by this reference.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
Exhibit 99 - Press Release dated February 6, 1997.
SIGNATURE
Pursuant to the requirements of Section 12 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.
HECLA MINING COMPANY
By /s/ Nathaniel K. Adams
----------------------------------
Name: Nathaniel K. Adams
Title: Attorney and Assistant
Secretary
Dated: February 14, 1997
Page 2 of 2 Pages
<PAGE> 1
[HECLA LOGO] 97-01
Exhibit 99
HECLA REPORTS FOURTH QUARTER AND YEAR-END RESULTS
For the Period Ended December 31, 1996
For release: February 6, 1997
COEUR D'ALENE, IDAHO -- Hecla Mining Company (HL & HL-PrB:NYSE) today
reported a loss for the fourth quarter of 1996 of $1.9 million, or 4 cents per
share, after the payment of a quarterly dividend of $2 million to shareholders
of preferred stock. This compares to a loss of $0.8 million, or 2 cents per
share, in the fourth quarter of 1995. The fourth quarter loss in 1996 is
primarily attributable to decreased gold production and lower precious metals
prices. The fourth quarter loss was partially offset by the gain realized
from the receipt of $2.5 million from Euro-Nevada, for the purchase of an
additional 1.5% net smelter return (NSR) royalty on the Rosebud property.
Euro-Nevada now holds a 4% NSR interest in the property.
For 1996, Hecla had a loss of $40.4 million, or 79 cents per common
share after the dividend of $8.1 million to shareholders of preferred stock,
compared to a loss of $109.8 million, or $2.28 per share in 1995. Year-end
results in 1996 include adjustments totaling $38 million taken in the third
quarter of this year. The largest portion of these adjustments related to the
decision to suspend operations at Grouse Creek, put the mine on a care-and-
maintenance status and accrue for future holding and reclamation costs at the
property. Arthur Brown, Hecla's president and chief executive officer, said,
"We continued to feel the effects of the disappointment at the Grouse Creek
gold mine during 1996. The decision to close Grouse Creek was in large part
responsible for the loss reported for the year." The 1996 adjustments also
include $7.6 million to write down the investment in the American Girl gold
mine, which was closed in November because of high operating costs.
PRODUCTION AND PRICES
Silver production during 1996 increased 35% over the previous year, from
2.2 million ounces to 3 million ounces. Start-up of the Greens Creek mine in
Alaska in 1996 added nearly 828,000 ounces of silver production to Hecla's
account. Gold production remained stable, with Hecla producing 169,376 ounces
for the year.
Although silver prices declined 8% in the fourth quarter alone, the
average silver price for the year remained virtually unchanged at $5.18 per
ounce in 1996, compared to $5.19 in 1995. The average price of gold also
decreased in the fourth quarter of 1996, but for the full year, the average
price increased slightly from $384 per ounce in 1995 to $388 per ounce in
1996.
YEAR-END HIGHLIGHTS
SILVER Hecla achieved its silver goals for 1996, including the
successful start-up of the Greens Creek silver/gold/zinc/lead mine in Alaska.
The mine was scheduled to reopen by the beginning of 1997,
Contact Bill Booth, vice president-investor and public affairs,
or Vicki Veltkamp, manager-corporate communications
6500 Mineral Drive * Coeur d'Alene, Idaho 83814-8788
* 208/769-4100 * FAX 208/769-4159
<PAGE> 2
HECLA REPORTS FOURTH QUARTER AND YEAR-END RESULTS Page 2
but achieved that goal far earlier when Greens Creek started up in August
1996. Full production was reached at Greens Creek in January 1997.
Further exploration and development at the Lucky Friday silver mine in
North Idaho continues to expand the new ore zone adjacent to the underground
Lucky Friday main vein. More than 60 drill holes into the area indicate ore-
grade material averaging 18 ounces of silver per ton over an 11-foot width,
which is approximately twice the minable grade of the Lucky Friday main vein
and significantly wider. Brown said, "We have now defined a major addition to
Lucky Friday ore reserves that could very likely return the mine to historic
production levels of 4-5 million ounces of silver annually. In addition, our
people at Lucky Friday have continued their excellent safety record with no
lost-time accidents in more than two years."
GOLD Hecla's La Choya gold mine in northern Mexico had an outstanding
year in 1996, far exceeding expectations by producing more than 80,000 ounces
of gold at a cash cost of $190 per ounce.
Another goal reached during the year was the financing and commencement
of construction at the Rosebud gold mine in northern Nevada. The company
signed a joint-venture agreement with Santa Fe Pacific Gold Corporation in
which Hecla will develop and operate the mine and Santa Fe will process the
ore at its nearby Twin Creeks facility. The property is on schedule to begin
production in the second quarter of 1997.
INDUSTRIAL MINERALS 1996 marked the tenth consecutive year that annual
sales have increased for Hecla's industrial minerals segment, reaching $76.8
million. In particular, the goal of developing and growing international
sales was achieved during the year. Gross profit for the industrial minerals
segment was $9.9 million in 1996, a 32% increase over the previous year.
Hecla Mining Company, headquartered in Coeur d'Alene, Idaho, is one of
the United States' best-known silver producers. The company also produces
gold and is a major supplier of ball clay, kaolin and other industrial
minerals. Hecla's operations are principally in the U.S. and Mexico.
FORWARD-LOOKING INFORMATION
Statements made which are not historical facts, such as anticipated
production, sales or discussions of goals, involve a number of risks and
uncertainties that could cause actual results to differ materially from those
projected. These risks and uncertainties include, but are not limited to,
metal price volatility, volatility of metals production and project
development risks. Refer to the company's Form 10-Q and 10-K reports for a
more detailed discussion of factors that may impact expected future results.
Hecla Mining Company news releases can be accessed on the Internet at:
http://www.hecla-mining.com
You can also request a free fax of this entire news release
from BusinessWire NewsOnDemand at 800-344-7826
Contact Bill Booth, vice president-investor and public affairs,
or Vicki Veltkamp, manager-corporate communications
6500 Mineral Drive * Coeur d'Alene, Idaho 83814-8788
* 208/769-4100 * FAX 208/769-4159
<PAGE> 3
HECLA MINING COMPANY
(dollars in thousands, except per-share, per-ounce and per-pound amounts -
unaudited)
<TABLE>
<CAPTION>
Fourth Quarter Ended Year Ended
------------------------------ -------------------------------
HIGHLIGHTS Dec. 31, 1996 Dec. 31, 1995 Dec. 31, 1996 Dec. 31, 1995
- --------------------------------------------------------------------------------------------------------------
FINANCIAL DATA
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Total revenue $ 40,996 $ 37,816 $ 166,882 $ 159,704
Gross profit 1,600 3,986 10,923 6,607
Net income (loss) 135 1,226 (32,354) (101,719)
Loss applicable to common
shareholders (1,877) (786) (40,404) (109,769)
Loss per common share (0.04) (0.02) (0.79) (2.28)
Cash flow provided by
operating activities 4,534 7,540 22,314 11,762
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SALE OF PRODUCTS BY SEGMENT
- --------------------------------------------------------------------------------------------------------------
Gold operations $ 17,741 $ 18,914 $ 65,550 $ 66,816
Silver operations 4,569 4,092 15,859 12,994
Industrial minerals 14,810 13,197 76,843 67,391
Specialty metals - - - - - - 4,414
------------ ------------ ------------- -------------
Total sales $ 37,120 $ 36,203 $ 158,252 $ 151,615
- --------------------------------------------------------------------------------------------------------------
GROSS PROFIT (LOSS) BY SEGMENT
- --------------------------------------------------------------------------------------------------------------
Gold operations $ 1,336 $ 2,639 $ 2,067 $ (2,013)
Silver operations (738) 340 (1,027) 827
Industrial minerals 1,002 1,007 9,883 7,499
Specialty metals - - - - - - 294
------------ ------------ ------------- -------------
Total gross profit $ 1,600 $ 3,986 $ 10,923 $ 6,607
- --------------------------------------------------------------------------------------------------------------
PRODUCTION SUMMARY - TOTALS
- --------------------------------------------------------------------------------------------------------------
Gold - Ounces 47,637 49,938 169,376 169,777
Silver - Ounces 1,261,791 618,648 3,024,911 2,242,309
Lead - Tons 6,596 4,475 22,660 16,967
Zinc - Tons 4,090 881 7,464 2,999
Industrial minerals - Tons shipped 247,821 225,103 1,072,319 991,214
Average cost per ounce of gold produced:
Cash operating costs ($/oz.) 281 245 273 286
Total cash costs ($/oz.) 281 248 276 288
Total production costs ($/oz.) 338 327 364 398
Average cost per ounce of silver produced:
Cash operating costs ($/oz.) 4.58 4.14 4.24 4.57
Total cash costs ($/oz.) 4.58 4.14 4.24 4.57
Total production costs ($/oz.) 5.81 5.25 5.47 5.76
- --------------------------------------------------------------------------------------------------------------
AVERAGE METAL PRICES
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Gold - Realized ($/oz.) 384 388 393 388
Gold - London Final ($/oz.) 376 385 388 384
Silver - Handy & Harman ($/oz.) 4.85 5.26 5.18 5.19
Lead - LME Cash ( cents/pound) 32.4 31.5 35.1 28.6
Zinc - LME Cash ( cents/pound) 46.7 45.8 46.5 46.8
</TABLE>
Contact Bill Booth, vice president-investor and public affairs,
or Vicki Veltkamp, manager-corporate communications
6500 Mineral Drive * Coeur d'Alene, Idaho 83814-8788
* 208/769-4100 * FAX 208/769-4159
<PAGE> 4
HECLA MINING COMPANY
Consolidated Balance Sheets
(dollars and shares in thousands - unaudited)
<TABLE>
<CAPTION>
Dec. 31, 1996 Dec. 31, 1995
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ASSETS
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<S> <C> <C>
Current assets:
Cash and cash equivalents $ 8,256 $ 4,024
Accounts and notes receivable 24,168 25,571
Income tax refund receivable 1,262 737
Inventories 22,879 20,915
Other current assets 2,284 2,038
------------- -------------
Total current assets 58,849 53,285
Investments 1,723 2,200
Restricted investments 20,674 16,254
Properties, plants and equipment, net 177,755 177,374
Other noncurrent assets 9,392 9,077
------------- -------------
Total assets $ 268,393 $ 258,190
============= =============
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LIABILITIES
- --------------------------------------------------------------------------------------------------------------
Current liabilities:
Accounts payable and accrued expenses $ 17,377 $ 14,145
Accrued payroll and related benefits 3,232 3,217
Preferred stock dividends payable 2,012 2,012
Accrued taxes 1,427 1,042
Accrued reclamation costs 8,664 5,549
------------- -------------
Total current liabilities 32,712 25,965
Deferred income taxes 359 359
Long-term debt 38,208 36,104
Accrued reclamation costs 45,953 26,782
Other noncurrent liabilities 5,653 4,864
------------- -------------
Total liabilities 122,885 94,074
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- --------------------------------------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY
- --------------------------------------------------------------------------------------------------------------
Preferred stock 575 575
Common stock 12,800 12,079
Capital surplus 351,559 330,352
Accumulated deficit (213,610) (173,206)
Net unrealized gain (loss) on investments (32) 100
Foreign currency translation adjustment (4,898) (4,898)
Treasury stock (886) (886)
------------- -------------
Total shareholders' equity 145,508 164,116
------------- -------------
Total liabilities and shareholders' equity $ 268,393 $ 258,190
============= =============
Common shares outstanding at end of period 51,137 48,255
============= =============
</TABLE>
Contact Bill Booth, vice president-investor and public affairs,
or Vicki Veltkamp, manager-corporate communications
6500 Mineral Drive * Coeur d'Alene, Idaho 83814-8788
* 208/769-4100 * FAX 208/769-4159
<PAGE> 5
HECLA MINING COMPANY
Consolidated Statements of Operations
(dollars and shares in thousands, except per-share amounts - unaudited)
<TABLE>
<CAPTION>
Fourth Quarter Ended Year Ended
------------------------------ -----------------------------
Dec. 31, 1996 Dec. 31, 1995 Dec. 31, 1996 Dec. 31, 1995
-------------- ------------- -------------- -------------
<S> <C> <C> <C> <C>
Sales of products $ 37,120 $ 36,203 $ 158,252 $ 151,615
------------ ------------- -------------- ------------
Cost of sales and other direct
production costs 30,255 27,335 126,878 121,546
Depreciation, depletion and
amortization 5,265 4,882 20,451 23,462
------------ ------------- -------------- ------------
35,520 32,217 147,329 145,008
------------ ------------- -------------- ------------
Gross profit 1,600 3,986 10,923 6,607
------------ ------------- -------------- ------------
Other operating expenses:
General and administrative 2,529 1,801 9,365 9,371
Exploration 1,443 2,230 4,843 7,109
Depreciation and amortization 82 102 338 367
Provision for closed operations
and environmental matters 115 319 22,806 4,615
Reduction in carrying value of
mining properties - - - - 12,902 97,387
------------ ------------- -------------- ------------
4,169 4,452 50,254 118,849
------------ ------------- -------------- ------------
Loss from operations (2,569) (466) (39,331) (112,242)
------------ ------------- -------------- ------------
Other income (expense):
Interest and other income 3,876 1,613 8,630 8,089
Miscellaneous income (expense) (231) (132) (250) 18
Gain (loss) on investments - - 327 (28) 3,169
Interest expense:
Total interest cost (834) (724) (3,058) (1,960)
Less amount capitalized 646 666 2,360 1,516
------------ ------------- -------------- ------------
3,457 1,750 7,654 10,832
------------ ------------- -------------- ------------
Income (loss) before income taxes 888 1,284 (31,677) (101,410)
Income tax provision (753) (58) (677) (309)
------------ ------------- -------------- ------------
Net income (loss) 135 1,226 (32,354) (101,719)
Preferred stock dividends (2,012) (2,012) (8,050) (8,050)
------------ ------------- -------------- ------------
Loss applicable to
common shareholders $ (1,877) $ (786) $ (40,404) $ (109,769)
============ ============= ============== ============
Loss per common share $ (0.04) $ (0.02) $ (0.79) $ (2.28)
============ ============= ============== ============
Weighted average number of
common shares outstanding 51,137 48,255 51,133 48,192
============ ============ ============= ============
</TABLE>
Contact Bill Booth, vice president-investor and public affairs,
or Vicki Veltkamp, manager-corporate communications
6500 Mineral Drive * Coeur d'Alene, Idaho 83814-8788
* 208/769-4100 * FAX 208/769-4159
<PAGE> 6
HECLA MINING COMPANY
Consolidated Statements of Cash Flows
(in thousands - unaudited)
<TABLE>
<CAPTION>
Year Ended
--------------------------------------
Dec. 31, 1996 Dec. 31, 1995
- --------------------------------------------------------------------------------------------------------------
OPERATING ACTIVITIES
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Net loss $ (32,354) $ (101,719)
Noncash elements included in net loss:
Depreciation, depletion and amortization 20,789 23,829
Gain on disposition of properties,
plants and equipment (706) (3,417)
(Gain) loss on investments 28 (3,169)
Reduction in carrying value of mining properties 12,902 97,387
Provision for reclamation and closure costs 28,284 8,071
Change in:
Accounts and notes receivable 192 (849)
Income tax refund receivable (525) (490)
Inventories (4,239) (2,299)
Other current assets (479) (441)
Accounts payable and accrued expenses 3,232 575
Accrued payroll and related benefits 15 493
Accrued taxes 385 117
Accrued reclamation and other noncurrent liabilities (5,210) (6,326)
-------------- --------------
Net cash provided by operating activities 22,314 11,762
-------------- --------------
- --------------------------------------------------------------------------------------------------------------
INVESTING ACTIVITIES
- --------------------------------------------------------------------------------------------------------------
Additions to properties, plants and equipment (33,731) (45,308)
Proceeds from disposition of properties, plants
and equipment 3,641 3,822
Proceeds from the sales of investments 130 5,196
Purchase of restricted investments (4,308) (2,701)
Purchase of investments and increase in cash
surrender value of life insurance, net (726) (1,047)
Other, net (480) (2,407)
-------------- --------------
Net cash used by investing activities (35,474) (42,445)
-------------- --------------
- --------------------------------------------------------------------------------------------------------------
FINANCING ACTIVITIES
- --------------------------------------------------------------------------------------------------------------
Common stock issued under stock option plans and warrants - - 1,335
Issuance of common stock, net of offering costs 21,928 - -
Dividends on preferred stock (8,050) (8,050)
Borrowings against cash surrender value of life insurance 801 - -
Borrowing on long-term debt 51,631 48,000
Repayment on long-term debt (48,918) (13,856)
-------------- --------------
Net cash provided by financing activities 17,392 27,429
-------------- --------------
Net increase (decrease) in cash and cash equivalents 4,232 (3,254)
Cash and cash equivalents at beginning of period 4,024 7,278
-------------- --------------
Cash and cash equivalents at end of period $ 8,256 $ 4,024
============== ==============
</TABLE>
Contact Bill Booth, vice president-investor and public affairs,
or Vicki Veltkamp, manager-corporate communications
6500 Mineral Drive * Coeur d'Alene, Idaho 83814-8788
* 208/769-4100 * FAX 208/769-4159
<PAGE> 7
HECLA MINING COMPANY
Production Data
<TABLE>
<CAPTION>
Fourth Quarter Ended Year Ended
----------------------------- ----------------------------
Dec. 31, 1996 Dec. 31, 1995 Dec. 31, 1996 Dec. 31, 1995
------------- ------------- ------------- -------------
LA CHOYA UNIT
<S> <C> <C> <C> <C>
Tons of ore processed 799,971 1,258,053 3,571,047 4,031,274
Ore grade - Gold (oz./ton) 0.028 0.025 0.026 0.026
Gold produced (oz.) 20,449 26,664 80,171 72,144
Silver produced (oz.) 1,796 2,681 7,708 7,380
Average cost per ounce of gold produced:
Cash operating costs $213 $160 $190 $194
Total cash costs $214 $160 $190 $194
Total production costs $329 $268 $305 $297
AMERICAN GIRL UNIT (1) (Reflects Hecla's 47% share)
Tons of ore milled 1,413 16,457 95,560 57,400
Tons of ore to heap 25,060 110,436 329,322 725,732
Ore grade milled - Gold (oz./ton) 0.294 0.148 0.128 0.179
Ore grade to heap - Gold (oz./ton) 0.041 0.033 0.041 0.030
Gold produced (oz.) 2,748 5,504 21,214 21,489
Silver produced (oz.) 1,002 2,722 5,783 13,053
Average cost per ounce of gold produced:
Cash operating costs (1) $- - $430 $480 $413
Total cash costs (1) $- - $453 $503 $435
Total production costs (1) $- - $525 $582 $483
GROUSE CREEK (2) (Reflects Hecla's share)
Tons of ore milled 455,464 443,715 1,398,795 1,564,176
Ore grade milled - Gold (oz./ton) 0.049 0.039 0.047 0.044
Ore grade milled - Silver (oz./ton) 0.30 0.63 0.36 0.64
Gold produced (oz.) 21,337 16,353 61,400 66,887
Silver produced (oz.) 79,005 151,259 274,559 541,532
Average cost per ounce of gold produced:
Cash operating costs $346 $319 $326 $344
Total cash costs $346 $319 $326 $344
Total production costs $346 $360 $383 $493
LUCKY FRIDAY UNIT
Tons of ore milled 48,913 41,852 188,272 158,874
Ore grade milled - Silver (oz./ton) 10.77 11.18 10.26 10.85
Lead grade (%) 10.40 10.93 11.10 11.03
Zinc grade (%) 2.45 2.60 2.34 2.58
Silver produced (oz.) 496,777 461,440 1,906,333 1,662,706
Lead produced (tons) 5,167 4,475 20,971 16,967
Zinc produced (tons) 846 881 3,653 2,999
Average cost per ounce of silver produced:
Cash operating costs $4.58 $4.14 $4.24 $4.57
Total cash costs $4.58 $4.14 $4.24 $4.57
Total production costs $5.81 $5.25 $5.47 $5.76
</TABLE>
(cont.)
Contact Bill Booth, vice president-investor and public affairs,
or Vicki Veltkamp, manager-corporate communications
6500 Mineral Drive * Coeur d'Alene, Idaho 83814-8788
* 208/769-4100 * FAX 208/769-4159
<PAGE> 8
HECLA MINING COMPANY
Production Data (cont.)
<TABLE>
<CAPTION>
Fourth Quarter Ended Year Ended
----------------------------- ----------------------------
Dec. 31, 1996 Dec. 31, 1995 Dec. 31, 1996 Dec. 31, 1995
------------- -------------- ------------- -------------
GREENS CREEK (3) (Reflects Hecla's 29.73% share)
<S> <C> <C> <C> <C>
Tons of ore milled 30,580 - - 42,737 - -
Ore grade milled - Silver (oz./ton) 24.84 - - 23.61 - -
Gold grade (oz./ton) 0.12 - - 0.11 - -
Zinc grade (%) 10.21 - - 9.92 - -
Lead grade (%) 4.98 - - 4.80 - -
Silver produced (oz.) 683,190 - - 827,799 - -
Gold produced (oz.) 2,766 - - 3,086 - -
Lead produced (tons) 1,429 - - 1,689 - -
Zinc produced (tons) 3,244 - - 3,811 - -
Average cost per ounce of silver produced:
Cash operating costs (3) $- - $- - $- - $- -
Total cash costs (3) $- - $- - $- - $- -
Total production costs (3) $- - $- - $- - $- -
OTHER
Gold produced (oz.) 337 1,417 3,505 9,257
Silver produced (oz.) 21 546 2,729 17,638
(1)On September 5, 1996, Hecla announced that operations at the American Girl Joint Venture gold mine would be suspended effective
November 4, 1996. During the third quarter, Hecla recorded an approximate $7.6 million write-down of the carrying value of the
property, and a closure cost accrual totaling approximately $0.3 million. 1996 cost-per-ounce amounts reflect operations through
September 30, 1996.
(2)The ownership percentage of the Grouse Creek mine has increased to 81.06% as of December 31, 1996, compared to 80.00% at
December 31, 1995.
(3)The Greens Creek mine recommenced operations on July 29, 1996, on a start-up
basis; as such, no-cost-per ounce amounts are reported. Full production was
reached in January 1997.
</TABLE>
CAPITAL EXPENDITURES
Year Ended
--------------------------------
(dollars in thousands) Dec. 31, 1996 Dec. 31, 1995
-------------- --------------
Greens Creek (29.73%*) $ 19,031 $ 10,086
Grouse Creek (81.06%*) 3,809 6,322
Lucky Friday 2,504 1,882
American Girl 1,643 4,759
Rosebud 591 6,136
Industrial minerals 3,024 11,811
Capitalized interest 2,360 1,516
Other 769 2,796
------------- ------------
Total Capitalized $ 33,731 $ 45,308
============= ============
*Hecla's share
HEDGED GOLD POSITION
As of December 31, 1996
Min-Max options: 34,440 ounces @ Average Min. $396, Average Max. $461
Spot deferred contracts: 25,000 ounces @ $381.33
Forward contracts: 1,000 ounces @ $412.25
Total 60,440 ounces hedged
Contact Bill Booth, vice president-investor and public affairs,
or Vicki Veltkamp, manager-corporate communications
6500 Mineral Drive * Coeur d'Alene, Idaho 83814-8788
* 208/769-4100 * FAX 208/769-4159
