<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
F O R M 10-Q
-------------
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1997
--------------
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 0-6202-2
--------
Nord Resources Corporation
-----------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 85-0212139
------------------------------- ------------------------------------
(State or other jurisdiction (I.R.S. Employer Identification No.)
of incorporation or organization)
8150 Washington Village Drive, Dayton Ohio 45458
- ------------------------------------------ -----
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (937) 433-6307
--------------
Not Applicable
------------------------
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 twelve 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
--- ---
Common shares outstanding as of April 18, 1997: 21,843,058
<PAGE>
NORD RESOURCES CORPORATION
AND SUBSIDIARIES
INDEX
PAGE
NUMBER
------
PART I. FINANCIAL INFORMATION:
ITEM 1. Condensed Financial Statements:
Balance Sheets - March 31, 1997 and
December 31, 1996 1
Statements of Operations - Quarters ended
March 31, 1997 and 1996 2
Statements of Cash Flows -
Quarters ended March 31, 1997 and 1996 3
Notes to Condensed Financial Statements 4-9
ITEM 2. Management's Discussion and Analysis
of Financial Condition and Results of
Operations 10-12
PART II. OTHER INFORMATION:
ITEM 1. Legal Proceedings 13
ITEM 2-5. Inapplicable 13
ITEM 6. Exhibits and Reports on Form 8-K 13
<PAGE>
NORD RESOURCES CORPORATION AND SUBSIDIARIES
CONDENSED BALANCE SHEETS
(In Thousands)
ASSETS
------
MARCH 31, DECEMBER 31,
1997 1996
-------- ------------
CURRENT ASSETS:
Cash and Cash Equivalents $ 11,311 $ 15,583
Restricted Investments - available for sale 2,385 2,376
Accounts Receivable 146 179
Prepaid Expenses 308 163
Net Assets of Discontinued Operations 10,266 9,766
--------- ---------
TOTAL CURRENT ASSETS 24,416 28,067
INVESTMENTS IN AND ADVANCES TO AFFILIATES 11,645 9,840
INVESTMENT IN SRL 69,345 67,552
PROPERTY, PLANT AND EQUIPMENT, net 23 27
OTHER ASSETS 5,078 4,817
-------- --------
$110,507 $110,303
-------- --------
-------- --------
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
CURRENT LIABILITIES:
Accounts Payable $ 123 $ 77
Accrued Expenses 411 539
Unearned Revenue 1,500 1,500
Obligations to Lenders - SRL 22,187 21,620
-------- ---------
TOTAL CURRENT LIABILITIES 24,221 23,736
RETIREMENT BENEFITS 7,253 6,987
STOCKHOLDERS' EQUITY:
Common Stock 218 218
Additional Paid-in Capital 77,960 77,950
Retained Earnings 717 1,274
Cumulative Foreign Currency
Translation Adjustment 281 281
Minimum Pension Liability (143) (143)
-------- --------
79,033 79,580
-------- --------
$110,507 $110,303
-------- --------
-------- --------
See notes to condensed financial statements
1
<PAGE>
NORD RESOURCES CORPORATION AND SUBSIDIARIES
CONDENSED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Amounts)
QUARTERS ENDED
MARCH 31
-----------------------
1997 1996
-------- ---------
GENERAL AND ADMINISTRATIVE EXPENSES AND $ (954) $ (938)
(LOSS) FROM OPERATIONS
OTHER INCOME (EXPENSE):
Interest Income 408 145
Interest Expense (31) (35)
Litigation Recoveries 150
Equity in Net Earnings of Affiliate 20 4
-------- ---------
TOTAL OTHER INCOME (EXPENSE) 397 264
-------- ---------
(LOSS) FROM CONTINUING OPERATIONS (557) (674)
(LOSS) FROM DISCONTINUED OPERATIONS (1,443)
-------- ---------
NET (LOSS) $ (557) $(2,117)
-------- ---------
-------- ---------
(LOSS) PER COMMON AND COMMON EQUIVALENT SHARE:
From Continuing Operations $ (.03) $ (.04)
From Discontinued Operations (.09)
-------- ---------
Net (Loss) $ (.03) $ (.13)
-------- ---------
-------- ---------
AVERAGE SHARES 21,840 15,838
-------- ---------
-------- ---------
See notes to condensed financial statements
2
<PAGE>
NORD RESOURCES CORPORATION AND SUBSIDIARIES
CONDENSED STATEMENTS OF
CASH FLOWS
(In Thousands)
QUARTERS ENDED
MARCH 31
-----------------------
1997 1996
-------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (Loss) $ (557) $ (2,117)
Adjustments to reconcile net (loss) to
net cash (used in) operating activities:
Changes in Assets and Liabilities 71 98
Loss from Discontinued Operations 1,443
Depreciation and Amortization 7 11
Equity in Net (Earnings) of affiliate (20) (4)
Net Cash (Used in) Discontinued Operations (500) (3,052)
-------- ---------
Net Cash (Used In) Operating Activities (999) (3,621)
-------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
Net Cash from Sale of Fixed Assets 66
Additions to Other Assets (263) (64)
Increase in Investments in and Advances
to Affiliates (1,785) (30)
Increase in Investment in SRL (1,226) (359)
-------- ---------
Net Cash (Used In) Investing Activities (3,274) (387)
-------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
Stock Option Activity 10
Restricted Cash and Investments (9) 4
-------- ---------
Net Cash Provided by Financing Activities 1 4
-------- ---------
(DECREASE) IN CASH AND CASH
EQUIVALENTS (4,272) (4,004)
CASH AND CASH EQUIVALENTS -
BEGINNING OF PERIOD 15,583 6,026
-------- ---------
CASH AND CASH EQUIVALENTS -
END OF PERIOD $11,311 $ 2,022
-------- ---------
-------- ---------
See notes to condensed financial statements
3
<PAGE>
NORD RESOURCES CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED FINANCIAL STATEMENTS
QUARTERS ENDED MARCH 31, 1997 AND 1996
1. FINANCIAL STATEMENTS
The balance sheet at December 31, 1996 is condensed financial information
taken from the financial statements, which are audited, but the
independent auditors report included a disclaimer of opinion for an
uncertainty relating to the ability of the Company to continue as a going
concern. The interim financial statements are unaudited. In the opinion
of management, all adjustments, which consist of normal recurring
adjustments necessary to present fairly the financial position and results
of operations for the interim periods presented have been made. The
results shown for the first quarter of 1997 are not necessarily indicative
of the results that may be expected for the entire year.
In February 1997, the Financial Accounting Standard Board issued SFAS No.
128, "Earnings Per Share," which is effective for the Company at December
31, 1997. SFAS No. 128 establishes standards for computing and presenting
earnings per share. It replaces the presentation of primary earnings per
share with a presentation of basic earnings per share. It also requires
dual presentation of basic and diluted earnings per share for entities
with complex capital structures. As the Company incurred a loss in the
first quarter of 1997 and 1996, the adoption of SFAS No. 128 will have no
effect on the Company's financial statements for the period ended March
31, 1997 and 1996.
Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted. It is suggested
that these financial statements be read in conjunction with the financial
statements and notes thereto included in the Company's December 31, 1996
annual report to shareholders.
2. BASIS OF PRESENTATION
The consolidated financial statements include the accounts of Nord
Resources Corporation, and its 50% interest in a rutile mining operation
("SRL") (collectively the "Company"). All significant intercompany
transactions and balances are eliminated.
SRL as used in these financial statements includes Sierra Rutile Holdings,
Sierra Rutile Limited (the mining operation) and other subsidiaries of the
Company and
4
<PAGE>
Sierra Rutile Holdings that are economically dependent on the mining
operation. As a result of the situation described in Note 3, the
Company's 50% investment in SRL is carried at the cost basis of accounting
in the consolidated balance sheets.
Investments in 20% to 40%-owned affiliates and joint ventures are carried
using the equity method.
On an interim basis, all costs subject to recurring year-end adjustments
have been estimated and allocated ratably to the quarters. Income taxes,
if necessary, have been provided based on the estimated tax rate for the
respective years after excluding infrequently occurring items whose
specific tax effect is reported during the same interim period as the
related transaction.
The accompanying condensed financial statements have been prepared on a
going concern basis, which contemplates the realization of assets and the
satisfaction of liabilities in the normal course of business. The
financial statements do not contain any adjustments that might be
necessary should the Company be unable to continue as a going concern.
Certain reclassifications have been made to the March 31, 1996 and
December 31, 1996 financial statements to conform to the classifications
used in 1997.
3. INVESTMENT IN SRL
In January 1995, the Company's 50% owned rutile mining operation in Sierra
Leone was attacked by non-government forces. As a result, SRL was forced
to suspend mining operations and subsequently terminated all nonessential
personnel. The resumption of operations is dependent upon many conditions
including (1) Sierra Leone having an acceptable political environment
within which to operate, (2) SRL having adequate levels of security in and
around the minesite area, (3) SRL completing an accurate assessment of the
cost of resuming operations, (4) SRL successfully renegotiating its
operating agreements with the government of Sierra Leone and (5) SRL
obtaining adequate levels of financing at acceptable terms. Cost of
resuming operations includes repair or replacement of assets which have
incurred damage and deterioration during the period of suspension of
operations and costs to reestablish and train a workforce, replenish
supplies and restore and recommission facilities. Until SRL personnel can
complete a detailed assessment of the condition of SRL's assets, it is not
possible to accurately estimate these costs. There is no certainty that
adequate financing would be available to fund the above noted costs,
although management of the Company, SRL and the other 50% owner of SRL are
engaged in advanced discussions with
5
<PAGE>
potential financing sources. The Company is not yet able to determine
when operations will resume at the Sierra Leone mine. If the above noted
conditions for resuming operations in Sierra Leone are not satisfied, the
Company may have to record an impairment reserve against a significant
portion or possibly all of its investment in SRL.
Prior to December 31, 1994, the Company proportionately consolidated its
share in each of the assets, liabilities and operations of SRL. As of
December 31, 1994, the Company adopted the cost basis of accounting for
its investment in SRL because the mine was no longer controlled by SRL.
The Company's investment includes original cost plus undistributed
earnings through December 31, 1994 plus SRL obligations to lenders,
payment of which is guaranteed by the Company, less any related restricted
cash.
The Company intends to resume proportional consolidation for its 50% share
in each of the assets, liabilities and operations of SRL once SRL
reestablishes its operations. At that time, the Company will recognize
its share of SRL's operating results since January 1, 1995 in its
statement of operations. If the Company had resumed proportional
consolidation at March 31, 1997, it would have recognized $13,358,000 as
its share of SRL's operating loss since January 1, 1995.
During the quarter ended March 31, 1997 the Company contributed $1,226,000
as its 50% share of funding for SRL's cash needs, primarily to satisfy
vendor payments, to fund ongoing operational needs of SRL and for certain
costs related to the SRL mine rehabilitation program.
Summarized financial data for the Company's 50% share of SRL's operations
are as follows:
Quarters Ended
March 31,
------------------------
1997 1996
--------- ---------
(in thousands)
Revenues $ 492 $ 481
Less Costs and Expenses:
Cost of Sales 272 36
Selling, General and Administrative 1,094 493
Other Expense 738 486
Income Tax Expense 18 6
--------- -------
Net (Loss) $ (1,630) $ (540)
--------- ---------
--------- ---------
6
<PAGE>
Included in revenues for 1996 is $409,000 received in an insurance
settlement from claims made for costs related to the evacuation of the SRL
operations in Sierra Leone. The increase in selling, general and
administrative costs in 1997 compared to 1996 is primarily related to
security costs incurred in 1997 and increased activity related to
commencement of the mine rehabilitation program. An impairment reserve of
$3,000,000 was recorded in the first quarter of 1995 as the Company's 50%
share of damage to assets. The Company will likely record an additional
impairment reserve when a more extensive damage assessment can be
performed. Although SRL will incur costs to restart the operations, the
amount of an additional impairment and costs to restart the operations,
cannot be estimated currently. If adequate security in and around SRL's
operations is not attainable or the estimated costs of resuming SRL's
operations in Sierra Leone are prohibitive, the Company may have to record
an impairment reserve against a portion or possibly all of its investment
in SRL.
4. INDEBTEDNESS
As a result of the suspension of its mining operations resulting from
civil disturbances in January 1995, SRL is not in compliance with certain
financial and operational covenants under its financing agreements. The
lenders have agreed to forebear from accelerating the maturities of the
loans or enforcing their rights against any collateral until July 1, 1997
to allow SRL time to determine the damage to the mining operations, assess
the political situation in Sierra Leone and develop and present a plan for
refinancing, rehabilitating and reopening the mining operation. The
forebearance agreement would terminate if there is a material change in
circumstances. As of March 31, 1997 and December 31, 1996, amounts due
the lenders by SRL have been classified in the balance sheet as a current
liability.
The financing agreements contain restrictive covenants relating to SRL
including requirements to maintain minimum current and debt coverage
ratios and a limit on indebtedness compared to net worth and a limit on
the amount of dividends. Additional covenants under these agreements
include restrictions on change of control of SRL and limitations on
additional indebtedness at SRL.
Separately, as a condition to the forebearance and as security for its
guarantee, the Company has pledged proceeds it may receive from claims
made under a political risk insurance policy issued by an agency of the
United States government. The Company will be able to retain the first
$2.7 million of the proceeds. Any additional proceeds will be held in
trust and funds will be released from the trust when the Company's 50%
share of the deferred principal payments have been made and no events of
default exist under the financing agreements.
7
<PAGE>
5. DISCONTINUED OPERATIONS
On April 23, 1997 the Company sold substantially all the assets (except
cash and accounts receivable) of its 80% owned subsidiary, Nord Kaolin
Company ("NKC"), for $20 million less $735,000 relating to certain
accruals assumed by the purchaser. Under the sale agreement, the Company
is responsible for the payment of a majority of the liabilities of NKC.
At December 31, 1996 the Company recorded a loss on disposal of
$18,912,000 and a provision for operating losses to disposal date of
$2,500,000. The Company expects to realize $10.3 million in cash from
this sale (after payment of NKC's liabilities and other liabilities
incurred as a result of the transaction), of which $6.3 million was
received at closing. The remaining amount is expected to be realized in
the second quarter of 1997. In addition, the restriction on use of $2.4
million of investments, previously used to secure payment of certain of
NKC's liabilities, has been removed.
Sales of $7.1 million and $8.4 million and the respective cost of sales,
selling, general and administrative expenses and interest expense for the
quarters ended March 31, 1997, and 1996, respectively, have been
reclassified from continuing operations in the statement of operations and
are included in the loss from discontinued operations. During the first
quarter of 1997, the Company charged $1,771,000 against the provision for
operating losses to disposal date.
The assets (liabilities) of discontinued operations are summarized as
follows:
March 31, December 31,
1997 1996
--------- ------------
(in thousands)
Current Assets $ 8,492 $ 9,071
Plant and equipment and deferred charges 19,485 20,237
Other current liabilities (13,459) (13,475)
Accrued transaction costs (1,611) (1,611)
Estimated operating losses to disposal date (729) (2,500)
Long-term liabilities (1,912) (1,956)
--------- ------------
Net Assets of Discontinued Operations $ 10,266 9,766
--------- ------------
--------- ------------
8
<PAGE>
6. NET (LOSS) PER COMMON AND COMMON EQUIVALENT SHARE
Net (loss) per common share and common equivalent share is computed by
dividing net (loss) by the weighted average number of common shares
outstanding during the period adjusted for the dilutive effect of common
share equivalents when applicable.
7. EQUITY IN NET (LOSS) OF AFFILIATE
The Company has a 35% interest in Nord Pacific Limited at March 31, 1997.
Summary financial data for the operations of Nord Pacific Limited for the
periods are as follows:
Quarters Ended
March 31,
------------------------
1997 1996
--------- ---------
(in thousands)
Sales $ 3,936 $ 3,210
Less costs and expenses (3,409) (3,102)
Foreign currency transaction gain (loss) 31 (43)
Forward currency exchange contracts
gain (loss) (170) 384
Copper contracts gain (loss) 232 (301)
Other income 37 65
Provision for taxes (700) (300)
--------- ---------
Net (loss) $ (43) $ (87)
--------- ---------
--------- ---------
The Company's share of the net (loss) for the quarters ended March 31,
1997 and 1996 was $(15,000) and $(31,000), respectively.
8. LITIGATION
The Company has reached settlements with all defendants in SRL's action
against those allegedly responsible for certain allegedly improper and
fraudulent transactions against SRL which occurred prior to 1991. The
financial statements of the Company for the quarter ended March 31, 1996
include a final payment of $150,000 in other income in connection with
these settlements.
9
<PAGE>
ITEM 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION ACT OF 1995.
The statements contained in this report which are not historical fact are
"forward looking statements" that involve various important risks, uncertainties
and other factors which could cause the Company's actual results for 1997 and
beyond to differ materially from those expressed in such forward looking
statements. These factors include, without limitation, the risks and factors
set forth below as well as other risks previously disclosed in the Company's
securities filings.
LIQUIDITY AND CAPITAL RESOURCES
Cash decreased from $15.6 million at December 31, 1996 to $11.3 million at March
31, 1997. The Company's administrative activities required $479,000 in cash
during the first quarter of 1997 while $500,000 was used to fund the
discontinued kaolin segment. Cash of $263,000 was used for additions to other
assets and $1.2 million was advanced to SRL and $1.8 million was advanced to
Nord Pacific during the first quarter of 1997.
The Company has made available, at its discretion, two demand loans for up to $1
million each to Nord Pacific Limited ("Pacific"), one for operating needs and
one for funding an escrow account required by a lender to Pacific. During the
first quarter of 1997 the Company advanced $1.8 million to Pacific and at March
31, 1997 the Company was owed $3.0 million by Pacific. If Pacific is successful
in completing a public offering of its common stock in Canada, the Company has
agreed to purchase that number of additional shares of common stock from Pacific
so that it would maintain approximately a 30% interest in Pacific. The Company
estimates that the purchase price could approximate $4.5 million. Any amount
owed by Pacific at the date the above offering is completed will be used by the
Company to pay a portion of the purchase price.
On April 23, 1997, the Company completed the sale of substantially all of the
assets of Nord Kaolin Company ("NKC"). After collection of NKC's accounts
receivable and settlement of NKC's liabilities and other liabilities incurred as
a result of this transaction, the Company received $6.3 million on April 23,
1997 and anticipates that during the second quarter of 1997 it will receive an
additional $4.0 million of net proceeds as a result of this transaction. In
addition, the restriction on use of $2.4 million of investments, previously used
to secure payment of certain of NKC's liabilities, has been removed.
With the sale of the kaolin operations, the Company's business consists of
a 50% ownership in SRL and a 35% ownership in Pacific. The Company anticipates
that its cash balances, including cash received from the sale of the kaolin
assets, will be
10
<PAGE>
sufficient to fund its administrative activities for the foreseeable future.
The Company has not made any commitment to provide funds to Pacific other
than the current demand loans outstanding and does not anticipate that it
will be requested to provide any additional funding to Pacific, once Pacific
completes the aforementioned public offering. However, the Company expects to
be required to fund SRL's cash needs as described below.
Due to the suspension of its operations, SRL has relied and will continue
to rely on funds from the Company and its other 50% owner to sustain its
operations. Funds are expected to continue to be required by SRL for
maintaining a limited workforce, payment of vendors, costs of security at the
mine and interest on loans outstanding. The Company has sufficient funds to
continue funding SRL for these purposes for the foreseeable future; however, it
is the Company's and SRL's intention to continue with plans for resumption of
SRL's operations. Among other key factors in that process is the availability
of adequate levels of funding. SRL's preliminary projections indicate that it
may require approximately $90 million through 1998 for asset rehabilitation,
completion of a new powerhouse and dredge, mine development and working capital.
SRL has held advanced discussions with its current lenders and other lending
sources to determine if funds would be available from these sources to fund the
major portion of the above requirements. The Company cannot determine if any
additional funding will be available at terms which would be acceptable to SRL
and the Company. To the extent funds are not available from these or other
sources, the Company would be required to contribute its 50% share of SRL's cash
requirements. However, the Company would likely not be able to fund a
significant amount to SRL without obtaining capital from other sources. One
source of cash could be from the payment of claims which have been and will be
made by the Company under an insurance policy covering damage to assets at SRL
due to political violence, as described below. SRL has begun various aspects of
its planned rehabilitation program. The Company's share of funds which has been
committed for these efforts is $4.5 million, which is expected to be funded to
SRL through June 1997. These funds are expected to be available from the
Company's cash balances.
A result of the suspension of the SRL operations is that SRL is not in
compliance with certain financial and operational covenants under its bank
financing agreements. At March 31, 1997, the Company's 50% share of SRL's
obligations to the lenders is $22.2 million, payment of which has been
guaranteed by the Company. The lenders have agreed to forebear through July 1,
1997 (extended from January 1, 1997) from accelerating payment of the
outstanding indebtedness, to enable SRL to assess its future operating
alternatives. The forebearance would terminate if a material change in
conditions occurs, as determined by the lenders, and requires SRL to expend at
least $500,000 each quarter to pay for its liabilities and purchases. In
addition to discussing the availability of additional financing from these
lenders, SRL has discussed revision of the terms of the present financing
agreements, including deferral of payments to beyond 1999. SRL and the Company
are not able to determine the willingness of the lenders to approve any
modification of the present loan terms beyond July 1, 1997, at
11
<PAGE>
which date payment of the entire amount of the loans outstanding could be
demanded by the lenders.
The Company has filed a claim for damage due to political violence at SRL
under a political risk insurance policy which has a coverage limit of $15.7
million. Additional documents and proof of loss are required to be filed as
more information becomes available as to damage at the mine and the cost to
repair equipment. The Company has received a $1.5 million provisional payment
from the insurer; however, it is not able to estimate the total amount or timing
of any future payments which may be received from claims under this policy. The
Company is obligated to return any or all of this amount if it does not comply
with certain provisions with respect to its efforts to repair damage at SRL or
if the final amount of damage is less than that amount. The Company has pledged
any proceeds in excess of $2.7 million it may receive under this policy as
security under the bank financing agreements.
RESULTS OF OPERATIONS
The Company incurred a net loss from continuing operations of $557,000 and
$674,000 in the quarters ended March 31, 1997 and 1996, respectively. Since the
Company has adopted the cost basis of accounting for its investment in the
rutile segment, the results do not include any amounts relating to its
operations. Selling, general and administrative expense in the first quarter of
1997, which comprised the majority of the Company's loss, were comparable to the
level of expenses incurred in 1996. Interest income increased in 1997 compared
to 1996 due primarily to a higher level of funds available for investment in
1997.
12
<PAGE>
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None.
ITEMS 2-5.
Inapplicable.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits required by Item 601 of Regulation S-K.
Exhibit No. Description
----------- -----------
27 Financial Data Schedule
13
<PAGE>
Signature
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.
NORD RESOURCES CORPORATION
(Registrant)
s/Terence H. Lang
--------------------------------
Terence H. Lang
Senior Vice President - Finance
(Principal Financial Officer and
Authorized Officer)
DATE: May 14, 1997
14
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORD
RESOURCES CORPORATION FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 1997 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 11,311
<SECURITIES> 0
<RECEIVABLES> 146
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 24,416
<PP&E> 565
<DEPRECIATION> 542
<TOTAL-ASSETS> 110,507
<CURRENT-LIABILITIES> 24,221
<BONDS> 0
0
0
<COMMON> 218
<OTHER-SE> 78,815
<TOTAL-LIABILITY-AND-EQUITY> 110,507
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 954
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 31
<INCOME-PRETAX> (557)
<INCOME-TAX> 0
<INCOME-CONTINUING> (557)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (557)
<EPS-PRIMARY> (.03)
<EPS-DILUTED> 0
</TABLE>
