<PAGE> 1
================================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
______________________________
[X] Quarterly Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the period ended September 30, 1995
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 0-14329
CANYON RESOURCES CORPORATION
(a Delaware Corporation)
I.R.S. Employer Identification Number 84-0800747
14142 Denver West Parkway, Suite 250
Golden, CO 80401
(303) 278-8464
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
----- -----
Indicate the number of shares outstanding of each of the issuers classes of
common stock, as of the latest practicable date: 25,793,254 shares of the
Company's Common Stock were outstanding as of November 1, 1995.
================================================================================
<PAGE> 2
PART I FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
The following consolidated financial statements have been prepared by
Canyon Resources Corporation ("the Company") pursuant to the rules and
regulations of the Securities and Exchange Commission ("SEC"). Certain
information and footnote disclosures normally included in financial statements
prepared in accordance with generally accepted accounting principles have been
condensed or omitted pursuant to such SEC rules and regulations. In the
opinion of the Company's management, the consolidated financial statements
include all adjustments, consisting only of adjustments of a normal, recurring
nature, necessary to present fairly the financial information set forth
therein.
These consolidated financial statements should be read in conjunction with
the financial statements and accompanying notes included in the Company's Form
10-K for the year ended December 31, 1994.
<TABLE>
<S> <C>
Consolidated Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . Page 3
Consolidated Statements of Operations . . . . . . . . . . . . . . . . . Page 4
Consolidated Statements of Cash Flows . . . . . . . . . . . . . . . . . . Page 5-6
Notes to Interim Consolidated Financial Statements . . . . . . . . . . . Page 7-8
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS . . . . . . . . . . . . . . . Page 9-10
</TABLE>
<PAGE> 3
CANYON RESOURCES CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
<TABLE>
<CAPTION>
September 30, December 31,
1995 1994
------------- ------------
<S> <C> <C>
ASSETS
Cash and cash equivalents $ 6,272,300 $13,280,100
Restricted cash 1,869,000 1,869,000
Accounts receivable 595,300 520,100
Inventories 959,200 2,430,400
Prepaid and other assets 253,300 218,500
----------- -----------
Total current assets 9,949,100 18,318,100
----------- -----------
Property and equipment, at cost
Mining claims and leases 33,099,200 28,624,200
Producing properties 30,141,700 29,988,500
Other 1,248,000 566,800
----------- -----------
64,488,900 59,179,500
Accumulated depreciation and depletion (27,767,000) (27,162,000)
----------- -----------
Net property and equipment 36,721,900 32,017,500
----------- -----------
Deferred financing costs, net of amortization of $628,300 at
September 30, 1995, and $414,200 at December 31, 1994 1,103,500 1,079,600
Other assets 742,500 772,400
----------- -----------
Total Assets $48,517,000 $52,187,600
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $505,200 $847,300
Notes payable - current 240,400 276,400
Accrued taxes, other than payroll and income 454,000 757,700
Accrued reclamation costs 342,400 731,700
Deferred income taxes 245,600 245,600
Other accrued liabilities 890,200 506,400
----------- -----------
Total current liabilities 2,677,800 3,365,100
Notes payable - long term 21,462,500 22,479,900
Accrued reclamation costs 1,314,200 867,200
Other noncurrent liabilities 104,800 121,800
----------- -----------
Total Liabilities 25,559,300 26,834,000
----------- -----------
Commitments (Note 5)
Common stock ($.01 par value) 100,000,000 shares authorized; issued and out-
standing: 25,789,300 at September 30, 1995, and 25,497,100 at December 31, 1994 257,900 255,000
Capital in excess of par value 46,066,000 45,215,300
Deficit (23,366,200) (20,116,700)
----------- -----------
Total Stockholders' Equity 22,957,700 25,353,600
----------- -----------
Total Liabilities and Stockholders' Equity $48,517,000 $52,187,600
=========== ===========
</TABLE>
The accompanying notes are an integral part of these consolidated
financial statements.
3
<PAGE> 4
CANYON RESOURCES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Three months ended September 30 Nine months ended September 30,
1995 1994 1995 1994
------------ ---------- ---------- -------------
<S> <C> <C> <C> <C>
REVENUE
Sales $1,978,800 $6,703,700 $7,826,800 $14,722,500
---------- ---------- ---------- -----------
EXPENSES
Cost of sales 1,764,700 3,783,400 6,229,100 9,144,700
Depreciation, depletion, and amortization 189,000 902,900 650,900 1,722,200
Selling, general and administrative 735,700 645,600 2,585,500 1,980,900
Exploration costs 232,000 412,100 841,500 1,209,500
Abandoned mineral properties 46,900 26,100 182,500 26,100
---------- ---------- ---------- -----------
2,968,300 5,770,100 10,489,500 14,083,400
---------- ---------- ---------- -----------
OTHER INCOME (EXPENSE)
Interest income 120,500 154,600 485,800 478,100
Interest expense (404,600) (461,900) (1,237,700) (1,410,000)
Gain on sale of equipment 10,500 - 171,100 -
Other 3,900 5,900 (35,000) 4,000
---------- ---------- ---------- -----------
(269,700) (301,400) (615,800) (927,900)
---------- ---------- ---------- -----------
Income (loss) before minority interest
in consolidated subsidiaries (1,259,200) 632,200 (3,278,500) (288,800)
Minority interest in loss of consolidated
subsidiaries 8,700 - 29,000 -
---------- ---------- ---------- -----------
Net income (loss) ($1,250,500) $632,200 ($3,249,500) ($288,800)
========== ========== ========== ===========
Net income (loss) per share ($0.05) $0.02 ($0.13) ($0.01)
========== ========== ========== ===========
Weighted average shares outstanding 25,784,600 25,497,100 25,664,600 25,461,500
========== ========== ========== ===========
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
4
<PAGE> 5
CANYON RESOURCES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Nine months ended September 30,
1995 1994
----------- -----------
<S> <C> <C>
Cash flows from operating activities:
Net loss ($3,249,500) ($288,800)
Adjustments to reconcile net loss to net cash:
Depreciation, depletion, and amortization 650,900 1,722,200
Amortization of loan fees 214,100 326,500
Equity in loss of Minera Hispaniola 7,100 14,500
Abandonment loss 182,500 26,100
(Gain) on sales of assets (171,100) -
Minority interest in loss of consolidated subsidiaries (29,000) -
Other 43,500 9,500
Changes in assets and liabilities,
(Increase) in receivables (75,100) (169,000)
Decrease in inventories 1,471,200 111,800
(Increase) in prepaid and other assets (32,100) (8,800)
Increase (Decrease) in accounts payable and accrued liabilities (542,900) 178,900
Increase in other liabilities 534,700 196,900
----------- -----------
Total adjustments 2,253,800 2,408,600
----------- -----------
Net cash provided by (used in) operating activities (995,700) 2,119,800
----------- -----------
Cash flows from investing activities:
Purchases of property and equipment (5,726,900) (4,817,900)
(Decrease) in accounts payable and accrued liabilities (133,000) (385,400)
Proceeds from sale of equipment 431,900 200,000
Other 20,000 (42,300)
----------- -----------
Net cash used in investing activities (5,408,000) (5,045,600)
----------- -----------
Cash flows from financing activities:
Issuance of stock, net 28,600 164,700
Debenture conversion cost (43,500) -
Payments on debt (328,300) (1,822,300)
Payments on capital lease obligations (22,900) (30,100)
Payments on letter of credit defeasement - (286,800)
Deferred financing costs (238,000) -
----------- -----------
Net cash used in financing activities (604,100) (1,974,500)
----------- -----------
Net decrease in cash and cash equivalents (7,007,800) (4,900,300)
Cash and cash equivalents, beginning of year 13,280,100 20,166,400
----------- -----------
Cash and cash equivalents, end of period $6,272,300 $15,266,100
=========== ===========
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
5
<PAGE> 6
CANYON RESOURCES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS, continued
(Unaudited)
Supplemental disclosures of cash flow information:
1. The Company paid $716,200 of interest during the first nine month of
1995, and $754,200 during the corresponding period of 1994.
2. The Company paid no income taxes during the first nine months of 1995,
and no income taxes during the corresponding period of 1994.
Supplemental schedule of noncash investing and financing activities:
1. The Company acquired $48,600 in equipment through capital leases
during the first nine months of 1995, and $31,900 in equipment through
capital leases during the corresponding period of 1994.
2. The Company issued 61,500 shares of common stock which was valued at
$100,000 in exchange for an interest in a joint venture during the
first nine months of 1995
3. Debentures in the principal amount of $725,000 were converted into
210,100 shares of common stock during the first nine months of 1995
and $100,000 in principal were converted to 29,000 shares of common
stock during the first nine months of 1994.
The accompanying notes are an integral part of these consolidated financial
statements.
6
<PAGE> 7
CANYON RESOURCES CORPORATION
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. During interim periods, Canyon Resources follows the accounting policies
set forth in its Annual Report to Stockholders and its Report on Form 10-K
filed with the Securities and Exchange Commission. Users of financial
information produced for interim periods are encouraged to refer to the
footnotes contained in the Annual Report to Stockholders when reviewing
interim financial results.
In the opinion of management, the accompanying interim financial
statements contain all material adjustments, consisting only of normal
recurring adjustments necessary to present fairly the financial position,
the results of operations, and the changes in financial position of Canyon
Resources and its consolidated subsidiaries for interim periods. Certain
amounts in the prior period financial statements have been reclassified to
conform to the current period presentation.
2. The foregoing interim results are not necessarily indicative of the
results of operations for the full year ending December 31, 1995, since
the Kendall Mine has exhausted its supply of new ore and will be
continuing to leach gold at reduced rates throughout 1995.
3. Inventories:
Inventories consisted of the following:
<TABLE>
<CAPTION>
September 30, 1995 December 31, 1994
------------------ -----------------
<S> <C> <C>
Gold-in-process $713,400 $2,177,300
Diatomite 94,900 90,000
Materials and supplies 150,900 163,100
-------- ----------
$959,200 $2,430,400
======== ==========
</TABLE>
4. Notes Payable:
Notes payable consisted of the following at:
<TABLE>
<CAPTION>
September 30, 1995 December 31, 1994
------------------ -----------------
<S> <C> <C>
6% Debentures (a) $21,175,000 $21,900,000
Caterpillar Finance Note (b) 527,900 856,300
----------- -----------
21,702,900 22,756,300
Current portion 240,400 276,400
----------- -----------
Notes Payable - Long Term $21,462,500 $22,479,900
=========== ===========
</TABLE>
7
<PAGE> 8
4. Notes Payable, continued:
(a) On June 2, 1993, the Company sold $22.0 million of Subordinated
Convertible Debentures ($21.2 million currently outstanding) which are due June
1, 1998. Interest is payable semi-annually on June 1 and December 1 at a rate
of 6% per annum. The debentures are convertible at the option of the holder
any time into common shares at the rate of $3.45 per share. During the second
quarter of 1995, Debentures in the principal amount of $725,000 were converted
into 210,100 shares of common stock. After three years, the Company may redeem
the debentures by issuing common stock at a rate equal to 94% of the then
trading common stock price at the time of redemption, or by payment in cash at
par. Upon the occurrence of certain events, principally relating to changes in
control of the Company, each note holder has the right, at the holder's option,
to require the Company to repurchase the notes for cash at par plus accrued
interest to the repurchase date.
(b) In August 1994, the Company exercised purchase options on its leased
mining equipment at the Kendall Mine for $899,900. Caterpillar Financial
Services Corporation subsequently agreed to finance the purchase price over a
three- year period at a fixed rate of 9.5%. During the first nine months of
1995, the Company paid $49,700 of interest and reduced the principal balance by
$328,400, including a prepayment of $154,000 related to equipment which was
sold because it was no longer needed.
5. Letter of Credit Collateral:
In connection with the Company's reclamation bonding requirements at the
Kendall Mine, a Letter of Credit has been provided by a bank in the amount of
$1,869,000 in favor of the Montana State Board of Land Commissioners. The
Letter of Credit will expire no earlier than December 31, 1995, and at the
Bank's option, may be extended in three-month intervals thereafter. The
Company has fully collateralized the Letter of Credit by depositing cash in the
amount of $1,869,000 with the bank.
6. Income Taxes:
The Company has not recorded a tax benefit for the current period loss,
as a benefit is not expected to be realized during the year. A benefit is also
not expected to be realizable as a deferred tax asset at year end, as the
Company anticipates recording a full valuation allowance for all deferred tax
assets, except to the extent of offsetting reversals of expected deferred tax
liabilities.
8
<PAGE> 9
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
The Company recorded a net loss of $1,250,500, or $0.05 per share, on
revenues of $1,978,800 during the third quarter of 1995 and a net loss of
$3,249,500, or $0.13 per share, on revenues of $7,826,800 for the first nine
months of 1995. This compares to net income of $632,200 or $0.02 per share, on
revenues of $6,703,700 during the third quarter of 1994 and a net loss of
$288,000, or $0.01 per share, on revenues of $14,722,500 during the first nine
months of 1994. The current periods were impacted by lower gold production
(due to cessation of mining of new ore in January, 1995) and a higher
reclamation provision at the Kendall Mine and to higher corporate general and
administrative costs.
For the three months ended September 30, 1995, the Company sold 3,400
ounces of gold and 800 ounces of silver at an average price of $384 per
equivalent gold ounce. For the comparable period of 1994, 16,053 ounces of
gold and 4,000 ounces of silver were sold at an average price of $378 per
equivalent gold ounce. For the first nine months of 1995, 14,763 ounces of
gold and 7,886 ounces of silver were sold at an average price of $386 per
equivalent gold ounce. For the first nine months of 1994, the Company sold
34,188 ounces of gold and 16,084 ounces of silver at an average price of $374
per equivalent gold ounce.
Cost of sales at Kendall was $414 per ounce for the three months ended
September 30, 1995 and $346 per ounce for the first nine months of 1995, as
compared to $216 per ounce and $237 per ounce, respectively, for the comparable
periods in 1994. The higher unit costs are due to lower production levels and
higher provisions for the estimated cost of site restoration.
Depreciation, depletion and amortization decreased in the current periods
due to lower gold sales and a fourth quarter 1994 upward adjustment to
Kendall's remaining reserves which lowered subsequent rates per ounce sold.
Interest income was lower during the third quarter of 1995 due to lower
cash balances but not materially different for the nine-month period. Interest
expense was lower in the current periods as a gold loan was not outstanding.
Other income was higher for the nine months ended September 30, 1995 due to
gains on the sale of equipment.
LIQUIDITY & CAPITAL RESOURCES
Net cash used in operating activities during the nine months ended
September 30, 1995 was $995,700, as compared to $2,119,800 provided by
operating activities for the same period in 1994. The increased use of cash in
the current period was principally due to lower gold sales. Cash and cash
equivalents at September 30, 1995 was $6,272,300.
9
<PAGE> 10
LIQUIDITY & CAPITAL RESOURCES, continued:
The Company spent $5,726,900 on capital programs for the nine months ended
September 30, 1995, principally on the Briggs and McDonald development
projects.
Exploration efforts in 1995 utilizing company funds have been moderated in
order to ensure adequate resources to develop the Briggs project. The Company
will pursue opportunities to finance continued exploration activities through
joint ventures with other mining companies, or other means.
On July 10, 1995, the Bureau of Land Management (BLM) issued a Record of
Decision approving the Final Environmental Impact Statement (EIS) and the Plan
of Operations for the Briggs Project. Subsequent permits, comprising all
remaining discretionary permits, were issued in July and early August by the
Inyo County Planning Commission (Mining Reclamation Plan), Lahonton Regional
Water Quality Board (Waste Discharge Order), Corps of Engineers (Section 404
permit for clay borrow) and Great Basin Unified Pollution Control District (Air
Quality Authority to Construct). On July 26, 1995, appeals of the Mine
Reclamation Plan as approved by the Inyo County Planning Commission were filed
on behalf of the Timbisha Shoshone Tribe and a local environmental group. The
same groups also filed a request for a stay of the BLM's permit which approved
the Final EIS and Plan of Operations. On August 12, 1995, the Inyo County
Board of Supervisors rejected the appeal concerning the Mining Reclamation
Plan. On October 23, 1995, the Interior Board of Land Appeals denied the
request for a stay with respect to the BLM's permit.
Approximately $28.0 million in mine development, facilities construction
and working capital will be required over a seven-month period to bring the
Briggs project into production. The Company is in advanced stage negotiations
to secure financing for the project and expects a credit facility to be in
place in the fourth quarter of 1995. Development and construction will begin
immediately upon closing of the financing arrangements.
The Kendall Mine is expected to produce approximately 17,000 ounces of gold
in 1995 at direct cash operating costs of $195-$205 per ounce. Financial cost
of sales are expected in the range of $345-$355 per ounce due to reclamation
provisions and relief of capitalized costs from inventory.
10
<PAGE> 11
PART II. OTHER INFORMATION
<TABLE>
<S> <C> <C>
ITEM 1. LEGAL PROCEEDINGS: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None
ITEM 2. CHANGES IN SECURITIES: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES: . . . . . . . . . . . . . . . . . . . . . . . . . . . . None
ITEM 4. SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS: . . . . . . . . . . . . . . . . . . . None
ITEM 5. OTHER INFORMATION: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None
ITEM 6. EXHIBITS:
No. 11 - Calculation of primary and fully diluted income (loss) per share.
No. 27 - Financial Data Schedule
ITEM 6B. REPORT ON FORM 8-K: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None
</TABLE>
11
<PAGE> 12
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.
CANYON RESOURCES CORPORATION
Date: November 10, 1995 /s/ Richard T. Phillips
--------------------------------------
Richard T. Phillips
Treasurer
Date: November 10, 1995 /s/ Gary C. Huber
--------------------------------------
Gary C. Huber
Chief Financial Officer
12
<PAGE> 13
EXHIBIT INDEX
EXHIBIT NO. EXHIBIT DESCRIPTION PAGE
----------- ------------------- ----
11 Calculation of primary and fully diluted
income (loss) per share.
27 Financial Data Schedule
13
<PAGE> 1
Exhibit No. 11
CANYON RESOURCES CORPORATION
Calculation of Primary and Fully-Diluted Earnings per Share
- -----------------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
1995 1994 1995 1994
----------- -------- ----------- ----------
<S> <C> <C> <C> <C>
Primary earnings per share:
Computation for Statement of Operations
Adjustment to net income (loss) per statements
of operations to amount used in primary
earnings (loss) per share computation:
Net income (loss) ($1,250,500) $632,200 ($3,249,500) ($288,800)
Add interest on convertible
debentures, net of tax effect (B) (B) (B) (B)
----------- ---------- ----------- ----------
Net income (loss), as adjusted ($1,250,500) $632,200 ($3,249,500) ($288,800)
=========== ========== =========== ==========
Adjustment to weighted average shares
outstanding to amount used in primary
earnings (loss) per share computation:
Weighted average shares outstanding 25,784,600 25,497,100 25,664,600 25,461,500
Additional shares issuable from
assumed exercise of options and
warrants (Note A) (B) 183,500 (B) (B)
Add shares issuable from assumed
exercise of convertible debentures (B) (B) (B) (B)
----------- ---------- ----------- ----------
Primary average shares outstanding,
as adjusted 25,784,600 25,680,600 25,664,600 25,461,500
=========== ========== =========== ==========
Primary earnings (loss) per share ($0.05) $0.02 ($0.13) ($0.01)
=========== ========== =========== ==========
</TABLE>
A. This calculation is submitted in accordance with Regulation S-K item
601(b)(11) although not required by footnote 2 to paragraph 14 of APB
Opinion No. 15 because it results in dilution of less than 3%.
B. Effect is antidilutive, so amounts are not included in the earnings (loss)
per share calculation.
1
<PAGE> 2
Exhibit No. 11
CANYON RESOURCES CORPORATION
Calculation of Primary and Fully-Diluted Earnings per Share
- -----------------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
1995 1994 1995 1994
----------- -------- ----------- ----------
<S> <C> <C> <C> <C>
Fully-diluted earnings per share:
Computation for Statement of Operations
Adjustment to net income (loss) per statements
of operations to amount used in fully
diluted earnings (loss) per share computation:
Net income (loss) ($1,250,500) $632,200 ($3,249,500) ($288,800)
Add interest on convertible
debentures, net of tax effect (B) (B) (B) (B)
----------- ---------- ----------- ----------
Net income (loss), as adjusted ($1,250,500) $632,200 ($3,249,500) ($288,800)
=========== ========== =========== ==========
Adjustment to weighted average shares
outstanding to amount used in fully
diluted earnings (loss) per share computation:
Weighted average shares outstanding 25,784,600 25,497,100 25,664,600 25,461,500
Additional shares issuable from
assumed exercise of options
and warrants (Note A) (B) 199,000 (B) (B)
Add shares issuable from assumed
exercise of convertible debentures (B) (B) (B) (B)
----------- -------- ----------- ----------
Fully-diluted average shares
outstanding, as adjusted 25,784,600 25,696,100 25,664,600 25,461,500
----------- ---------- ----------- ----------
Fully-diluted ernings (loss) per share ($0.05) $0.02 ($0.13) ($0.01)
=========== ========== =========== ==========
</TABLE>
A. This calculation is submitted in accordance with Regulation S-K item
601(b)(11) although not required by footnote 2 to paragraph 14 of APB
Opinion No. 15 because it results in dilution of less than 3%.
B. Effect is antidilutive, so amounts are not included in the earnings (loss)
per share calculation.
2
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> SEP-30-1995
<CASH> 8,141,300
<SECURITIES> 0
<RECEIVABLES> 595,300
<ALLOWANCES> 0
<INVENTORY> 959,200
<CURRENT-ASSETS> 9,949,100
<PP&E> 64,488,900
<DEPRECIATION> 27,767,000
<TOTAL-ASSETS> 48,517,000
<CURRENT-LIABILITIES> 2,677,800
<BONDS> 21,462,500
<COMMON> 257,900
0
0
<OTHER-SE> 46,066,000
<TOTAL-LIABILITY-AND-EQUITY> 48,517,000
<SALES> 7,826,800
<TOTAL-REVENUES> 7,826,800
<CGS> 6,229,100
<TOTAL-COSTS> 6,229,100
<OTHER-EXPENSES> 1,674,900
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,237,700
<INCOME-PRETAX> (3,249,500)
<INCOME-TAX> 0
<INCOME-CONTINUING> (3,249,500)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (3,249,500)
<EPS-PRIMARY> (0.13)
<EPS-DILUTED> (0.13)
</TABLE>
