FORM 10-QSB
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
[X] Quarterly report pursuant to section 13 or 15(d) of the
Securities Exchange Act of 1934 For the fiscal quarter ended
August 31, 1996 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 0-7501
RUBY MINING COMPANY
- -----------------------------------------------------------------
(Exact Name of Registrant as Specified in its Charter)
Colorado 81-0214117
- ---------------------------------------- --------------------
State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
877 North 8th West, Riverton, WY 82501
- ---------------------------------------- --------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone Number: (307) 856-9278
NONE
- -----------------------------------------------------------------
(Former name, former address and former fiscal year, if changed
since last report)
Check whether the Registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities and
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
----- -----
State the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
Class Outstanding at Sept. 30, 1996
- ------------------------------- -------------------------------
Common stock, $.001 par value 9,000,000 Shares
<PAGE>
RUBY MINING COMPANY
Index
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
Condensed Balance Sheets -- August 31, 1996 . . . . . . . .3
Condensed Statements of Operations -- Three Months Ended
August 31, 1996 and August 31, 1995 . . . . . . . . . . . .4
Condensed Statements of Cash Flows -- Three Months Ended
August 31, 1996 and August 31, 1995 . . . . . . . . . . . .5
Notes to Condensed Financial Statements . . . . . . . . . . .6
ITEM 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations. . . .7
PART II. OTHER INFORMATION
ITEM 6. Exhibits and Reports on Form 8-K . . . . . . . . . .7
Signatures. . . . . . . . . . . . . . . . . . . . . . . . . .8
2
<PAGE>
RUBY MINING COMPANY
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Balance Sheets
August 31, 1996
ASSETS
CURRENT ASSETS:
Cash $ 36,000
Other 300
---------
TOTAL CURRENT ASSETS 36,300
INVESTMENTS 341,500
PROPERTY AND EQUIPMENT, at cost
Mining equipment 39,600
Less accumulated depreciation (31,600)
---------
8,000
---------
$ 385,800
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Directors' fees payable $ 10,400
Accounts payable - affiliates 35,000
---------
TOTAL CURRENT LIABILITIES: 45,400
SHAREHOLDERS' EQUITY
Common stock, $0.001 par value;
authorized, 20,000,000 shares;
issued and outstanding,
9,000,000 shares 9,000
Additional paid-in capital 623,400
Accumulated deficit (554,600)
Unrealized Holding Gain on Investment 262,600
---------
340,400
---------
$ 385,800
See accompanying notes to condensed financial statements.
3
<PAGE>
RUBY MINING COMPANY
Condensed Statements of Operations
(Unaudited)
Three Months Ended
August 31
-------------------------
1996 1995
---------- ----------
REVENUES:
Interest $ 300 $ 300
COSTS AND EXPENSES:
General and administrative 4,700 5,900
--------- ---------
NET INCOME (LOSS) $ (4,400) $ (5,600)
========= =========
EARNINGS (LOSS) PER SHARE $ * $ *
WEIGHTED AVERAGE NUMBER
OF SHARES OUTSTANDING 9,000,000 9,000,000
========= =========
* Less than $0.01 per share.
See accompanying notes to condensed financial statements.
4
<PAGE>
RUBY MINING COMPANY
Condensed Statements of Cash Flows
(Unaudited)
Three Months Ended
August 31
-------------------------
1996 1995
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss $ (4,400) $ (5,600)
Adjustments to reconcile
net loss to net cash used
in operating activities:
Increase in accounts payable 4,700 5,800
--------- ---------
CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES 300 200
--------- ---------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 300 200
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 35,700 34,800
--------- ---------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 36,000 $ 35,000
========= =========
See accompanying notes to condensed financial statements.
5
<PAGE>
RUBY MINING COMPANY
Notes to Condensed Financial Statements
1) The Condensed Balance Sheet as of August 31, 1996, the
Condensed Statements of Operations for the three months ended
August 31, 1996 and 1995, and the Condensed Statements of Cash
Flows for the three months ended August 31, 1996 and 1995, have
been prepared by the Registrant without audit. In the opinion of
the Registrant, the accompanying financial statements contain all
adjustments (consisting of only normal recurring accruals)
necessary to fairly present the financial position of Registrant as
of August 31, 1996 the results of operations for the three months
ended August 31, 1996 and 1995, and the cash flows for the three
months then ended.
2) 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 Registrant's May 31, 1996 Form 10-KSB.
3) The results of operations for the periods ended August
31, 1996 and 1995 are not necessarily indicative of the operating
results for the full year.
6
<PAGE>
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations.
Liquidity and Capital Resources
The Registrant's working capital continued to decrease, as
amounts due to Registrant's parent, U.S. Energy Corp. ("USE")
continued to be accrued for office and administrative costs and
expense. The $4,400 decrease in working capital during the quarter
left a working capital deficit of $9,100 at August 31, 1996.
The Registrant anticipates that it will be able to meet its
capital requirements for the remainder of the year ending May 31,
1996 as USE has not made demand on amounts due it. However, the
Registrant must secure drilling or construction contracts, or
negotiate a way to retire debt to its directors and parent company
in order to continue operating long-term.
Results of Operations
The Registrant had no revenues from operations during the most
recently completed quarter or the corresponding quarter of the
prior year. The Registrant did however recognize $300 in interest
revenue for the quarter ended August 31, 1996 and August 31, 1995.
General and administrative costs decreased during the quarter
ended August 31, 1996 from the same period of the previous year by
$1,200, primarily due to reduced operating activity.
The Registrant's operations consist primarily of
administrative activities associated with the preparation of
various reports and documents as required by law.
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits. None.
(b) Reports on Form 8-K. There were no reports filed by the
Registrant on Form 8-K for the quarter ended August 31, 1996.
7
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, hereunto duly authorized.
RUBY MINING COMPANY
(Registrant)
Date: October 2, 1996 By: s/ John L. Larsen
-------------------------
JOHN L. LARSEN,
President
Date: October 2, 1996 By: s/ Robert Scott Lorimer
-------------------------
ROBERT SCOTT LORIMER,
Principal Financial Officer
and Chief Accounting Officer
8
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
RUBY MINING COMPANY FORM 10-QSB FOR THE QUARTER ENDED AUGUST 31, 1996
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000085684
<NAME> RUBY MINING COMPANY
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-END> AUG-31-1996
<CASH> 36,000
<SECURITIES> 341,500
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 300
<CURRENT-ASSETS> 36,300
<PP&E> 39,600
<DEPRECIATION> (31,600)
<TOTAL-ASSETS> 385,800
<CURRENT-LIABILITIES> 45,400
<BONDS> 0
0
0
<COMMON> 9,000
<OTHER-SE> 331,400
<TOTAL-LIABILITY-AND-EQUITY> 385,800
<SALES> 0
<TOTAL-REVENUES> 300
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 4,700
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (4,400)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (4,400)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
