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
February 28, 1997 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
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(Address of principal executive offices) (Zip Code)
Registrant's telephone Number: (307) 856-9278
NONE
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(Former name, former address and former fiscal year, if changed since last
report)
Checkwhether 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 April 9, 1997
- ------------------------------- -------------------------------
Common stock, $.001 par value 9,000,000 Shares
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RUBY MINING COMPANY
INDEX
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
Condensed Balance Sheet -- February 28, 1997..........................3
Condensed Statements of Operations -- Three and Nine Months
Ended February 28, 1997 and February 29, 1996.......................4
Condensed Statements of Cash Flows -- Nine Months
Ended February 28, 1997 and February 29, 1996.......................5
Notes to Condensed Financial Statements................................6
ITEM 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations...........6-7
PART II. OTHER INFORMATION
ITEM 6. Exhibits and Reports on Form 8-K..........................7
Signatures.............................................................8
2
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RUBY MINING COMPANY
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CONDENSED BALANCE SHEET
FEBRUARY 28, 1997
ASSETS
CURRENT ASSETS:
Cash $ 33,800
Other 300
---------
TOTAL CURRENT ASSETS 34,100
INVESTMENTS 341,500
PROPERTY AND EQUIPMENT, at cost
Mining equipment 39,600
Less accumulated depreciation (31,600)
---------
8,000
---------
$ 383,600
=========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Directors' fees payable $ 10,400
Accounts payable - affiliates 37,300
---------
TOTAL CURRENT LIABILITIES: 47,700
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 (559,100)
Unrealized loss in investments 262,600
---------
335,900
---------
$ 383,600
=========
See accompanying notes to condensed financial statements.
3
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RUBY MINING COMPANY
CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended Nine Months Ended
February February
----------------------- ---------------------
28, 1997 29, 1996 28, 1997 29, 1996
-------- -------- -------- --------
REVENUES:
Interest $ 200 $ 300 $ 800 $ 900
COSTS AND EXPENSES:
General and
Administrative 2,400 (100) 9,700 9,900
------- ------- ------- -------
NET INCOME (LOSS) $(2,200) $ 400 $(8,900) $(9,000)
======= ======= ======= =======
INCOME (LOSS)
PER SHARE $ * $ * $ * $ *
======= ======= ======= =======
WEIGHTED AVERAGE
NUMBER OF SHARES
OUTSTANDING 9,000,000 9,000,000 9,000,000 9,000,000
========= ========= ========= =========
* Less than $.01 per share.
See accompanying notes to condensed financial statements.
4
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RUBY MINING COMPANY
CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine Months Ended
February
---------------------
28, 1997 29, 1996
-------- --------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss $ (8,900) $ (9,000)
Adjustments to reconcile net loss to
net cash used in operating activities:
Increase in accounts payable 7,000 9,600
-------- --------
CASH (USED IN) PROVIDE BY
OPERATING ACTIVITIES (1,900) 600
NET (DECREASE) INCREASE IN CASH
AND CASH EQUIVALENTS (1,900) 600
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 35,700 34,800
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 33,800 $ 35,400
======== ========
See accompanying notes to condensed financial statements.
5
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RUBY MINING COMPANY
NOTES TO CONDENSED FINANCIAL STATEMENTS
1) The Condensed Balance Sheet as of February 28, 1997 the Condensed
Statements of Operations for the three months and nine months ended February 28,
1997 and February 29, 1996, and the Condensed Statements of Cash Flows for the
nine months ended February 28, 1997 and February 29, 1996, 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 the
Registrant as of February 28, 1997, the results of operations for the three
months and nine months ended February 28, 1997 and February 29, 1996, and the
cash flows for the nine 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 February 28, 1997 and
February 29, 1996 are not necessarily indicative of the operating results for
the full year.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS.
LIQUIDITY AND CAPITAL RESOURCES
The Registrant's working capital decreased by $8,900 during the nine months
ended February 28, 1997 resulting in negative working capital of $13,600 a the
end of the period. The decrease in working capitl is primarily a result of a
$7,000 increase in accounts payable to affiliates for various general and
administrative expenses. Cash was reduced by $2,700 as various governmental
filing fees were paid, which was partially offset by interest earned on the
funds held in interest bearing accounts of $800 for a net decrease of cash of
$1,900.
The Registrant anticipates that it will be able to meet its capital
requirements for the remainder of the year ending May 31, 1997 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 nine months or the corresponding nine months of the prior year. The
Registrant did, however, recognize $800 and
6
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$900, respectively, in interest revenue for the nine months ended February 28,
1997 and February 29, 1996 ($200 and $300 in interest revenue for the three
month periods ended February 28, 1997 and February 29, 1996).
General and administrative costs decreased by $200 during the nine months
ended February 28, 1997 from the same period of the previous year, primarily due
to reduced operating activity. There was an increase of $2,500 in general and
administrative expenses during the three months ended February 28, 1997, as
compared to the same three months of the previous year. This increase is due to
the reversal of an accrual of professional sesrvices in an earlier quarter of
the nine months ended February 29, 1996.
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 February 28, 1997.
7
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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, hereunto duly authorized.
RUBY MINING COMPANY
(Registrant)
Date: April 9, 1997 By: s/ John L. Larsen
-------------------------
JOHN L. LARSEN,
President
Date: April 9, 1997 By: s/ Robert Scott Lorimer
-------------------------
ROBERT SCOTT LORIMER,
Principal Financial Officer
and Chief Accounting Officer
8
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<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
RUBY MINING COMPANY FORM 10-QSB FOR THE PERIOD ENDED FEBRUARY 28, 1997
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000085684
<NAME> RUBY MINING COMPANY
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-START> JUN-01-1996
<PERIOD-END> FEB-28-1997
<CASH> 33,800
<SECURITIES> 300
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 34,100
<PP&E> 39,600
<DEPRECIATION> (31,600)
<TOTAL-ASSETS> 383,600
<CURRENT-LIABILITIES> 47,700
<BONDS> 0
0
0
<COMMON> 9,000
<OTHER-SE> 326,900
<TOTAL-LIABILITY-AND-EQUITY> 383,600
<SALES> 0
<TOTAL-REVENUES> 800
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 9,700
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (8,900)
<INCOME-TAX> 0
<INCOME-CONTINUING> (8,900)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (8,900)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
