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, 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
(Address of principal executive offices) (Zip Code)
- ------------------------------------------------- --------------------------
Registrant's telephone Number: (307) 856-9278
NONE
- --------------------------------------------------------------------------------
(Former name, address and 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 SEPTEMBER 30, 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 Sheets -- August 31, 1997 ............................3
Condensed Statements of Operations -- Three Months Ended
August 31, 1997 and August 31, 1996...................................4
Condensed Statements of Cash Flows -- Three Months Ended
August 31, 1997 and August 31, 1996...................................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, 1997
ASSETS
CURRENT ASSETS:
Cash $ 34,300
Other 300
----------
TOTAL CURRENT ASSETS 34,600
INVESTMENTS 130,400
PROPERTY AND EQUIPMENT, at cost
Mining equipment 39,600
Less accumulated depreciation (31,600)
----------
8,000
----------
$ 173,000
==========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Directors' fees payable $ 10,400
Accounts payable - affiliates 42,400
----------
TOTAL CURRENT LIABILITIES: 52,800
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 (563,800)
Unrealized Holding Gain on Investment 51,600
----------
120,200
----------
$ 173,000
==========
See accompanying notes to condensed financial statements.
3
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RUBY MINING COMPANY
CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended
AUGUST 31,
-----------------------------
1997 1996
---- ----
REVENUES:
Interest $ 300 $ 300
COSTS AND EXPENSES:
General and administrative 3,200 4,700
---------- ----------
NET INCOME (LOSS) $ (2,900) $ (4,400)
========== ----------
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
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RUBY MINING COMPANY
CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Three Months Ended
AUGUST 31,
-----------------------------
1997 1996
---- ----
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss $ (2,900) $ (4,400)
Adjustments to reconcile
net loss to net cash used
in operating activities:
Increase in accounts payable 3,200 4,700
---------- ----------
CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES 300 300
---------- ----------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 300 300
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 34,000 35,700
---------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 34,300 $ 36,000
========== ==========
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, 1997, the Condensed
Statements of Operations for the three months ended August 31, 1997 and 1996,
and the Condensed Statements of Cash Flows for the three months ended August 31,
1997 and 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 Registrant as of August 31, 1997 the results
of operations for the three months ended August 31, 1997 and 1996, 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, 1997 Form
10-KSB.
3) The results of operations for the periods ended August 31, 1997 and 1996
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") affiliate USECB Joint Venture
("USECB") continued to be accrued for office and administrative costs and
expense. The $2,900 decrease in working capital during the quarter ended August
31, 1997, left a working capital deficit of $18,200 as compared to a working
capital deficit of $15,300 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, 1998 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 ended August 31, 1997 or the corresponding quarter of the
prior year. The Registrant did however recognize $300 in interest revenue for
the quarter ended August 31, 1997 and August 31, 1996.
General and administrative costs decreased during the quarter ended
August 31, 1997 from the same period of the previous year by $1,500, primarily
due to a decrease in professional services, which had not yet been billed for
audit services.
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, 1997.
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: September 8, 1997 By: /s/ JOHN L. LARSEN
-------------------------------
JOHN L. LARSEN,
President
Date: September 8, 1997 By: /s/ ROBERT SCOTT LORIMER
-----------------------------
ROBERT SCOTT LORIMER,
Principal Financial Officer
and Chief Accounting Officer
8
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE RUBY MINING COMPANY FORM 10-Q FOR THE QUARTER ENDED AUGUST 31, 1997
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-31-1998
<PERIOD-START> JUN-1-1997
<PERIOD-END> AUG-31-1997
<CASH> 34,300
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 300
<CURRENT-ASSETS> 34,600
<PP&E> 39,600
<DEPRECIATION> (31,600)
<TOTAL-ASSETS> 173,000
<CURRENT-LIABILITIES> 52,800
<BONDS> 0
0
0
<COMMON> 9,000
<OTHER-SE> 111,200
<TOTAL-LIABILITY-AND-EQUITY> 120,200
<SALES> 0
<TOTAL-REVENUES> 300
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 3,200
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (2,900)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
