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, 2000 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
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(Exact Name of Registrant as Specified in its Charter)
Colorado 81-0214117
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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) 856-9271
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NONE
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(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 October 1, 2000
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Common stock, $.001 par value 3,994,027 Shares
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RUBY MINING COMPANY
Index
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
Condensed Balance Sheet -- August 31, 2000 ..............................3
Condensed Statements of Operations -- Three Months Ended
August 31, 2000 and August 31, 1999...................................4
Condensed Statements of Cash Flows -- Three Months Ended
August 31, 2000 and August 31, 1999...................................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
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RUBY MINING COMPANY
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Balance Sheet
August 31, 2000
(Unaudited)
<TABLE>
<S> <C>
ASSETS
CURRENT ASSETS:
Cash and Cash Equivalent $38,800
Other assets --
-----------
TOTAL CURRENT ASSETS 38,800
INVESTMENTS 45,700
PROPERTY AND EQUIPMENT, at cost 39,600
Less accumulated depreciation (31,700)
-----------
7,900
$92,400
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Directors' fees payable $10,400
Accounts payable - affiliates 2,700
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TOTAL CURRENT LIABILITIES: 13,100
SHAREHOLDERS' EQUITY
Common stock, $0.001 par value;
20,000,000 shares authorized.
9,000,000 shares issued and outstanding, 4,000
Additional paid-in capital 728,700
Accumulated deficit (620,200)
Unrealized Holding Loss on Investments (33,200)
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79,300
$92,400
</TABLE>
See accompanying notes to condensed financial statements.
3
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RUBY MINING COMPANY
Condensed Statements of Operations
(Unaudited)
<TABLE>
<S> <C> <C>
Three Months Ended
August 31,
---------------------------------
2000 1999
---- ----
REVENUES:
Interest $ 400 $ 400
COSTS AND EXPENSES:
General and administrative 2,600 1,600
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NET INCOME (LOSS) $ (2,200) $ (1,200)
========= -----------
EARNINGS (LOSS) PER SHARE $ * $ *
========= ===========
WEIGHTED AVERAGE NUMBER
OF SHARES OUTSTANDING 3,994,027 450,000
========= ========
* Less than $0.01 per share.
</TABLE>
See accompanying notes to condensed financial statements.
4
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RUBY MINING COMPANY
Condensed Statements of Cash Flows
(Unaudited)
<TABLE>
<S> <C> <C>
Three Months Ended
August 31,
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2000 1999
---- ----
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss $ (2,200) $ (1,200)
Adjustments to reconcile
net loss to net cash provided
by operating activities:
Decrease in other current assets -- 300
Increase in accounts payable-affiliate 2,700 1,300
----------- ----------
CASH PROVIDED BY
OPERATING ACTIVITIES 500 400
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NET INCREASE IN CASH AND
CASH EQUIVALENTS 500 400
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 38,300 36,800
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CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 38,800 $ 37,200
============ ===========
</TABLE>
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 August 31, 2000, and the Condensed
Statements of Operations and Cash Flow for three months ended August 31, 2000
and 1999, have been prepared by the Company without audit. In the opinion of the
Company, the accompanying financial statements contain all adjustments
(consisting of only normal recurring accruals) necessary to fairly present the
financial position of Company as of August 31, 2000 and the results of
operations and cash flow for the three months ended August 31, 2000 and 1999.
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 Company's May 31, 2000 Form 10-KSB.
3) The results of operations for the periods ended August 31, 2000 and
1999 are not necessarily indicative of the operating results for the full year.
6
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Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
Liquidity and Capital Resources
The Company's working capital decreased as amounts due to Company's
parent, U.S. Energy Corp. ("USE"), continued to be accrued for office and
administrative costs. The $2,300 decrease in working capital during the quarter
ended August 31, 2000 resulted in working capital of $25,700 as compared to
working capital of $28,000 at May 31, 2000.
The Company anticipates that it will be able to meet its capital
requirements for the remainder of the year ending May 31, 2001. However, the
Company must secure drilling or construction contracts in order to continue
operating long-term.
Results of Operations
The Company had no revenues from operations during the most recently
completed quarter ended August 31, 2000 or the corresponding quarter of the
prior year. The Company did however recognize $400 in interest revenue for each
of the quarters ended August 31, 2000 and August 31, 1999 on cash invested in
interest bearing accounts.
General and administrative costs increased during the quarter ended
August 31, 2000 from the same period of the previous year by $1,000. The
Company's operations resulted in a loss of $2,200 as compared to a loss of
$1,200 for the same three months of the previous year.
The Company'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 Company on
Form 8-K for the quarter ended August 31, 2000.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Company has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
RUBY MINING COMPANY
Company
Date: October 1, 2000 By: /s/ John L. Larsen
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JOHN L. LARSEN,
President
Date: October 1, 2000 By: /s/ Robert Scott Lorimer
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ROBERT SCOTT LORIMER,
Principal Financial Officer
and Chief Accounting Officer
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