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
November 30, 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 Company as Specified in its Charter)
Colorado 83-0214117
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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)
Company's telephone Number: (307) 856-9271
NONE
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(Former name, former address and former fiscal year, if changed since
last report)
Check whether the Company: (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 Company was required to
file such reports), and (2) has been subject to such filing requirements for the
past 90 days.
YES X NO
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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 January 5, 2001
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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 -- November 30, 2000..........................3
Condensed Statements of Operations -- Three and Six Months
Ended November 30, 2000 and 1999......................................4
Condensed Statements of Cash Flows -- Six Months
Ended November 30, 2000 and 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 2. Changes in Securities and Use of Proceeds......................7
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
November 30, 2000
(Unaudited)
<TABLE>
<S> <C>
ASSETS
CURRENT ASSETS:
Cash $ 39,200
INVESTMENTS 45,700
PROPERTY AND EQUIPMENT, at cost
Mining equipment 39,600
Less accumulated depreciation (31,700)
---------
7,900
---------
$ 92,800
=========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable - affiliates $ 7,500
Directors' fees payable 10,400
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TOTAL CURRENT LIABILITIES: 17,900
SHAREHOLDERS' EQUITY
Common stock, $0.001 par value;
authorized, 20,000,000 shares;
issued and outstanding,
20,000,000 shares 4,000
Additional paid-in capital 728,800
Accumulated deficit (624,700)
Unrealized loss in investments (33,200)
---------
74,900
---------
$ 92,800
=========
</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> <C> <C>
Three Months Ended Six Months Ended
November 30, November 30,
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2000 1999 2000 1999
---- ---- ---- ----
REVENUES:
Interest $ 400 $ 400 $ 800 $ 800
COSTS AND EXPENSES:
General and
Administrative 4,900 11,400 7,500 13,100
------- --------- -------- --------
NET INCOME (LOSS) $(4,500) $(11,000) $(6,700) $(12,300)
======== ========= ======== ========
INCOME (LOSS)
PER SHARE $ * $( 0.02) $ * $ ( 0.04)
======== ========= ======== ========
WEIGHTED AVERAGE
NUMBER OF SHARES
OUTSTANDING 3,994,027 450,000 3,994,027 326,250
========== ========= ========= ========
* Less than $.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>
Six Months Ended
November 30,
-------------------------
2000 1999
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss $ (6,700) $(12,300)
Adjustments to reconcile net loss to
net cash used in operating activities:
Increase (decrease) in accounts payable 7,500 (12,800)
Decrease in other assets - 300
-------- --------
CASH PROVIDED BY
OPERATING ACTIVITIES 800 800
NET INCREASE IN CASH
AND CASH EQUIVALENTS 800 800
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 38,400 36,800
--------- ---------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 39,200 $ 37,600
========= =========
</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 November 30, 2000 the Condensed
Statements of Operations for the six and three months ended November 30, 2000
and 1999 and the Condensed Statements of Cash Flows for the six months ended
November 30, 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 the Company as of November 30, 2000, the
results of operations for the six and three months ended November 30, 2000 and
1999 and its cash flows for the six months ended November 30, 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 November 30, 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 $6,700 decrease in working capital during the six months ended
November 30, 2000 resulted in working capital of $21,300 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 six months ended November 30, 2000 or the corresponding quarter of the
prior year. The Company did however recognize $800 in interest revenue for each
of the six month periods ended November 30, 2000 and November 30, 1999 on cash
invested in interest bearing accounts.
General and administrative costs decreased during the six months ended
November 30, 2000 from the same period of the previous year by $5,600. The
decrease is primarily from the Company not preparing proxy statements during the
current fiscal year. The Company's operations resulted in a loss of $6,700 as
compared to a loss of $12,300 for the same six 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 November 30, 2000.
7
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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: January 5, 2001 By: /s/ John L. Larsen
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JOHN L. LARSEN,
President
Date: January 5, 2001 By: /s/ Robert Scott Lorimer
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ROBERT SCOTT LORIMER,
Principal Financial Officer
& Chief Accounting Officer
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