<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED MARCH 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 0-25090
-------
STILLWATER MINING COMPANY
-------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 81-0480654
_______________________________ ____________________________________
(STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER IDENTIFICATION NO.)
INCORPORATION OR ORGANIZATION)
536 E. PIKE AVENUE
POST OFFICE BOX 1330
COLUMBUS, MONTANA 59019
________________________________________ ______________________
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
(303) 978-2525
____________________________________________________
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
INDICATE BY CHECK MARK WHETHER THE REGISTRANT (1) HAS FILED ALL REPORTS REQUIRED
TO BE FILED BY SECTION 13 OR 15(D) OF THE SECURITIES 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
--- ---
AT MAY 1, 1997, 20,250,003 SHARES OF COMMON STOCK, $.01 PAR VALUE PER SHARE,
WERE ISSUED AND OUTSTANDING.
THIS FORM 10-Q CONSISTS OF 14 PAGES. THE EXHIBIT INDEX APPEARS ON PAGE 13.
<PAGE>
STILLWATER MINING COMPANY
FORM 10-Q
QUARTER ENDED MARCH 31, 1997
INDEX
PART I - FINANCIAL INFORMATION
PAGE
----
ITEM 1. FINANCIAL STATEMENTS................................. 3
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS.................. 9
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.................................... 13
ITEM 2. CHANGE IN SECURITIES................................. 13
ITEM 3. DEFAULTS UPON SENIOR SECURITIES...................... 13
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.. 13
ITEM 5. OTHER INFORMATION.................................... 13
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K..................... 13
SIGNATURES ..................................................... 14
2
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
STILLWATER MINING COMPANY
CONSOLIDATED BALANCE SHEET
(in thousands, except share and per share amounts)
(Unaudited)
MARCH 31, DECEMBER 31,
1997 1996
----------- ------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 8,543 $ 16,389
Short-term investments 10,657 17,060
Inventories 11,928 13,522
Accounts receivable 5,356 71
Other current assets 1,184 1,221
Deferred income taxes 798 798
----------- ------------
Total current assets 38,466 49,061
----------- ------------
PROPERTY, PLANT AND EQUIPMENT, NET 192,542 187,802
OTHER NONCURRENT ASSETS 2,951 3,047
----------- ------------
Total assets $233,959 $239,910
=========== ============
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Current portion of long-term debt
and capital lease obligations $ 1,600 $ 1,463
Accounts payable 3,209 5,039
Accrued payroll and benefits 1,288 2,289
Property, production and franchise
taxes payable 2,493 3,120
Other current liabilities 1,534 3,922
----------- ------------
Total current liabilities 10,124 15,833
----------- ------------
LONG-TERM LIABILITIES
Long-term debt and capital lease
obligations 63,001 62,563
Other noncurrent liabilities 3,247 2,528
Deferred income taxes 15,320 15,320
----------- ------------
Total liabilities 91,692 96,244
----------- ------------
SHAREHOLDERS' EQUITY
Preferred stock, $.01 par value,
1,000,000 shares
authorized, none issued -- --
Common stock, $.01 par value,
50,000,000 shares
authorized, 20,220,493 and
20,135,912 shares
issued and outstanding at March
31, 1997 and
December 31, 1996, respectively 202 201
Paid-in capital 138,883 138,093
Accumulated earnings 3,182 5,372
----------- ------------
Total shareholders' equity 142,267 143,666
----------- ------------
Total liabilities and shareholders' $233,959 $239,910
equity
=========== ============
See notes to consolidated financial statements.
3
<PAGE>
<TABLE>
<CAPTION>
STILLWATER MINING COMPANY
CONSOLIDATED STATEMENT OF OPERATIONS
<S> <C> <C>
(Unaudited)
(in thousands, except per share amounts)
THREE MONTHS ENDED MARCH 31,
1997 1996
------- -------
REVENUES $16,003 $13,649
COSTS AND EXPENSES
Cost of metals sold 15,126 11,214
Depreciation and amortization 3,845 2,002
Administrative expenses 333 415
------- -------
TOTAL COSTS AND EXPENSES 19,304 13,631
------- -------
OPERATING INCOME (LOSS) (3,301) 18
OTHER INCOME (EXPENSE)
Interest income 250 192
Interest expense, net of capitalized
interest of $742 and $0 (509) (226)
------- -------
LOSS BEFORE INCOME TAXES AND
CUMULATIVE EFFECT OF ACCOUNTING CHANGE (3,560) (16)
INCOME TAX BENEFIT 1,370 6
------- -------
LOSS BEFORE CUMULATIVE EFFECT
OF ACCOUNTING CHANGE (2,190) (10)
CUMULATIVE EFFECT OF ACCOUNTING CHANGE,
NET OF INCOME TAX PROVISION OF $8,677 -- 13,861
------- -------
NET INCOME (LOSS) $(2,190) $13,851
======= =======
PRIMARY INCOME (LOSS) PER COMMON SHARE
Loss before cumulative effect
of accounting change $ (0.11) $ --
Cumulative effect of accounting change -- 0.67
------- -------
NET INCOME (LOSS) $ (0.11) $0.67
======= =======
FULLY DILUTED LOSS PER COMMON SHARE
Loss before cumulative effect
of accounting change $ (0.09)
Cumulative effect of accounting change ------- -------
NET LOSS $ (0.09)
=======
WEIGHTED AVERAGE COMMON AND COMMON
EQUIVALENT SHARES OUTSTANDING
Primary 20,524 20,559
Fully diluted 22,458 na
</TABLE>
See notes to consolidated financial statements.
4
<PAGE>
<TABLE>
<CAPTION>
STILLWATER MINING COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
(in thousands)
THREE MONTHS ENDED MARCH 31,
----------------------------
1997 1996
-------- --------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) $(2,190) $ 13,851
Adjustments to reconcile net income
(loss)
to net cash provided by (used in)
operating activities:
Depreciation and amortization 2,780 2,002
Deferred income taxes (1,370) (6)
Cumulative effect of accounting change -- (13,861)
Other (30) (61)
Changes in operating assets and
liabilities:
Decrease in inventories 1,594 1,297
Increase in other current assets (5,248) (54)
Decrease in current liabilities (4,476) (2,676)
Increase in noncurrent liabilities 719 516
-------- --------
NET CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES (8,221) 1,008
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures, including
capitalized interest (7,431) (9,389)
Proceeds from sale and maturity of
short-term investments 6,403 7,971
Proceeds from sale of assets 60 97
-------- --------
NET CASH USED IN INVESTING ACTIVITIES (968) (1,321)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES
Exercise of stock options 791 11
Proceeds from capital leases 855 790
Payments on capital leases (303) --
-------- --------
NET CASH PROVIDED BY FINANCING ACTIVITIES 1,343 801
-------- --------
CASH AND CASH EQUIVALENTS
Net increase (decrease) (7,846) 488
Balance at beginning of period 16,389 714
-------- --------
BALANCE AT END OF PERIOD $ 8,543 $ 1,202
======== ========
</TABLE>
See notes to consolidated financial statements.
5
<PAGE>
STILLWATER MINING COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 - GENERAL
The accompanying unaudited interim consolidated financial statements have
been prepared in accordance with the instructions for Form 10-Q. In the opinion
of management, all adjustments (consisting of normal recurring adjustments)
considered necessary for a fair presentation of the financial condition and
results of operations have been included. Operating results for the three month
period ended March 31, 1997 are not necessarily indicative of the results which
may be expected for the year ending December 31, 1997. These consolidated
interim financial statements should be read in conjunction with the financial
statements and notes thereto included in the Stillwater Mining Company (the
"Company") Form 10-K for the year ended December 31, 1996.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
REVENUE RECOGNITION
Revenues consist of the sales revenue for platinum and palladium,
including any hedging gain or loss. By-product metals revenue and secondary
materials processing revenue are included as an offset to cost of metals sold.
Prior to 1997, the Company recognized revenue when the product was delivered and
title transferred to the buyer. Effective January 1, 1997, the Company changed
its method of revenue recognition whereby platinum and palladium revenue is
recognized when the product is shipped to the external refiner. This change
makes the Company's results more comparable with other precious metals
producers. The cumulative effect of this change as of January 1, 1997 is to
increase revenue by $2.7 million; the effect on net income was not material.
RECLASSIFICATIONS
Certain amounts in the accompanying consolidated financial statements for
1996 have been reclassified to conform to the classifications used in 1997.
6
<PAGE>
STILLWATER MINING COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 3 - INVENTORIES
INVENTORIES CONSISTED OF THE FOLLOWING (IN THOUSANDS):
<TABLE>
<CAPTION>
MARCH 31, DECEMBER 31,
1997 1996
------------ ------------
<S> <C> <C>
(Unaudited)
Raw Ore $ 150 $ 273
Concentrate and in-process 8,351 6,570
Matte and finished goods 230 3,529
------------ ------------
8,731 10,372
Materials and supplies 3,197 3,150
------------ ------------
$11,928 $13,522
============ ============
</TABLE>
As described in Note 2, platinum and palladium revenue is now recognized when
the product is shipped to the external refiner, thereby eliminating essentially
all finished goods inventory.
NOTE 4 - PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT CONSISTED OF THE FOLLOWING (IN THOUSANDS):
<TABLE>
<CAPTION>
MARCH 31, DECEMBER 31,
1997 1996
------------ ------------
<S> <C> <C>
(Unaudited)
Equipment $ 23,118 $ 22,067
Leased equipment 12,138 11,088
Facilities 55,375 54,522
Mine development 105,930 94,900
Land 2,221 2,221
Construction-in-process 39,466 46,642
------------ ------------
238,248 231,440
Less: accumulated depreciation and
amortization (45,706) (43,638)
------------ ------------
$192,542 $187,802
============ ============
</TABLE>
7
<PAGE>
STILLWATER MINING COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 5 - LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS
EQUIPMENT LEASE AGREEMENTS
In 1997, pursuant to the terms and conditions of the 1995 $7.5 million
Senstar Capital Corporation Master Lease Agreement, the Company entered into an
additional five-year equipment leasing agreement with Senstar Capital
Corporation, for $855,000. The agreement covers new underground mining
equipment acquired in 1996 and 1997, and contains a two-year renewal option at
the end of five years. Based upon the provisions of the leasing agreement, the
lease qualifies as a capital lease, and the renewal option qualifies as an
extension of the base lease term. As a result, all leased equipment has been
capitalized and is being depreciated over seven years.
CREDIT AGREEMENT
The Company's credit agreement, dated April 19, 1994, with N. M.
Rothschild & Sons Limited was scheduled to expire on April 30, 1998. Subsequent
to March 31, 1997, the line of credit was extended to April 30, 1999.
NOTE 6 - PRECIOUS METALS HEDGING CONTRACTS
Precious metals hedging contracts at March 31, 1997 consist of spot
deferred forward sales contracts. Realization under these contracts is
dependent upon the counterparties performing in accordance with the terms of the
contracts. The Company does not anticipate nonperformance of the
counterparties. Forward sales contracts require the future delivery of metals
at a specific price.
On March 27, 1997, the London P.M. Fix was $373.50 per ounce of
platinum and $146.50 per ounce of palladium. At March 31, 1997, the Company's
outstanding hedge contracts for 1997 and 1998 are as follows:
<TABLE>
<CAPTION>
1997 1998
-----------------------------------------------------
Hedged Average Hedged Average
Ounces Price per Ounces Price per
Ounce Ounce
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
PLATINUM
Forward sales contracts
(spot deferred) 33,136 $382.96 7,620 $381.44
PALLADIUM
Forward sales contracts
(spot deferred) 172,363 $135.08 172,860 $135.90
</TABLE>
8
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
This Form 10-Q contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. In addition to factors discussed
below, the factors that could cause actual results to differ materially include,
but are not limited to, the following: metal price volatility; Expansion Plan
risks; competition; exploration and development risks; and reserve estimates.
For a more detailed description of risks attendant to the business and
operations of Stillwater and to the mining industry in general, please see the
Company's other SEC filings, in particular the Company's Annual Report on Form
10-K for the fiscal year ended December 31, 1996.
RESULTS OF OPERATIONS
PGM Production
--------------
Tons of ore milled in the first quarter of 1997 increased 28% to
122,000 tons from 95,000 tons milled in the first quarter of 1996, resulting
primarily from the capital investment and operational progress achieved toward
the Expansion Plan goal of producing at 2,000 tons per day (TPD). The first
quarter 1997 ore tons milled are equivalent to an average of 1,356 TPD.
Increases in ore tonnage were achieved through increasing the number and quality
of developed stopes, adding manpower and improving stoping productivity,
principally through the increase of mechanized mining methods.
The average head grade of ore delivered to the mill was 0.74 ounces
per ton (opt) during the first quarter of 1997, increasing 9% in comparison with
the first quarter of 1996. Improvements in mine dilution through the narrowing
of mined face widths and development of higher grade ore stopes are the primary
contributors to the increased grade. The lower than historical average head
grade of 0.68 opt in the first quarter of 1996 was also affected by the
processing of subgrade stockpiles through the mill. Due to increased mill
throughput capacity, subgrade ore is no longer stockpiled. Both high and
subgrade ore material were processed through the mill on a consistent basis.
Ounces of platinum and palladium produced in the first quarter of 1997
increased 44% to 19,000 ounces and 61,000 ounces, respectively, from the 13,000
and 42,500 ounces in the comparable 1996 period. The increase in ounces
produced was primarily due to the increase in ore tons milled and the increase
in the average head grade.
9
<PAGE>
Revenue
-------
Revenue for the first quarter of 1997 increased 18% to $16.0 million
compared to $13.6 million in the comparable period of 1996. The increase in
revenue was due to a 30% increase in the number of ounces sold, partially offset
by a 10% decrease in the average realized price per ounce of platinum and
palladium. Approximately 82,000 ounces were sold in the first quarter of 1997
compared to 63,000 ounces sold in the comparable period of 1996. The 30%
increase in the volume of ounces sold during the first quarter of 1997 was
primarily the result of an increase in the ounces produced and available for
sale and a change in the accounting method for revenue recognition, partially
offset by a planned one month shut down in the smelter for furnace rebricking.
Prior to 1997, the Company recognized revenue when the product title
was transferred to the buyer at the external refiner. Effective January 1,
1997, the Company recognizes revenue when the product is shipped from the Base
Metals Refinery (BMR) to the external refiner. The cumulative effect of the
change in accounting method as of January 1, 1997 is an increase of $2.7 million
in revenue (13,400 ounces) with an immaterial effect on operating and net
income. When comparing the first quarter of 1997 with the first quarter of 1996
without the change, there would have been a positive volume variance, primarily
caused by the increase in ounces produced and available for sale, offset by the
processing delays involved in the furnace rebricking. The 21,500 ounces of
February production which was delayed in processing due to the rebricking shut
down will be processed and shipped during the second quarter.
Platinum and palladium average realized prices per ounce of metal sold
decreased to $381 and $136, respectively, for the first quarter of 1997, down
from average realized prices of $425 and $155, respectively, for the same period
of 1996. The combined average realized price for the first quarter of 1997 was
$195, down 10% from the combined average realized price of $216 for the same
period of 1996.
Costs
-----
Cash costs per returnable ounce decreased 6% to $184 per ounce during
the first quarter of 1997 when compared with the first quarter of 1996.
Although total cash costs increased by 36% in the first quarter of 1997, the 44%
increase in production more than offset this increase resulting in the 6%
decrease in cash costs per ounce. Increased cash costs for the first quarter of
1997 in comparison with the same period of 1996 are primarily due to increased
manpower and materials and supplies related to increasing production levels
toward the Expansion Plan goal of 2,000 TPD. The first quarter of 1997 also had
a one time $8 per ounce effect of severance costs included in cash costs. First
quarter 1997 cash costs also increased as compared with the 1996 period as the
Company has shifted its underground development focus during the first half of
1997 to secondary stope development, which is expensed, from the high levels of
primary underground development in 1996, which was capitalized. Specifically,
20% of total mine cash costs were capitalized in the first quarter of 1997
compared with 35% in the first quarter of 1996. This increased secondary stope
development in the first half of 1997 will allow the Company to complete the
final step to achieving the 2,000 TPD Expansion Plan production goal during the
second half of 1997.
10
<PAGE>
Total costs per returnable ounce decreased 3% to $219 during the first
quarter of 1997 in comparison with the first quarter of 1996. Total costs per
ounce did not decrease as significantly as cash costs per ounce due to the
increase of additional depreciation charges in the current period for plant and
equipment placed in service during late 1996 as part of the Expansion Plan.
In the first quarter of 1997, cash costs and total costs per ton
milled were $121 and $144, respectively, compared to $113 and $131 for the same
period of 1996. The 7% increase in cash costs per ton milled for the first
quarter of 1997 was unfavorably impacted by the 36% increase in cash costs for
the first quarter of 1997 and offset by the 28% increase in tons milled, when
compared to the first quarter of 1996. As previously explained, first quarter
of 1997 cash costs increased primarily as a result of increased manpower and
materials and supplies and a change in development focus from primary
(capitalized) to secondary development, which was expensed. Total costs per ton
milled in the first quarter of 1997, increased 10% or approximately $13 per ton,
to $144 per ton milled, primarily due to additional depreciation and
amortization changes beginning in late 1996.
Earnings
--------
The Company reported an operating loss of $3.3 million for the first
quarter of 1997 compared with operating income of $18,000 for the first quarter
of 1996. Substantially more revenue in the first quarter of 1997 was more than
offset by the increase in operating costs. As previously discussed, the
increase in ounces sold in the first quarter of 1997 carried with it higher
operating costs and depreciation and amortization expenses. The net effect of
these two factors was the first quarter of 1997 operating loss being $3.3
million greater than the $18,000 operating income in the comparable 1996 period
due to the $21 per ounce decrease in average realized sales prices and the $18
per ounce increase in total costs and expenses.
The current quarter net loss was $2.2 million, compared to the first
quarter 1996 net loss of $10,000, prior to the cumulative effect of the 1996
accounting change. Non-operating items consist of interest expense and interest
income. Net interest expense of $509,000 for the first quarter of 1997 was
greater than interest expense of $226,000 in the same quarter of 1996 due to new
equipment lease agreements with Senstar Capital Corporation and the issuance of
$51.5 million in Convertible Notes on April 29, 1996. Interest expense for the
current quarter includes interest on the Convertible Notes, capital leases and
the amortization of the deferred financing fees for the issuance of the
Convertible Notes, reduced by capitalized interest of $742,000. The increase in
interest expense is partially offset by interest income of $250,000 compared to
$192,000 for the same quarter in 1996. The increase in interest income during
the first quarter of 1997 resulted from the increase in cash and short-term
investment balances primarily due to the issuance of the Convertible Notes, as
compared to the same period of 1996.
The current quarter net loss of $2.2 million compares to $13.9 million
net income during the first quarter of 1996. An after-tax cumulative effect of
$13.9 million was recorded in the first quarter of 1996 due to the change in
accounting policy for mine development costs.
11
<PAGE>
Liquidity and Capital Resources
-------------------------------
The Company remains in favorable financial position at March 31, 1997
with a ratio of current assets to current liabilities of 3.8 to 1.0. Working
capital at March 31, 1997 was $28.3 million, down $4.9 million from December 31,
1996. Cash and marketable securities decreased $14.2 million during the first
quarter of 1997 to $19.2 million, primarily as a result of investment in capital
expenditures of $7.4 million, cash used in operations of $8.2 million, offset by
$1.7 million in proceeds from a new Senstar Capital Corporation equipment lease
and capital stock transactions.
The Company expects to invest an additional $9.8 million throughout
the remainder of fiscal 1997 primarily on capital projects at the Stillwater
Mine and completion of site preparation work begun in 1996 at its proposed East
Boulder minesite. The Company began a cost reduction program in late 1996 which
should favorably impact its production and administrative costs throughout 1997.
The Company maintains a line of credit facility with N.M. Rothschild &
Sons Limited. As of March 31, 1997, net availability of $10.3 million existed
under the credit facility. Based on the cash and marketable securities on hand
at March 31, 1997, expected cash flows from operations and the availability of
funds under the Company's line of credit, management believes there is
sufficient liquidity to meet operating needs for the foreseeable future.
Other Matters
-------------
The Company filed a current report on Form 8-K pursuant to Section 13
or 15(d) of the Securities Exchange Act of 1934 on February 21, 1997, relating
to the February 20, 1997 resignation of Charles R. Engles, Chairman and Chief
Executive Officer.
On April 21, 1997, three members of the Company's Board of Directors
resigned: Messrs. W. Thomas Stephens and Richard B. Von Wald and Ms. Sharon M.
Meadows. To fill the vacant Board seats, the current Board has nominated Dr.
Lawrence Martin Glaser, Douglas Dunn Donald and John Phelps Ingersoll, Jr. The
Company has issued a supplement to the March 25, 1997 proxy statement, with the
Annual Meeting being rescheduled for May 12, 1997.
12
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
-----------------
During the period covered by this report, there were no legal
proceedings instituted that are reportable.
Item 2. Changes in Securities
- ------- ---------------------
None
Item 3. Defaults Upon Senior Securities
- ------- -------------------------------
None
Item 4. Submission of Matters to a Vote of Security Holders
- ------- ---------------------------------------------------
None
Item 5. Other Information
- ------- -----------------
None
Item 6. Exhibits and Reports on Form 8-K
- ------- --------------------------------
(a) Exhibits:
None
(b) Reports on Form 8-K:
On February 21, 1997 the Company filed a report on Form 8-K attaching a
News Release which announced the resignation of its Chairman and Chief
Executive Officer and appointment of interim Chairman.
13
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on behalf of the undersigned
thereunto duly authorized.
STILLWATER MINING COMPANY
(Registrant)
Date: May 08, 1997 By: /s/ John E. Andrews
-------------------
John E. Andrews
President and Chief Operating Officer
(Principal Executive Officer)
Date: May 08, 1997 By: /s/ R. Daniel Williams
----------------------
R. Daniel Williams
Vice President and Chief Financial Officer
(Principal Financial Officer)
Date: May 08, 1997 By: /s/ Tammy R. Cosgrove
---------------------
Tammy R. Cosgrove
Controller
(Principal Accounting Officer)
14
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 8,543
<SECURITIES> 10,657
<RECEIVABLES> 5,356
<ALLOWANCES> 0
<INVENTORY> 11,928
<CURRENT-ASSETS> 38,466
<PP&E> 238,248
<DEPRECIATION> 45,706
<TOTAL-ASSETS> 233,959
<CURRENT-LIABILITIES> 10,124
<BONDS> 63,001
0
0
<COMMON> 202
<OTHER-SE> 142,065
<TOTAL-LIABILITY-AND-EQUITY> 233,959
<SALES> 16,003
<TOTAL-REVENUES> 16,003
<CGS> 15,126
<TOTAL-COSTS> 19,304
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 509
<INCOME-PRETAX> (3,560)
<INCOME-TAX> 1,370
<INCOME-CONTINUING> (2,190)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (2,190)
<EPS-PRIMARY> (0.11)
<EPS-DILUTED> (0.09)
</TABLE>
