The recent losses reported by Coeur d’Alene Mines (NYSE) reflects substantial non-recurring, non-cash writedowns related to the company’s acquisition of Callahan Mining which became effective at the end of 1991.
The company’s 1990 and 1991 financial results were restated to reflect the merger.
Coeur reported a net loss of US$14.4 million in 1991, compared with a 1990 net loss of US$4.2 million. Last year’s fourth-quarter net loss was US$5.38 million, compared with US$6.4 million in the 1990 fourth quarter. These results reflect a US$5.2 million non-recurring Callahan merger expense, US$5.7 million allocated for the writedown of the Ropes gold mine and Caladay silver project, and an approximate US$1 million increase in exploration outlays.
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