FOR IMMEDIATE RELEASE
Nord Resources Corporation
PO Box 384, Dragoon, AZ 85609
Tel: (520) 586-2241 Fax: (520) 586-7020
OTCBB:NRDS
September 12, 2000
Nord Resources Announces Second Quarter 2000 Results
Albuquerque, New Mexico - Nord Resources Corporation today announced operating results for the second quarter of 2000. The Company incurred net losses of $1,087,000 and $677,000 for the three months ended June 30, 2000 and 1999, respectively. The Company incurred net losses of $2,441,000 and $2,155,000 for the six months ended June 30, 2000 and 1999, respectively. The Company incurred a loss per share of $.07 and $.15 for the three and six months ended June 30, 2000, compared to $.03 and $.10 for the same period in 1999.
The Company reported sales of $226,000 and $460,000 for the three and six months, respectively, ending June 30, 2000 from the production of copper at its Johnson Camp Copper Mine in Arizona, which was acquired in June 1999. The Company received a net price of $.78 per lb. and $.80 per lb. for the three and six months, respectively, ending June 20, 2000.
The Company reported cost of goods sold of $637,000 and $1,419,000 for the three and six months, respectively, ending June 30, 2000 at the Johnson Camp Copper Mine which is on care and maintenance status while producing a small amount of copper. The Company plans to return the mine to full production upon appropriate financing. In the first six months of 2000, the Company incurred costs related to the planned re-development of the mine but in July instituted steps to operate the mine as close to break-even as possible.
The Company also owns a 28.5% interest in Nord Pacific Limited, a publicly traded mining and exploration company engaged in the production of copper in Australia and the exploration for gold and base metals in Australia, Papua New Guinea and North America.
NORD RESOURCES CORPORATION AND SUBSIDIARIES CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
(In Thousands of U.S. Dollars, except per share amounts)
|
|
Three Months Ended |
Three Months Ended |
||
|
2000 |
1999 |
2000 |
1999 |
|
|
SALES |
$226 |
$ - - |
$460 |
$ - - |
|
|
||||
|
COSTS AND EXPENSES: |
|
|||
|
Cost of sales |
637 |
- - |
1,419 |
- - |
|
Selling, general & administrative |
590 |
553 |
1,279 |
1,459 |
|
|
||||
|
TOTAL COST AND EXPENSES |
1,227 |
(553) |
2,698 |
1,459 |
|
|
||||
|
Operating loss |
(1,001) |
(553) |
(2,238) |
(1,459) |
|
|
||||
|
OTHER INCOME (EXPENSE): |
|
|||
|
Interest & other income |
54 |
85 |
201 |
192 |
|
Interest expense |
(28) |
--- |
(59) |
--- |
|
Loss on sale of assets |
--- |
- - |
(45) |
- - |
|
Equity in loss of Pacific |
(112) |
(209) |
(300) |
(365) |
|
Loss in SRL |
- - |
--- |
--- |
(523) |
|
|
|
|
|
|
|
TOTAL OTHER INCOME (EXPENSE) |
(86) |
(124) |
(203) |
(696) |
|
|
||||
|
NET EARNINGS (LOSS) |
$(1,087) |
$(677) |
$(2,441) |
$(2,155) |
|
|
||||
|
BASIC EARNINGS (LOSS) PER SHARE |
$(.07) |
$(.03) |
$(.15) |
$(.10) |
|
|
||||
|
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING |
16,501 |
22,292 |
16,501 |
22,100 |