SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
2003
First Quarter
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR
15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
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For Quarter Ended March 31, 2003 |
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Commission file number 1-14066 |
SOUTHERN PERU COPPER CORPORATION
(Exact name of registrant as specified in its charter)
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Delaware |
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13-3849074 |
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(State or other
jurisdiction of |
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(I.R.S. Employer |
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2575 East Camelback Rd. Phoenix, AZ |
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85016 |
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(Address of principal executive offices) |
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(Zip Code) |
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Registrant’s telephone number, including area code (602) 977-6500 |
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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.
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Yes ý |
No o |
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Securities Act of 1934)
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Yes ý |
No o |
As of April 30, 2003, there were outstanding 14,108,387 shares of Southern Peru Copper Corporation common stock, par value $0.01 per share. There were also outstanding 65,900,833 shares of Southern Peru Copper Corporation Class A common stock, par value $0.01 per share.
Southern Peru Copper
Corporation
and Subsidiaries
INDEX TO FORM 10-Q
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Condensed
Consolidated Statement of Earnings |
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Condensed
Consolidated Balance Sheet |
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Condensed
Consolidated Statement of Cash Flows |
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Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
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Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
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Exhibit 15 |
- Independent Accountants Awareness Letter |
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Exhibit 99.1 |
- Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
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Exhibit 99.2 |
- Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
2
Part I - FINANCIAL INFORMATION
Southern Peru Copper
Corporation
and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
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Three
Months Ended |
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2003 |
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2002 |
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(In
thousands, except for per |
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Net sales: |
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Stockholders and affiliates |
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$ |
— |
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$ |
2,157 |
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Others |
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174,838 |
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134,037 |
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Total net sales |
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174,838 |
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136,194 |
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Operating costs and expenses: |
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Cost of sales |
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114,685 |
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90,262 |
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Administrative and other expenses |
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6,683 |
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7,076 |
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Depreciation, amortization and depletion |
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17,872 |
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16,221 |
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Exploration expense |
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875 |
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1,299 |
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Total operating costs and expenses |
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140,115 |
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114,858 |
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Operating income |
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34,723 |
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21,336 |
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Interest income |
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713 |
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727 |
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Other income (expense) |
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337 |
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(10,212 |
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Interest expense |
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(2,969 |
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(5,011 |
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Earnings before taxes on income, minority interest and cumulative effect of the change in accounting principle |
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32,804 |
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6,840 |
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Taxes on income |
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12,731 |
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2,136 |
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Minority interest of investment shares |
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212 |
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110 |
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Earnings before cumulative effect of the change in accounting principle |
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19,861 |
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4,594 |
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Cumulative effect of the change in accounting principle, net of income tax |
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1,541 |
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— |
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Net earnings |
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$ |
18,320 |
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$ |
4,594 |
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Per common share amounts: |
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Earnings before cumulative effect of the change in accounting principle |
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$ |
0.25 |
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$ |
0.06 |
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Cumulative effect of the change in accounting principle |
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(0.02 |
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— |
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Net earnings - basic and diluted |
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$ |
0.23 |
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$ |
0.06 |
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Dividends paid |
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$ |
0.09 |
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$ |
0.07 |
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Weighted average
common shares outstanding |
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80,009 |
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80,004 |
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Weighted average
common shares outstanding |
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80,014 |
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80,006 |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
3
Southern Peru Copper
Corporation
and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
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March 31, |
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December
31, |
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(in thousands) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
149,328 |
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$ |
147,537 |
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Accounts receivable, net |
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76,393 |
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60,345 |
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Inventories |
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84,675 |
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91,880 |
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Other assets |
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12,002 |
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11,110 |
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Total current assets |
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322,398 |
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310,872 |
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Net property |
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1,243,052 |
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1,248,996 |
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Capitalized mine stripping, net |
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189,023 |
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181,558 |
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Other assets |
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9,959 |
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10,820 |
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Total Assets |
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$ |
1,764,432 |
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$ |
1,752,246 |
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LIABILITIES |
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Current liabilities: |
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Accounts payable |
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$ |
39,703 |
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$ |
39,377 |
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Accrued liabilities |
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56,307 |
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61,417 |
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Total current liabilities |
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96,010 |
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100,794 |
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Long-term debt |
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299,043 |
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299,043 |
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Deferred income taxes |
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89,802 |
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