SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
2004
Second Quarter
FORM 10-Q
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
|
For Quarter Ended June 30, 2004 |
|
Commission file number 1-14066 |
|
SOUTHERN PERU COPPER CORPORATION |
||
|
(Exact name of registrant as specified in its charter) |
||
|
|
|
|
|
Delaware |
|
13-3849074 |
|
(State or other jurisdiction of |
|
(I.R.S. Employer |
|
|
|
|
|
2575 East Camelback Rd. Phoenix, AZ |
|
85016 |
|
(Address of principal executive offices) |
|
(Zip Code) |
|
|
|
|
|
Registrant’s telephone number, including area code (602) 977-6500 |
||
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 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).
|
|
|
Yes ý |
|
No o |
As of July 31, 2004, there were outstanding 14,116,152 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, per value $0.01 per share.
Southern Peru Copper Corporation
and Subsidiaries
INDEX TO FORM 10-Q
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
Exhibit 15 |
– Independent Auditors’ Awareness letter |
|
|
|
|
|
|
Exhibit 31.1 |
– Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|
|
|
|
|
|
Exhibit 31.2 |
– Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|
|
|
|
|
|
Exhibit 32.1 |
– Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|
|
|
|
|
|
Exhibit 32.2 |
– 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 STATEMENT OF EARNINGS
(Unaudited)
|
|
|
3 Months Ended |
|
6 Months Ended |
|
||||||||
|
|
|
2004 |
|
2003 |
|
2004 |
|
2003 |
|
||||
|
|
|
(in thousands, except for per share amounts) |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net sales: |
|
|
|
|
|
|
|
|
|
||||
|
Stockholders and affiliates |
|
$ |
21,117 |
|
$ |
619 |
|
$ |
32,408 |
|
$ |
753 |
|
|
Others |
|
367,896 |
|
167,768 |
|
630,671 |
|
342,472 |
|
||||
|
Total net sales |
|
389,013 |
|
168,387 |
|
663,079 |
|
343,225 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
||||
|
Cost of sales |
|
168,736 |
|
102,653 |
|
277,531 |
|
217,337 |
|
||||
|
Administrative |
|
7,643 |
|
7,042 |
|
14,723 |
|
13,725 |
|
||||
|
Depreciation, amortization and depletion |
|
18,684 |
|
18,497 |
|
37,677 |
|
36,369 |
|
||||
|
Exploration |
|
2,414 |
|
2,280 |
|
4,589 |
|
3,155 |
|
||||
|
Total operating costs and expenses |
|
197,477 |
|
130,472 |
|
334,520 |
|
270,586 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Operating income |
|
191,536 |
|
37,915 |
|
328,559 |
|
72,639 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Interest income |
|
1,122 |
|
813 |
|
2,201 |
|
1,526 |
|
||||
|
Other income (expense) |
|
(1,864 |
) |
518 |
|
(2,043 |
) |
855 |
|
||||
|
Interest expense |
|
(3,031 |
) |
(3,243 |
) |
(6,186 |
) |
(6,212 |
) |
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Earnings before taxes on income, minority interest and cumulative effect of the change in accounting principle |
|
187,763 |
|
36,003 |
|
322,531 |
|
68,808 |
|
||||
|
Taxes on income |
|
65,958 |
|
14,180 |
|
113,126 |
|
26,911 |
|
||||
|
Minority interest of investment shares |
|
894 |
|
177 |
|
1,684 |
|
390 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Earnings before cumulative effect of the change in accounting principle |
|
120,911 |
|
21,646 |
|
207,721 |
|
41,507 |
|
||||
|
Cumulative effect of the change in accounting principle, net of income tax benefit of $0.6 million |
|
— |
|
— |
|
— |
|
1,541 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net earnings |
|
$ |
120,911 |
|
$ |
21,646 |
|
$ |
207,721 |
|
$ |
39,966 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Per common share amounts: |
|
|
|
|
|
|
|
|
|
||||
|
Earnings before cumulative effect of the change in accounting principle |
|
||||||||||||