UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
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(Mark One) |
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Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
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For the quarterly period ended April 30, 2004 |
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Or |
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Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
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For the transition period from to |
Commission File Number 333-66291
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The Doe Run Resources Corporation |
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(Exact name of registrant as specified in its charter) |
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New York |
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13-1255630 |
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(State or other
jurisdiction of |
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(IRS Employer |
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1801
Park 270 Drive, Suite 300 |
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63146 |
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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 (314) 453 – 7100 |
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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 proceeding 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.
o Yes ý No
Note: The Registrant files pursuant to an indenture, but is not otherwise subject to the reporting requirements of Section 13 or 15(d).
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
o Yes ý No
Number of shares outstanding of each of the issuer’s classes of common stock, as of September 9, 2004:
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Common stock, $.10 par value |
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1,000 shares |
THE DOE RUN RESOURCES CORPORATION
INDEX TO FORM 10-Q
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Part I |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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THE DOE RUN RESOURCES CORPORATION
Condensed Consolidated Balance Sheets
(Dollars in thousands, except per share amounts)
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April 30, |
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October 31, |
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(unaudited) |
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ASSETS |
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Current assets: |
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Cash |
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$ |
4,877 |
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$ |
16,794 |
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Trade accounts receivable, net of allowance for doubtful accounts |
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55,843 |
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56,659 |
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Inventories |
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108,936 |
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95,680 |
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Prepaid expenses and other current assets |
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43,423 |
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21,531 |
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Total current assets |
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213,079 |
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190,664 |
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Property, plant and equipment, net |
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227,651 |
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230,367 |
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Other noncurrent assets, net |
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4,826 |
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5,496 |
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Total assets |
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$ |
445,556 |
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$ |
426,527 |
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LIABILITIES AND SHAREHOLDER’S DEFICIT |
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Current liabilities: |
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Short-term borrowings and current maturities of long-term debt |
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$ |
84,944 |
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$ |
78,117 |
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Accounts payable |
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70,472 |
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48,392 |
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Accrued liabilities |
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88,547 |
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84,483 |
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Total current liabilities |
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243,963 |
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210,992 |
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Long-term debt, less current maturities |
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322,019 |
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330,579 |
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Other noncurrent liabilities |
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72,974 |
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71,508 |
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Total liabilities |
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638,956 |
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613,079 |
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Series A redeemable preferred stock, $1,000 par value, 5,000 authorized; 2,251 and 2,000 shares issued and outstanding at April 30, 2004 and October 31, 2003 respectively; liquidation and redemption value |
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23,921 |
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22,514 |
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Shareholder’s deficit: |
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Common stock, $.10 par value, 1,667 shares authorized, 1,000 shares issued and outstanding |
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— |
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— |
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Additional paid-in capital |
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1,317 |
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2,724 |
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Accumulated deficit |
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(182,005 |
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(173,523 |
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Accumulated other comprehensive losses |
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(36,633 |
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(38,267 |
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Total shareholder’s deficit |
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(217,321 |
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(209,066 |
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Total liabilities and shareholder’s deficit |
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$ |
445,556 |
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$ |
426,527 |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
1
THE DOE RUN RESOURCES CORPORATION
Condensed Consolidated Statements of Operations (unaudited)
(Dollars in thousands)
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Three Months Ended |
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Six Months Ended |
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2004 |
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2003 |
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2004 |
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2003 |
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Net sales |
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$ |
215,641 |
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$ |
164,110 |
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$ |
405,645 |
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$ |
323,121 |
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Costs and expenses: |
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Cost of sales |
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194,952 |
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151,343 |
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373,363 |
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298,177 |
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Depreciation, depletion and amortization |
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6,207 |
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7,994 |
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12,672 |
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15,941 |
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Selling, general and administrative |
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7,357 |
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5,558 |
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16,483 |
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12,746 |
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Unrealized (gain) loss on derivative financial instruments |
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(4,084 |
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(489 |
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940 |
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(586 |
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Other |
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1,018 |
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582 |
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2,049 |
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900 |
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Total costs and expenses |
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205,450 |
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164,988 |
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405,507 |
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327,178 |
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Income (loss) from operations |
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10,191 |
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(878 |
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138 |
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(4,057 |
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Other income (expense): |
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