SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
2005
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, 2005 |
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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 |
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(602) 977-6595 |
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, 2005 there were outstanding 81,324,592 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 $0.01 per share.
Southern Peru Copper Corporation
and Subsidiaries
INDEX TO FORM 10-Q
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Condensed Consolidated Statement of Earnings. Three months ended March 31, 2005 and 2004. |
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Condensed Consolidated Balance Sheet March 31, 2005 and December 31, 2004 |
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Condensed Consolidated Statement of Cash Flows Three Months ended March 31, 2005 and 2004. |
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Independent Accountants’ Report |
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Exhibit 15 |
- Independent Accountants’ Awareness Letter |
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Exhibit 31.1 |
- Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
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Exhibit 31.2 |
- Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
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Exhibit 32.1 |
- Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
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Exhibit 32.2 |
- Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
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1
Part I – FINANCIAL INFORMATION
Southern Peru Copper Corporation
and Subsidiaries
CONDENSED CONSOLIDATED STATEMENT OF EARNINGS
(Unaudited)
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Three
Months Ended |
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2005 |
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2004 |
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(In
thousands, except for per |
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Net sales: |
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Non affiliates |
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$ |
476,332 |
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$ |
262,775 |
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Affiliates |
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10,923 |
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11,291 |
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Total net sales |
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487,255 |
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274,066 |
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Operating costs and expenses: |
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Cost of sales (exclusive of depreciation, amortization and depletion shown separately below) |
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172,345 |
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108,796 |
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Selling, general and administrative expenses |
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8,509 |
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7,080 |
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Depreciation, amortization and depletion |
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18,583 |
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18,994 |
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Exploration |
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3,012 |
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2,175 |
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Total operating costs and expenses |
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202,449 |
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137,045 |
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Operating income |
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284,806 |
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137,021 |
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Interest expense |
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(6,142 |
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(4,491 |
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Interest capitalized |
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2,269 |
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1,337 |
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Loss on derivative instruments |
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(5,962 |
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— |
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Other income (expense) |
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(2,247 |
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(178 |
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Interest income |
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4,050 |
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1,079 |
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Earnings before income taxes and minority interest |
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276,774 |
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134,768 |
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Income taxes |
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91,467 |
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47,168 |
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Minority interest |
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1,425 |
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790 |
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Net earnings |
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$ |
183,882 |
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$ |
86,810 |
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Per common share amounts: |
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Net earnings - basic and diluted |
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$ |
2.30 |
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$ |
1.09 |
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Dividends paid |
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$ |
1.25 |
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$ |
0.27 |
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Weighted average common shares outstanding (Basic) |
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80,018 |
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80,014 |
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Weighted average common shares outstanding (Diluted) |
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80,018 |
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80,023 |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
2
Southern Peru Copper Corporation
and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEET
(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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$ |
722,237 |
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$ |
546,029 |
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Marketable securities |
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— |
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45,267 |
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Accounts receivable, net |
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226,314 |
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308,031 |
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Inventories |
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108,962 |
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96,940 |
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Other current assets, net |
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14,062 |
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17,286 |
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Total current assets |
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1,071,575 |
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1,013,553 |
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Property, net |
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1,249,374 |
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1,217,479 |
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Capitalized mine stripping costs, net |
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253,710 |
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244,013 |
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Intangible assets, net |
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105,743 |
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106,454 |
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Other assets, net |
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16,213 |
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15,631 |
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Total assets |
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