$MUX
McEwen Mining Inc.

2020 Q3 Form 10-Q Financial Statement

#000155837020009723 Filed on August 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2020 Q2 2019 Q2
Revenue $27.40M $18.29M $36.38M
YoY Change -16.2% -49.73% 7.62%
Cost Of Revenue $28.10M $27.17M $31.71M
YoY Change -9.56% -14.32% 28.33%
Gross Profit -$701.0K -$8.875M $4.677M
YoY Change -143.3% -289.76% -48.56%
Gross Profit Margin -2.56% -48.52% 12.85%
Selling, General & Admin $6.560M $5.130M $5.270M
YoY Change 36.95% -2.66% -8.35%
% of Gross Profit 112.68%
Research & Development $4.420M $3.550M $5.870M
YoY Change -67.74% -39.52% -38.92%
% of Gross Profit 125.51%
Depreciation & Amortization $4.600M $4.870M $170.0K
YoY Change 4500.0% 2764.71% -37.04%
% of Gross Profit 3.63%
Operating Expenses $11.95M $11.21M $11.73M
YoY Change -37.34% -4.43% -26.32%
Operating Profit -$10.08M -$21.13M -$11.20M
YoY Change -43.34% 88.78% 23.08%
Interest Expense -$2.080M -$1.420M -$2.400M
YoY Change -149.64% -40.83% -284.62%
% of Operating Profit
Other Income/Expense, Net $145.0K $1.290M -$2.320M
YoY Change -96.48% -155.6% -247.21%
Pretax Income -$9.930M -$19.84M -$13.52M
YoY Change -27.29% 46.83% 79.72%
Income Tax -$152.0K -$30.00K -$501.0K
% Of Pretax Income
Net Earnings -$9.778M -$19.81M -$13.01M
YoY Change -14.71% 52.25% 141.9%
Net Earnings / Revenue -35.69% -108.33% -35.77%
Basic Earnings Per Share
Diluted Earnings Per Share -$24.21K -$49.46K -$37.49K
COMMON SHARES
Basic Shares Outstanding 402.5M 400.4M 347.0M
Diluted Shares Outstanding 347.0M

Balance Sheet

Concept 2020 Q3 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.000M $18.40M $14.50M
YoY Change 6.67% 26.9% -20.77%
Cash & Equivalents $7.954M $18.41M $9.325M
Short-Term Investments $0.00 $0.00 $5.100M
Other Short-Term Assets $10.20M $1.183M
YoY Change 255.15% -67.14%
Inventory $34.24M $33.37M $32.99M
Prepaid Expenses
Receivables $5.200M $6.400M
Other Receivables $0.00 $0.00
Total Short-Term Assets $57.55M $58.20M $65.18M
YoY Change 1.16% -10.71% 11.99%
LONG-TERM ASSETS
Property, Plant & Equipment $330.2M $333.8M $436.1M
YoY Change -22.28% -23.46% 15.77%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $108.8M $106.2M $119.3M
YoY Change -7.01% -10.98% -15.03%
Other Assets $618.0K $667.0K $2.564M
YoY Change -18.36% -73.99% -73.57%
Total Long-Term Assets $448.6M $446.5M $558.0M
YoY Change -18.48% -19.98% 5.93%
TOTAL ASSETS
Total Short-Term Assets $57.55M $58.20M $65.18M
Total Long-Term Assets $448.6M $446.5M $558.0M
Total Assets $506.2M $504.7M $623.2M
YoY Change -16.64% -19.01% 6.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $28.90M $28.10M $28.70M
YoY Change -9.97% -2.09% -23.67%
Accrued Expenses $2.200M $2.200M $2.000M
YoY Change 10.0% 10.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0%
Total Short-Term Liabilities $35.98M $32.68M $34.30M
YoY Change -11.0% -4.71% -12.06%
LONG-TERM LIABILITIES
Long-Term Debt $48.00M $47.80M $49.40M
YoY Change 5.73% -3.24%
Other Long-Term Liabilities $3.365M $3.486M $5.208M
YoY Change -16.25% -33.06% -82.29%
Total Long-Term Liabilities $3.365M $3.486M $5.208M
YoY Change -16.25% -33.06% -82.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $35.98M $32.68M $34.30M
Total Long-Term Liabilities $3.365M $3.486M $5.208M
Total Liabilities $125.4M $122.0M $135.2M
YoY Change -3.18% -9.76% 79.78%
SHAREHOLDERS EQUITY
Retained Earnings -$1.160B -$1.150B -$994.6M
YoY Change 15.3% 15.64%
Common Stock $1.541B $1.533B $1.480B
YoY Change 3.84% 3.58%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $380.8M $382.7M $488.0M
YoY Change
Total Liabilities & Shareholders Equity $506.2M $504.7M $623.2M
YoY Change -16.64% -19.01% 6.53%

Cashflow Statement

Concept 2020 Q3 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$9.778M -$19.81M -$13.01M
YoY Change -14.71% 52.25% 141.9%
Depreciation, Depletion And Amortization $4.600M $4.870M $170.0K
YoY Change 4500.0% 2764.71% -37.04%
Cash From Operating Activities -$5.170M -$8.190M $1.670M
YoY Change -59.51% -590.42% -115.95%
INVESTING ACTIVITIES
Capital Expenditures -$800.0K -$3.000M -$7.970M
YoY Change -68.63% -62.36% -51.93%
Acquisitions
YoY Change
Other Investing Activities $960.0K $480.0K $0.00
YoY Change -84.59% -100.0%
Cash From Investing Activities $160.0K -$2.530M -$7.970M
YoY Change -95.65% -68.26% -9.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 9.260M -510.0K 2.120M
YoY Change -2474.36% -124.06% 21100.0%
NET CHANGE
Cash From Operating Activities -5.170M -8.190M 1.670M
Cash From Investing Activities 160.0K -2.530M -7.970M
Cash From Financing Activities 9.260M -510.0K 2.120M
Net Change In Cash 4.250M -11.23M -4.180M
YoY Change -144.83% 168.66% -78.35%
FREE CASH FLOW
Cash From Operating Activities -$5.170M -$8.190M $1.670M
Capital Expenditures -$800.0K -$3.000M -$7.970M
Free Cash Flow -$4.370M -$5.190M $9.640M
YoY Change -57.24% -153.84% 57.77%

Facts In Submission

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MCEWEN MINING INC.
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dei Entity Address Address Line1
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150 King Street West
dei Entity Address Address Line2
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Suite 2800
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">NOTE 1 NATURE OF OPERATIONS</b><b style="font-weight:bold;"> AND BASIS OF PRESENTATION</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;">McEwen Mining Inc. (the “Company”) was organized under the laws of the State of Colorado on July 24, 1979. The Company is engaged in the exploration, development, production and sale of gold and silver and exploration for copper. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;">The Company operates in the United States, Canada, Mexico and Argentina.  The Company owns a 100% interest in the Gold Bar gold mine in Nevada, the Black Fox gold mine in Ontario, Canada, the El Gallo gold project and the Fenix silver-gold project in Sinaloa, Mexico, the Los Azules copper deposit in San Juan, Argentina and a portfolio of exploration properties in Nevada, Canada, Mexico and Argentina. It also owns a 49% interest in Minera Santa Cruz S.A. (“MSC”), owner of the producing San José silver-gold mine in Santa Cruz, Argentina, which is operated by the joint venture majority owner, Hochschild Mining plc. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;">The interim consolidated financial statements included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and are unaudited. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures included are adequate to make the information presented not misleading.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:10pt 0pt 10pt 0pt;">In management’s opinion, the unaudited <i style="font-style:italic;">Consolidated Statements of Operations and Comprehensive Loss</i> (“<i style="font-style:italic;">Statement of Operations</i>”) for the three and six months ended June 30, 2020 and 2019, the unaudited<i style="font-style:italic;"> Consolidated Balance Sheets</i> as at June 30, 2020 and December 31, 2019, the unaudited <i style="font-style:italic;">Consolidated Statement of Changes in Shareholders’ Equity</i> for the three and six months ended June 30, 2020 and 2019, and the unaudited <i style="font-style:italic;">Consolidated Statements of Cash Flows</i> for the six months ended June 30, 2020 and 2019, contained herein, reflect all adjustments, consisting solely of normal recurring items, which are necessary for the fair presentation of the Company’s financial position, results of operations and cash flows on a basis consistent with that of the Company’s prior audited consolidated financial statements. However, the results of operations for the interim periods may not be indicative of results to be expected for the full fiscal year. Therefore, these financial statements should be read in conjunction with the audited financial statements and notes thereto and summary of significant accounting policies included in the Company’s annual report on Form 10-K for the year ended December 31, 2019. Except as noted below, there have been no material changes in the footnotes from those accompanying the audited consolidated financial statements contained in the Company’s Form 10-K for the year ended December 31, 2019. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Inter-company accounts and transactions have been eliminated. </p>
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