2013 Q3 Form 10-Q Financial Statement

#000110465913059871 Filed on August 05, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2013 Q2 2012 Q2
Revenue $1.385B $1.410B $1.660B
YoY Change -10.82% -15.04% -7.86%
Cost Of Revenue $663.3M $711.2M $667.9M
YoY Change -1.12% 6.49% -4.04%
Gross Profit $617.0M $604.4M $913.6M
YoY Change -22.89% -33.84% -11.52%
Gross Profit Margin 44.56% 42.86% 55.04%
Selling, General & Admin $24.11M $27.45M $25.36M
YoY Change 1.46% 8.24% -1.48%
% of Gross Profit 3.91% 4.54% 2.78%
Research & Development $12.00M $11.70M $12.60M
YoY Change -4.0% -7.14% 55.56%
% of Gross Profit 1.94% 1.94% 1.38%
Depreciation & Amortization $101.5M $93.52M $78.43M
YoY Change 24.86% 19.24% 7.59%
% of Gross Profit 16.45% 15.47% 8.58%
Operating Expenses $24.11M $27.45M $25.36M
YoY Change 1.46% 8.24% -1.48%
Operating Profit $583.6M $566.4M $875.6M
YoY Change 30.32% -35.32% -12.33%
Interest Expense -$43.70M -$46.50M -$22.80M
YoY Change 104.21% 103.95% -47.47%
% of Operating Profit -7.49% -8.21% -2.6%
Other Income/Expense, Net $1.724M $16.94M $18.32M
YoY Change -51.12% -7.58% 172.35%
Pretax Income $541.6M $536.8M $853.3M
YoY Change 27.28% -37.09% -11.31%
Income Tax $197.9M $167.9M $310.0M
% Of Pretax Income 36.54% 31.27% 36.33%
Net Earnings $345.6M $374.1M $565.3M
YoY Change 57.58% -33.82% -14.36%
Net Earnings / Revenue 24.96% 26.53% 34.06%
Basic Earnings Per Share
Diluted Earnings Per Share $408.8K $441.1K $663.3K
COMMON SHARES
Basic Shares Outstanding 842.1M shares 845.6M shares 849.5M shares
Diluted Shares Outstanding 849.5M shares

Balance Sheet

Concept 2013 Q3 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.159B $2.333B $1.453B
YoY Change 40.38% 60.56% -13.46%
Cash & Equivalents $1.795B $1.940B $1.079B
Short-Term Investments $363.0M $393.0M $374.0M
Other Short-Term Assets $203.1M $213.8M $82.56M
YoY Change 32.67% 158.9% -19.84%
Inventory $704.6M $683.0M $625.6M
Prepaid Expenses
Receivables $487.2M $470.8M $618.6M
Other Receivables $96.00M $100.0M $202.0M
Total Short-Term Assets $3.730B $3.875B $3.072B
YoY Change -29.48% 26.15% -6.12%
LONG-TERM ASSETS
Property, Plant & Equipment $6.032B $5.636B $4.666B
YoY Change 24.21% 20.79% 12.98%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $269.4M $296.0M $185.2M
YoY Change 34.85% 59.85% -34.1%
Total Long-Term Assets $7.205B $6.779B $5.301B
YoY Change 29.78% 27.88% 17.23%
TOTAL ASSETS
Total Short-Term Assets $3.730B $3.875B $3.072B
Total Long-Term Assets $7.205B $6.779B $5.301B
Total Assets $10.94B $10.65B $8.373B
YoY Change 0.87% 27.24% 7.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $456.9M $452.7M $384.9M
YoY Change 6.87% 17.64% 10.59%
Accrued Expenses $274.0M $207.0M $244.0M
YoY Change -56.3% -15.16% 11.42%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $5.000M $5.000M $10.00M
YoY Change -50.0% -50.0% 0.0%
Total Short-Term Liabilities $736.0M $664.2M $758.4M
YoY Change -33.32% -12.41% 8.65%
LONG-TERM LIABILITIES
Long-Term Debt $4.205B $4.204B $2.731B
YoY Change 53.95% 53.95% -0.33%
Other Long-Term Liabilities $74.52M $67.43M $46.72M
YoY Change 36.89% 44.33% -74.75%
Total Long-Term Liabilities $4.790B $4.766B $3.038B
YoY Change 52.69% 56.85% 3.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $736.0M $664.2M $758.4M
Total Long-Term Liabilities $4.790B $4.766B $3.038B
Total Liabilities $5.526B $5.430B $3.797B
YoY Change 30.3% 43.01% 0.1%
SHAREHOLDERS EQUITY
Retained Earnings $3.089B $2.846B $4.130B
YoY Change -25.46% -31.09%
Common Stock $3.345B $3.342B $1.205B
YoY Change 0.51% 177.4%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.055B $994.0M $789.2M
YoY Change 16.93% 25.95%
Treasury Stock Shares
Shareholders Equity $5.383B $5.198B $4.553B
YoY Change
Total Liabilities & Shareholders Equity $10.94B $10.65B $8.373B
YoY Change 0.87% 27.24% 7.43%

Cashflow Statement

Concept 2013 Q3 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $345.6M $374.1M $565.3M
YoY Change 57.58% -33.82% -14.36%
Depreciation, Depletion And Amortization $101.5M $93.52M $78.43M
YoY Change 24.86% 19.24% 7.59%
Cash From Operating Activities $465.2M $302.4M $377.1M
YoY Change -33.51% -19.81% 86.04%
INVESTING ACTIVITIES
Capital Expenditures $488.2M $385.5M $230.3M
YoY Change 89.08% 67.37% 108.13%
Acquisitions
YoY Change
Other Investing Activities $1.981M -$185.0M -$123.1M
YoY Change -2230.11% 50.28% 10158.33%
Cash From Investing Activities -$449.3M -$570.4M -$353.4M
YoY Change 48.92% 61.4% 215.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $59.43M $64.56M $33.18M
YoY Change -40.08% 94.55% -77.59%
Debt Paid & Issued, Net $5.000M $5.000M
YoY Change 0.0% 0.0%
Cash From Financing Activities -160.4M -238.6M -489.4M
YoY Change -47.1% -51.25% -22.28%
NET CHANGE
Cash From Operating Activities 465.2M 302.4M 377.1M
Cash From Investing Activities -449.3M -570.4M -353.4M
Cash From Financing Activities -160.4M -238.6M -489.4M
Net Change In Cash -144.5M -506.6M -465.7M
YoY Change -252.43% 8.78% -13.58%
FREE CASH FLOW
Cash From Operating Activities $465.2M $302.4M $377.1M
Capital Expenditures $488.2M $385.5M $230.3M
Free Cash Flow -$23.05M -$83.05M $146.8M
YoY Change -105.22% -156.58% 59.48%

Facts In Submission

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<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="MARGIN: 0in 0in 0pt;"><b><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">NOTE 1 &#8212; DESCRIPTION OF THE BUSINESS:</font></b></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">In the opinion of Southern Copper Corporation, (the &#8220;Company&#8221; or &#8220;SCC&#8221;), the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary to state fairly the Company&#8217;s financial position as of June&#160;30, 2013 and the results of operations, comprehensive income and cash flows for the three and six months ended June&#160;30, 2013 and 2012.&#160; The results of operations for the three and six months ended June&#160;30, 2013 and 2012 are not necessarily indicative of the results to be expected for the full year.&#160; The December&#160;31, 2012 balance sheet data was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles in the United States of America (U.S. GAAP).&#160; The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements at December&#160;31, 2012 and notes included in the Company&#8217;s 2012 annual report on Form&#160;10-K.</font></p> </div>
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