GOLDEN MINERALS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Expressed in United States Dollars)
For The For The
Period Period
March 25, January 1,
2009 2009 The Years Ended December
Through Through 31,
December 31, March 24, ------------------------
2009 2009 2008 2007
----------- ----------- ----------- -----------
(Successor)* (Predecessor)*
(in thousands except per
share data)
Revenue:
Management service
fees $ 11,067 $ 1,350 $ 5,400 $ 5,400
Costs and expenses:
Costs of services (3,751) - - -
Exploration expense (12,617) (3,482) (25,397) (15,357)
Administrative
expense (8,430) (4,779) (17,348) (17,664)
Stock based
compensation (1,666) (2,717) (2,852) (2,609)
Depreciation,
depletion and
amortization (626) (102) (527) (533)
----------- ----------- ----------- -----------
Total costs and
expenses (27,090) (11,080) (46,124) (36,163)
----------- ----------- ----------- -----------
Loss from operations (16,023) (9,730) (40,724) (30,763)
Other income and
expenses:
Interest and other
income 1,042 1,010 5,553 19,432
Royalty income 399 88 351 1,319
Interest and other
expense - (345) (15,848) (5,733)
Gain on disposal of
assets, net 261 - - -
Impairment of long
lived assets (1,687) - - -
Loss on foreign
currency (69) (13) (32) (48)
Gain on extinguishment
of debt - 248,165 - -
Loss on auction rate
securities (2,199) (828) (16,263) (34,537)
Reorganization
costs, net (1,032) (3,683) (2,153) -
Fresh start accounting
adjustments - 9,122 - -
----------- ----------- ----------- -----------
Other total income
and expenses (3,285) 253,516 (28,392) (19,567)
----------- ----------- ----------- -----------
Income (loss) from
continuing operations
before income taxes (19,308) 243,786 (69,116) (50,330)
Income taxes (968) (165) (618) (879)
----------- ----------- ----------- -----------
Net income (loss)
from continuing
operations (20,276) 243,621 (69,734) (51,209)
Loss from discontinued
operations - (4,153) (166,625) (24,634)
----------- ----------- ----------- -----------
Net income (loss) $ (20,276) $ 239,468 $ (236,359) $ (75,843)
Net (income) loss
attributable to
noncontrolling
interest $ - $ (7,869) $ 118,122 $ 87,399
----------- ----------- ----------- -----------
Net income (loss)
attributable to the
Successor/Predecessor
stockholder's $ (20,276) $ 231,599 $ (118,237) $ 11,556
----------- ----------- ----------- -----------
Other comprehensive
gain (loss):
Unrealized gain (loss)
securities $ 154 $ 940 $ (441) $ (86)
----------- ----------- ----------- -----------
Comprehensive income
(loss) attributable
to
Successor/Predecessor
stockholder's $ (20,122) $ 232,539 $ (118,678) $ 11,470
=========== =========== =========== ===========
Net income (loss) per
Common/Ordinary Share
- basic
Income (loss) from
continuing operations
attributable to the
Successor/Predecessor
stockholders $ (6.78) $ 4.13 $ (1.18) $ (0.87)
Income (loss) from
discontinued
operations
attributable to the
Successor/Predecessor
stockholders - (0.20) (0.82) 1.07
----------- ----------- ----------- -----------
Income (loss)
attributable to the
Successor/Predecessor
stockholders $ (6.78) $ 3.93 $ (2.01) $ 0.20
=========== =========== =========== ===========
Net income (loss) per
Common/Ordinary Share
- diluted
Loss from continuing
operations
attributable to the
Successor/Predecessor
stockholders $ (6.78) $ (0.06) $ (1.18) $ (0.87)
Loss from
discontinued
operations
attributable to the
Successor/Predecessor
stockholders - (0.17) (0.82) 1.07
----------- ----------- ----------- -----------
Loss attributable to
the
Successor/Predecessor
stockholders $ (6.78) $ (0.23) $ (2.01) $ 0.20
=========== =========== =========== ===========
Weighted average
Common Stock/Ordinary
Shares outstanding -
basic 2,989,562 59,000,832 58,947,025 58,714,935
=========== =========== =========== ===========
Weighted average
Common Stock/Ordinary
Shares outstanding -
diluted 2,989,562 69,171,400 58,947,025 58,714,935
=========== =========== =========== ===========
* Note to the Financial Statements: Upon emergence from Chapter 11
bankruptcy on March 24, 2009, Golden Minerals Company became the
successor to Apex Silver Mines Limited for purposes of reporting under
the U.S. federal securities laws. References in the financial statements
presented in this press release to "Successor" refer to Golden Minerals
Company and its subsidiaries on or after March 25, 2009, the day
following emergence from Chapter 11. References to "Predecessor" refer
to Apex Silver Mines Limited and its subsidiaries prior to
March 25, 2009.
GOLDEN MINERALS COMPANY
CONSOLIDATED BALANCE SHEETS
(Expressed in United States Dollars)
December 31, December 31,
2009 2008
--------------- ---------------
(Successor)* (Predecessor)*
(in thousands, except share data)
Assets
Current assets
Cash and cash equivalents $ 8,570 $ 33,723
Restricted cash - 20,575
Investments 444 16,351
Trade receivables 1,460 7,315
Inventories - 75,008
Prepaid expenses and other assets 2,087 15,550
--------------- ---------------
Total current assets 12,561 168,522
Property, plant and equipment, net 7,774 202,534
Assets held for sale 813 -
Ore stockpile inventories - 72,628
Value added tax recoverable - 157,146
Investments - 5,487
Prepaid expenses and other assets 552 30
--------------- ---------------
Total assets $ 21,700 $ 606,347
=============== ===============
Liabilities and Equity (Deficit)
Current liabilities
Accounts payable and other accrued
liabilities $ 2,428 $ 48,861
Accrued interest payable - 8,660
Other current liabilities 63 -
Current portion of long term debt - 523,610
--------------- ---------------
Total current liabilities 2,491 581,131
Long term debt - 59,951
Asset retirement obligation - 9,155
Other long term liabilities 651 4,398
--------------- ---------------
Total liabilities 3,142 654,635
--------------- ---------------
Commitments and contingencies
Equity (deficit)
Common stock, (Successor) $.01 par
value, 50,000,000 shares authorized;
3,238,615 shares issued and
outstanding, net of 3,885 treasury
shares 32 -
Ordinary Shares, (Predecessor) $.01 par
value, 175,000,000 shares authorized;
59,000,832 shares issued and
outstanding - 590
Additional paid in capital 37,854 680,901
Accumulated deficit (20,276) (880,020)
Accumulated other comprehensive
income (loss) 154 (551)
--------------- ---------------
Parent company's shareholder's
equity (deficit) 17,764 (199,080)
Noncontrolling interest in
subsidiaries 794 150,792
--------------- ---------------
Total equity (deficit) 18,558 (48,288)
--------------- ---------------
Total liabilities and equity
(deficit) $ 21,700 $ 606,347
=============== ===============
* Note to the Financial Statements: Upon emergence from Chapter 11
bankruptcy on March 24, 2009, Golden Minerals Company became the
successor to Apex Silver Mines Limited for purposes of reporting under
the U.S. federal securities laws. References in the financial statements
presented in this press release to "Successor" refer to Golden Minerals
Company and its subsidiaries on or after March 25, 2009, the day
following emergence from Chapter 11. References to "Predecessor" refer
to Apex Silver Mines Limited and its subsidiaries prior to
March 25, 2009.
For additional information please visit http://www.goldenminerals.com/ or
contact:
Contact Information: Golden Minerals Company Jerry W. Danni (303) 839-5060 Sr. Vice President, Corporate Affairs