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Show hi BEramr- OF UTAH COPPER Showing a net profit for the year applicable for dividends or for other capital purposes of 17,913,481.34. or 11.03 per share, as compared to $5.34 per sharo for the year of 1914, the report re-port of tho Utah Copper company for tho year ended December 31, 1915, has been released. President C. M. MacNelll makes tho following statement state-ment relative to the earnings of the company: The gross production of copper in concentrates for the year 1915 was 156,207,376 pounds. After making smelter deductions, tho net production produc-tion amounted to 143,397,006 pounds of refined copper. In addition there wore produced 36,760 ounces of gold, for which the company received $20 per ounce; also 371,712 ounces of silver, sil-ver, for which the company received lL-.aau cenis per ounce, inis prouue-tlon prouue-tlon of copper, gold and silver was the result of the handling during the year, at both the Magna and Arthur plants, of 8,949,300 tons of ore. The uDsold copper on hand at the end of the year was . in entoried at 13.50 cents per pound. The net cost of copper produced for the year, deducting de-ducting miscellaneous income, was 7.4S cents per pound, as compared with 8.01 cents for the previous year If tho total net earnings of the Bingham Bing-ham & Garfield Railway company, which amounted to .S67 of a cent per pound of copper, were taken into confederation con-federation as a deduction from the cost of producing copper, the net cost per pound would have been 6612 cents. No deductions, however, were considered from these costs for dividends divi-dends received on the stock of the Nevada Consolidated Copper company, com-pany, owned by your company. The net operating profit amounted to 515.023.S34 23; miscellaneous income in-come received during the year from outside investments, including dividends divi-dends received from the Nevada Consolidated Con-solidated Copper company and the Bingham & Garfield Railway company, com-pany, and from Interest, rentals, etc., amounted to $2,896,609.25. The total Income, therefore, amounted to $17,-920,443.48. $17,-920,443.48. Interest paid during the year amounted to $6962.14. leaving a net profit for the year applicable to dividends or for other capital purposes pur-poses of $17,913,481.34, or ?11.03 per share, as compared with $5.34 per share for the year 1914. Dividends paid during the year amounted to $4 25 per share; 75 cents per sharo for the first quarter, $1 per sharo for the second quarter, $1 per share for the third quarter, and $1.50 per share for the fourth quarter, aggregating aggre-gating $6,904,082.50, leaving surplus o&rnliigs for the year after payment ot dividends of $11,009,398. S4. The usual amount for depreciation ot plauts and equipment, being a sum equal to G per cent on the total cost, was set aside, and amounted to $546,-733.54. $546,-733.54. This resulted in passing $10,-462,665.30 $10,-462,665.30 to earned surplus account. Tho total dividends up to and including in-cluding tho dividends paid during the year under discussion aggregate $32,-721,897.50. $32,-721,897.50. On December 31, 1915, the outstanding out-standing capital stock of tho company com-pany was 1,024,490 shares. The snr-plus snr-plus from sale of securities account has not changed during the year and amounts to $8,290,620 The account should not in any way be confused with tho item shown as earned surplus, sur-plus, which on December 31, 1915, aggregated ag-gregated $23,489,073.81. Attention is called to tho fact that this earned surplus in part represents the working work-ing capital of the company, prepaid stripping and other permanent capital expenditures derived from earnings. AtteJltlon is particularly called to that portion of the managing director's direc-tor's report in which ho discusses the state of ore development at the close of tho year, and from which you will noto that thero was added to the developed de-veloped tounage an amount of ore largely In excess of the tonnage mln-od mln-od and treated during the year. The operating report gives a detailed de-tailed description of the physical property, equipment fand conditions surrounding its operations. As before slated tho entiro capital stock of the Bingham & Garfield Railway company is owned by your company. There are no bonds outstanding. The entire net earnings ot the railway company' accrue to your company and properly applv in reducing the cost of producing produc-ing "copper. The entire operation ot ;& J tory. Tho physical condition of the ' road and all of Its equipment and appurtenances have been kept up to the highest point of efficiency. Increaso In earned surplus for the year is shown in the following portion por-tion of the financial statement Net profit for year ...$17,913,481.34 Less dividends paid 6,904,082.50 Surplus after dividends divi-dends $11,009,398. S4 Reserve for depreciation of plants and equipment equip-ment 546,733.54 Net undivided profits for year $10,162,655.30 Represented by the following: Net increase in current assets $9,330,231. SI Net Increaso in prepaid ore expense 1,059,142.42 Net increase in Invest- ments 26,S90.71 Increase In property and equipment 593,133.90 $11,009,398.84 Less depreciation for 1915 540,733.54 Increase in net assets for year $10,462,655.30 oo |