mines management inc (MGN) Key Developments
Mines Management, Inc. Reports Earnings Results for the First Quarter Ended March 31, 2014
May 16 14
Mines Management, Inc. reported earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported net loss of $1.5 million compared to a net loss of $2.1 million for the quarter ended March 31, 2013. The change in net loss in the 2014 quarter resulted primarily from reduced operating expenses: a $0.4 million decrease in general and administrative expenses consisting of $0.2 million less of stock based compensation issued during the first quarter of 2014 compared to 2013, the absence of a $0.1 million payment to continue the Earn-In Agreement with Estrella Gold Corp. in 2014, and a decrease of $0.1 million in payroll with two less employees during 2014; and a $0.3 million decrease in technical services and exploration expenses which includes a $0.2 million reduction in Estrella project expenditures due to the termination of the project in January 2014 and a $0.1 million decrease in fees paid to the contractor working on the Environmental Impact Study during 2014; partly offset by increase of $0.1 million in legal, accounting and consulting expenditures primarily associated with a litigation matter.
Mines Management, Inc. Reports Audited Consolidated Earnings Results for the Fiscal Year Ended December 31, 2013
Apr 10 14
Mines Management, Inc. reported audited consolidated earnings results for the fiscal year ended December 31, 2013. For the year, the company reported a net loss of $7.4 million or $0.25 per share compared to a loss of $8.2 million or $0.28 per share for the year ended December 31, 2012. Net cash used in operating activities was $6.1 million, which consisted primarily of permitting, environmental, exploration, and engineering expenses for the Montanore Project, the La Estrella exploration program, and general and administrative expenses, compared with $7.2 million of cash used in operating activities in 2012.
Mines Management, Inc., Annual General Meeting, Jun 12, 2014
Apr 8 14
Mines Management, Inc., Annual General Meeting, Jun 12, 2014., at 14:00 US Eastern Standard Time. Location: Hotel Lusso, Florentine Room-lower level. Agenda: To elect two directors to serve for a three-year term until the 2017 annual meeting of shareholders or until such director's successor is elected and qualified; to ratify the appointment of Tanner LLC as independent registered public accounting firm for the fiscal year ending December 31, 2014; to approve, on an advisory basis, the compensation of named executive officers; to approve, on an advisory basis, the frequency of the advisory stockholder vote on the compensation of named executive officers; and to transact such other business as may properly come before the meeting or any postponements or adjournments thereof.
Mines Management, Inc. Auditor Raises 'Going Concern' Doubt
Mar 31 14
Mines Management, Inc. filed its 10-K on Mar 31, 2014 for the period ending Dec 31, 2013. In this report its auditor, Tanner + Co., gave an unqualified opinion expressing doubt that the company can continue as a going concern.
Mines Management, Inc. Announces Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013
Nov 27 13
Mines Management, Inc. announced earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported net loss of $1.8 million compared to a net loss of $2.7 million for the quarter ended September 30, 2012. The decrease in the net loss is primarily attributable to the following items: (1) a $0.3 million decrease in general and administrative expenses including a $0.1 million decrease in compensation costs due to fewer employees in 2013 than 2012, and a $0.2 million reduction in stock-based compensation during the third quarter 2013, (2) a $0.8 million decrease in technical services which consists of a $0.7 million reduction of costs associated with the exploration of the Estrella Project, and a $0.1 million reduction in technical expenditures associated with the Montanore project resulting from repairs and rental expenditures during 2012 which did not occur during 2013, and (3) a $0.1 million increase in legal, accounting, and consulting fees primarily associated with a litigation matter.
For the nine months, the company reported net loss of $5.8 million compared to a net loss of $6.4 million for the nine months ended September 30, 2012.