Cassiar Asbestos Corporation Limited

Ten Year Review

1979 1978
'
Ore mined (tons) 1,083,444 1,606,571
Ore and concentrate milled (tons) 945,807 1,395,921
Waste removed (cubic yards) 6,335,560 5,355,934
Fibre produced (tons) 109,606 132,790 |
Fibre sold (tons) 126,312 130,715
Fibre sales $ 83,219,947 | $ 80,774,633
Profit before deducting the following $ 36,394,534 | $ 32,457,161
Depreciation 6,312,247 6,785,619
Exploration and development written off 10,942,784 9,296,338
Net earnings (loss) before taxes 19,139,503 16,375,204
Provision for current taxes 1,818,000 750,000
Provision for deferred taxes 5,329,000 3,800,000
Net income (loss) $ 11,992,503 $ 11,825,204
Net income (loss) per share $2.18 $2.15
Dividends declared per share 70¢ 55¢
Capital Expenditures: Land, plant and equipment (net) $ 7,985,372 | $ 14,236,
Mine development—Cassiar 17,300,428 11,151,
—Clinton — 478,5
Exploration 525,912 1,242,671
Balance Sheet—at end of fiscal period Net working capital and investments $ 19,691,504 | $ 14,734,620
Plant and equipment 105,641,512 98,695,963
Mining claims and land 535,846 535,945
Deferred development 53,340,180 46,596,491
Total 179,209,042 160,563,019
Deduct—Term bank loan _ —
—Taxes deferred 34,793,000 29,464,000
—Accumulated depreciation 45,187,610 40,013,090
—Minority interest in subsidiary - —
Shareholders’ equity $ 99,228,432 | $ 91,085,929
+ _
Shares of capital stock issued at end of period 5,500,000 5,500,000

“Included as subsidiary

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