Cassiar Asbestos Corporation Limited

Ten Year Review

1978 1977 1976
(restated)
Ore mined (tons) 1,606,571 3,299,383 2,790,170
Ore and concentrate milled (tons) 1,395,921 2,324,542 2,078,179
Waste removed (cubic yards) 5,355,934 P8255 \7/ 7,306,653
Fibre produced (tons) 132,790 212,284 191,417
Fibre sold (tons) 130,715 PTW | 175,461
Fibre sales $ 80,774,633 $115,077,217 $ 78,285,544
Profit before deducting the following $ 32,457,161 $ 57,417,351 $ 36,089,210
Depreciation 6,785,619 6,395), /47/ 6,097,270
Exploration and development written off 9,296,338 19,890,208 12,996,520
Net earnings (loss) before taxes 16,375,204 3171, 398 16,995,420
Provision for current taxes 750,000 9,042,451 1,791,864
Provision for deferred taxes 3,800,000 2,563,000 3,364,000
Net income (loss) $ 11,825,204 $ 19,565,945 $ 11,839,556
Net income (loss) per share $2.15 $3.56 S245
Dividends declared per share 55¢ 55¢ —
Capital Expenditures:
Land, plant and equipment (net) $ 14,236,218 $ 13,118,983 $ 10,870,960
Mine development — Cassiar 11,151,006 S544, 910) 19,516,786
— Clinton 478,532 1,447,771 897,080
Exploration 1,242,671 475,195 15,070
Balance Sheet — at end of fiscal period
Net working capital and investments $ 14,734,620 $ 16,514,898 $ 6,601,353
Plant and equipment 98,695,963 97,207,032 87,523,516
Mining claims and land 535,945 587,855 961,732
Deferred development 46,596,491 43,245,374 45,307,827
Total 160,563,019 157,555, 159 140,394,428
Deduct — Term bank loan — == 5,000,000
— Taxes deferred 29,464,000 25,664,000 23,101,000
— Accumulated depreciation 40,013,090 49, 605,434 46,548,648
— Minority interest in subsidiary — = =
Shareholders’ equity $ 91,085,929 $ 82,285,725 $ 65,744,780
Shares of capital stock issued at end of period 5,500,000 5,500,000 5,500,000

a

*Included as subsidiary
14