Jemand ne Meinung zum Sturz von Stillwater Mining? Hier die Earningsmeldungen:

verfasst von Heller, 02.11.2001, 19:45

Erst mal der Chart:
<img src ="http://chart.yahoo.com/c/1y/s/swc.gif">


Von Reuters/Yahoo:
Friday October 26, 1:07 pm Eastern Time
Stillwater net off, says funding for new mine unsure

By Nichola Groom

NEW YORK, Oct 26 (Reuters) - Shares of Stillwater Mining Co. (NYSE:SWC - news) fell as much as 22 percent on Friday after the company reported a sharp
drop in third quarter earnings and said, since metals prices and demand have sunk in the last year, it was unsure it had adequate financing for completion of
its East Boulder mine.

Stillwater, the only U.S. producer of palladium and platinum, said it hired investment firms Salomon Smith
Barney and J.P. Morgan to review funding requirements and strategic alternatives for the East Boulder
project, which was begun in 1998.

``The company is exploring, on a preliminary basis, financial alternatives with interested third parties,'' it
said in a statement.

``What that means is the company, given the new capital estimates and production estimates for the East
Boulder project, is going to be in violation of its loan covenants,'' said Victor Flores, senior mining analyst
with HSBC Securities. ``It's not a pretty picture.''

Columbus, Montana-based Stillwater, whose original capital funding was based on higher palladium
prices, said it also may have to revise its production goals due to a weakening global economic
environment.

The price of palladium has fallen to about $320 per ounce from a record high of $1,115 per ounce in late
January, the company said.

Shares of Stillwater were off $3.34, or more than 16 percent, at $17.16 in mid-day trade on the New York Stock Exchange. Earlier in the day, the stock had
fallen as low as $15.90, or more than 22 percent.

Stillwater's strategic alternatives may include raising funds by issuing more stock, or negotiating an outright sale of either the mine or the entire company,
Flores said.

``It's obviously wide open at this point in time,'' he said.

The East Boulder mine, located near Big Timber, Montana, is on-track to begin commercial production in 2002 and meet its annual production rate target of
1 million ounces by 2003, the company said. Of the total $370 million in capital required for the mine's construction, an estimated $240 million has been
committed to date, a spokesman for the company told Reuters.

Stillwater said third-quarter net income fell to $10.3 million, or 26 cents per share, from $13.9 million, or 36 cents, in the year-earlier quarter.

Wall Street had forecast earnings between 29 cents and 46 cents per share, with an average of 39 cents, according to eight brokers surveyed by Thomson
Financial/First Call.
Revenues rose to $52.9 million from $49.1 million a year before.
The combined average market price of palladium and platinum was $477 per ounce in the third quarter, down from $696 per ounce in the same period last
year.
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Soweit ich das kapiere, ist der Kapitalbedarf für den Ausbau der Boulder-Mine mit den jetzigen Erträgen nicht finanzierbar. Das heißt: entweder sie machen eine Pause und warten, bis sie am Kapitalmarkt über höhere Goldaktienpreise eine vernünftige Kapitalerhöhung durchbringen. Oder sie verwässern über eine sofortige Kapitalmaßnahme (z.B. Geld von Bank gegen unverschämte Sicherheiten oder Vorwärtsverkäufe) ihr Ertragspotential.

Die Aktionäre scheinen letzteres zu befürchten, so wie der Kurs aussieht.

Hat jemand eine Meinung über SWC? Die Alleinstellung als einziger bedeutender Palladiumproduzent außerhalb Russlands hat doch was für sich.

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gesamter Thread:

• Jemand ne Meinung zum Sturz von Stillwater Mining? Hier die Earningsmeldungen: - Heller, 02.11.2001, 19:45
  • Re: Jemand ne Meinung zum Sturz von Stillwater Mining? Hier die Earningsmeldungen: - Crowley, 02.11.2001, 20:21
  • Grund liegt bei Palladium selbst... - Tofir, 02.11.2001, 21:38
    • Re: Grund liegt bei Palladium selbst... - Crowley, 02.11.2001, 22:54
      • ich bleibe dabei.... - Tofir, 02.11.2001, 23:59
        • Re: ich bleibe dabei....noch zum Management von Bandulet - Tofir, 03.11.2001, 00:09
          • Der Aktienkurs hat Nachholbedarf bis 40 oder 50 $ von aktuell 15,92 $......... - Crowley, 03.11.2001, 04:30