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FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2002
GLAMIS GOLD LTD.
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(Translation of registrant's name into English)
5190 Neil Rd., Suite 310, Reno, Nevada 89502
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(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
Form 20-F [ ] Form 40-F [X]
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes [ ] No [X]
If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82-______________
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
GLAMIS GOLD LTD.
Date: November 12, 2002 (Registrant)
By: /s/ Cheryl S. Maher
--------------------------
Cheryl S. Maher
Chief Financial Officer
BC FORM 53-901F
(previously Form 27)
MATERIAL CHANGE REPORT UNDER SECTION 85(1)
OF THE SECURITIES ACT (BRITISH COLUMBIA)
ITEM 1 REPORTING ISSUER
Glamis Gold Ltd.
Suite 310 - 5190 Neil Road
Reno Nevada
89502
(the "Company")
Telephone: (775) 827-4600
ITEM 2. DATE OF MATERIAL CHANGE
November 11, 2002
ITEM 3. PRESS RELEASE
The Company issued a news release on November 11, 2002.
ITEM 4. SUMMARY OF MATERIAL CHANGE
The Company announced increased mineral resource estimates for
its Marlin Project in Guatemala.
ITEM 5. FULL DESCRIPTION OF MATERIAL CHANGE
See attached press release.
ITEM 6. RELIANCE ON SECTION 85(2) OF THE ACT
Not applicable.
ITEM 7. OMITTED INFORMATION
None.
- 2 -
ITEM 8. SENIOR OFFICERS
The following senior officer of the Issuer is knowledgeable
about the material change and may be contacted by the
Commission at the address and telephone number:
Charles A. Jeannes
Senior Vice-President, Administration General Counsel
and Secretary
5190 Neil Road
Reno, Nevada
Telephone: (755) 827-4600
ITEM 9. STATEMENT OF SENIOR OFFICER
The foregoing accurately discloses the material change
referred to herein.
November 12, 2002 Signed "Charles A. Jeannes"
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Date Signature
CHARLES A. JEANNES
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Name
SENIOR VICE-PRESIDENT, ADMINISTRATION,
GENERAL COUNSEL AND SECRETARY
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Position
RENO, NEVADA
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Place of Declaration
IT IS AN OFFENCE FOR A PERSON TO MAKE A STATEMENT IN A DOCUMENT REQUIRED TO BE
FILED OR FURNISHED UNDER THE APPLICABLE SECURITIES LEGISLATION THAT, AT THE TIME
AND IN THE LIGHT OF THE CIRCUMSTANCES UNDER WHICH IT IS MADE, IS A
MISREPRESENTATION.
[GLAMIS GOLD LOGO]
NEWS RELEASE
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GLAMIS GOLD LTD.
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FOR IMMEDIATE RELEASE
All amounts in United States Dollars
TRADING SYMBOL: TSE NYSE - GLG NOVEMBER 11, 2002
GLAMIS GOLD REPORTS THIRD QUARTER RESULTS AND MORE
THAN DOUBLES RESOURCE AT THE MARLIN PROJECT
Reno, Nevada - GLAMIS GOLD LTD. (NYSE: GLG; TSX: GLG) today reported net income
of $2.4 million or $0.02 per share for the third quarter of 2002 compared to net
income of $0.6 million or $0.01 per share in the third quarter of 2001. Results
for the third quarter of 2002 reflect the merger with Francisco Gold Corp. which
was finalized on July 16, 2002.
THIRD QUARTER HIGHLIGHTS
o Gold production increased to 58,987 ounces in the third quarter of 2002
compared to 57,295 ounces in the third quarter of 2001.
o Total cash costs of production declined to $167 per ounce of gold
compared to $188 per ounce in the third quarter of the prior year, a
reduction of more than 11 percent.
o The on-going drilling program at the Marlin project in Guatemala
resulted in an increase in the gold equivalent resource from 1.4
million ounces to 3.3 million ounces.
o The Phase 2 drilling program commenced at the Cerro Blanco gold
project, also located in Guatemala.
o An updated feasibility study was completed at the El Sauzal gold
project in Mexico that significantly improved project economics. Based
on this study, the Board of Directors formally approved the project on
November 7, 2002.
Kevin McArthur, President and Chief Executive Officer of the Company stated,
"Glamis accomplished a great deal in the latest quarter and is confident of
reaching its 2002 production goal of more than 250,000 ounces of gold at a total
cash cost of less than $170 per ounce. In addition, we made excellent progress
in advancing the Marigold expansion project, significantly improved the
economics of our El Sauzal project in Mexico and commenced the Phase 2
exploration drilling program at the Cerro Blanco project. Our most important
achievement, however, was more than doubling the resource at the Marlin project
from 1.4 million to 3.3 million gold equivalent ounces. Marlin has rapidly
become a major gold discovery and we
believe that the project has excellent potential to make a substantial
contribution to the Company's future."
FINANCIAL RESULTS
During the third quarter of 2002, Glamis produced 58,987 ounces of gold at a
total cash cost of $167 per ounce compared to 57,295 ounces of gold at a total
cash cost of $188 per ounce in the third quarter of the previous year. The sharp
decline in total cash costs from the third quarter of 2001 was due mainly to
cost reductions and increased production at both the San Martin and Rand mines.
Revenue from gold sales in the third quarter of 2002 rose to $19.8 million
compared to $15.9 million for the third quarter of the prior year. The increase
was due to higher realized gold prices and higher gold sales. In the latest
quarter, Glamis sold 62,062 ounces of gold at $318 per ounce compared to 57,740
ounces at $275 per ounce in the second quarter of 2001. Net income for the third
quarter of 2002 was reduced by higher depreciation and depletion charges as a
result of on-going capital expenditures associated with the Marigold expansion.
In addition, exploration spending and the provision for future income taxes were
also higher when compared to the third quarter of the prior year.
For the first nine months of 2003, Glamis reported net income of $9.0 million or
$0.10 per share compared to net income of $2.0 million or $0.03 per share for
the corresponding nine month period of 2001. During the nine month period ended
September 30, 2002, Glamis produced 184,642 ounces of gold at a total cash cost
of $159 per ounce compared to 157,753 ounces of gold at a total cash cost of
$178 per ounce during the comparable period of 2001. Both revenue and net income
increased significantly as a result of much better gold prices and higher gold
sales.
Glamis remains in excellent financial position. As of September 30, 2002, cash
and cash equivalents amounted to $47.3 million and working capital stood at
$55.5 million. Cash flow from operations increased to $7.6 million and $24.3
million respectively for the third quarter and first nine months of 2002
compared to $2.9 million and $10.9 million for the third quarter and first nine
months of 2001. Capital expenditures for the year to date were $28.7 million and
were funded entirely from the Company's cash balance and cash flow from
operations.
REVIEW OF OPERATIONS
Gold production for the third quarter of 2002 increased to 58,987 ounces
compared to 57,295 in the third quarter of 2001 as higher gold output at both
the San Martin and Rand mines more than offset the planned lower production at
the Marigold mine. Detailed production data for the latest quarter is presented
below:
Gold Produced (oz.) Ore Tons Grade (oz./ton) Waste Tons
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San Martin 34,895 1,451,632 0.037 246,662
Marigold 66.7% 10,089 752,322 0.020 4,346,045
Rand Mine 14,003 1,527,000 0.021 1,836,700
San Martin Mine
At the San Martin mine, gold production in the third quarter of 2002 increased
to 34,895 ounces at a total cash cost of $103 per ounce compared to 32,246
ounces at a total cash cost of $123 per
2
ounce. To date, gold production has been higher than forecast as ore grades
continue to exceed those projected by the mine model. Glamis expects San Martin
to meet its production target of 125,000 ounces for the year. Exploration
permits for the nearby Minitas property are expected shortly and drilling will
begin soon thereafter.
Marigold Mine
Glamis' share of gold production at its 66.7 percent-owned Marigold mine
declined to 10,089 ounces compared to 14,249 ounces in the third quarter of the
prior year. The expected decline in gold production was attributable mainly to
the on-going waste stripping program for the Terry Zone expansion, and the
mining of lower-grade ore as part of the planned mining sequence. As a result,
total cash costs increased to $247 per ounce compared to $160 per ounce in the
third quarter of 2001. Operations at Marigold improved in September with a
significant increase in tons mined, higher ore grades and lower total cash costs
and Glamis is confident of achieving its 2002 production target of 55,000 ounces
of gold to the Company's account.
Rand Mine
Third quarter gold production at Rand mine was 14,003 ounces at a total cash
cost of $267 per ounce compared to 10,800 ounces at a total cash cost of $418
per ounce for the third quarter of 2001. Mining will be completed at Rand in the
first quarter of 2003, at which time the primary truck fleet will be transferred
to Marigold. Glamis is projecting total gold production of 70,000 ounces from
Rand mine for 2002.
DEVELOPMENT PROJECTS
Marigold Expansion
The Marigold expansion project remains on schedule. Much of the Terry Zone
pre-stripping program has been completed as well as an expansion of leach pad
capacity. In addition, the 2002 in-fill drilling program has been completed on
Sections 30 and 31 in preparation for expanded mining operations. Exploration
drilling has commenced in the Section 7 area and initial results have been
encouraging. A comprehensive review of all drill data will be completed for the
Company's year-end reserve and resource update. As the Marigold expansion
project is phased in over the next three years, Glamis' two-thirds share of gold
production is projected to increase to over 110,000 ounces annually at an
estimated total cash cost of less than $150 per ounce.
El Sauzal
During the third quarter of 2002, Glamis completed a number of detailed
optimization studies that have significantly improved the economics of the El
Sauzal project when compared to the original feasibility study completed in June
2002. As a result of these studies, average annual gold production is now
projected at 190,000 ounces at a total cash cost of $110 per ounce. Most
importantly, the projected internal rate of return for the project has increased
to 25 percent based on an average gold price of $300 per ounce.
The Company has received approval from its Board of Directors to proceed with
the project. Construction is scheduled to commence in the second half of 2003
after permits are secured. Meanwhile, Glamis is working closely with government
officials to approve a southern access road and power line from the city of Los
Mochis to the property. The proposed southern route would significantly reduce
travel time and provide ready access to a deepwater ocean port. Commercial
production is scheduled to commence in the first quarter of 2005.
3
EXPLORATION
Marlin
At its Marlin gold project in Guatemala, Glamis had previously calculated a gold
equivalent resource of 1.4 million ounces (see news release dated June 17,
2002). In June of this year, a comprehensive $3 million exploration program
commenced to provide in-fill drilling information on the Main zone and to extend
the mineralization. Excellent results have been achieved to date, particularly
in the southeast extension area.
Selected intervals from the latest drill program at the Marlin property are
summarized below:
Interval Length Au Ag Au Equiv.*
Hole # (m) (m) (g/t) (g/t) (g/t)
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MR02-49 144.0 to 177.0 33.0 11.9 134.3 14.2
MR02-50 193.5 to 223.5 30.0 11.2 139.4 13.5
MR02-64 172.5 to 190.5 18.0 13.1 309.0 18.2
MR02-76 84.0 to 117.0 33.0 10.3 212.6 13.9
MR02-77 46.5 to 81.0 34.5 11.2 160.1 13.9
MR02-97 177.0 to 195.0 18.0 16.4 73.2 17.6
As a result of ongoing drilling success, the gold equivalent resource has
increased to nearly 3.3 million ounces and excellent potential remains for
further expansion as the deposit remains open along strike and at depth. The
results of the latest and the prior resource calculations are presented below
(calculated at a gold cut-off grade of 0.3 grams/tonne):
Resource Calculation as of October 18, 2002
Resource Ore Au Au Ag Ag Au Equiv.*
Type Tonnes g/tonne Ounces g/tonne Ounces Ounces
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Measured 21,100,000 1.74 1,180,000 28.1 19,090,000 1,500,000
Indicated 12,500,000 1.67 670,000 29.8 11,970,000 870,000
Inferred 17,500,000 1.21 680,000 22.7 12,770,000 890,000
Resource Calculation as Reported June 17, 2002
Resource Ore Au Au Ag Ag Au Equiv.*
Type Tonnes g/tonne Ounces g/tonne Ounces Ounces
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Measured 4,195,000 1.94 261,000 29.3 3,956,000 327,000
Indicated 8,573,000 1.46 401,000 22.2 6,125,000 503,000
Inferred 14,129,000 1.09 494,000 11.5 5,218,000 581,000
* Assumes a silver to gold ratio of 60:1.
As of October 31, 2002, more than 200 drill holes (nearly 26,000 meters) had
been completed. Drilling on the property continues with two reverse circulation
drills and one diamond drill. A project location map, the drill hole database, a
grade-thickness map and a cross-section through the southeast extension area can
be found on the Glamis website (www.glamis.com) under the "What's New" section.
Recent metallurgical testing at a 200 mesh grind has yielded recoveries well in
excess of 90 percent for gold and 85 percent for silver for all samples.
Although the full extent of the
4
mineralization has yet to be defined, scoping of the project is underway based
on results to date. An internal feasibility study is scheduled to be completed
early in 2003.
Cerro Blanco
The Phase 2 drilling program consists of eight in-fill and stepout diamond drill
holes to verify and extend high-grade gold mineralization at the Cerro Blanco
property in Guatemala. Drilling commenced in early October to follow up on the
promising results achieved in the initial phase (see news release of September
30, 2002).
Glamis Gold Ltd. is a premier intermediate gold producer with low-cost gold
mines in Nevada, California and Honduras. The Company remains debt-free and
unhedged. Glamis' strategic goal is to increase annual gold production to
500,000 ounces at a total cash cost below $150 per ounce.
A conference call to discuss third quarter results will be held at 9:00 a.m. EST
on November 12, 2002. You may join the call by dialing (877) 500-5824, or (706)
634-0787 for calls outside the U.S. or Canada. Ask for the Glamis Conference
Call or quote ID #6474111. Replays will be available after the call by dialing
(800) 642-1687 or (706) 645-9291 for calls outside the U.S. or Canada and enter
Conference ID #6474111.
Safe Harbor Statement under the United States Private Securities Litigation
Reform Act of 1995: Except for the statements of historical fact contained
herein, the information presented constitutes "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements, include, but are not limited to those with respect
to, the price of gold, the estimation of mineral reserves and resources, the
realization of mineral reserves estimates, the timing and amount of estimated
future production, costs of production, capital expenditures, costs and timing
of the development of new deposits, success of exploration activities, Glamis'
hedging practices, permitting time lines, currency fluctuations, requirements
for additional capital, government regulation of mining operations,
environmental risks, unanticipated reclamation expenses, title disputes or
claims limitations on insurance coverage and the timing and possible outcome of
pending litigation. Often, but not always, forward-looking statements can be
identified by the use of words such as "plans", "expects", or "does not expect",
"is expected", "budget", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variation of such words and phrases or
state that certain actions, events or results, "may", "could", "would", "might"
or "will" be taken, occur or be achieved. Forward-looking statements involve
known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of Glamis to be materially different
from any future results, performance or achievements expressed or implied by
such forward-looking statements. Such factors include, among others, the actual
results of current exploration activities, actual results of current reclamation
activities, conclusions of economic evaluations, changes in project parameters
as plans continue to be refined, future prices of gold, possible variations in
ore grade or recovery rates, failure of plant, equipment or processes to operate
as anticipated, accidents, labor disputes and other risks of the mining
industry, delays in obtaining governmental approvals or financing or in the
completion of development or construction activities, as well as those factors
discussed in the section entitled "Other Considerations" in the Glamis' Annual
Information Form. Although Glamis has attempted to identify important factors
that could cause actual actions, events or results to differ materially from
those described in forward-looking statements, there may be other factors that
cause actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking statements will prove
to be accurate as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking statements.
5
Glamis Gold Ltd. Website: www.glamis.com
5190 Neil Road, Suite 310 email requests for investor packets to: info@glamis.com
Reno, NV 89502 email questions/correspondence to: michaels@glamis.com
Michael A. Steeves Phone: 1-775-827-4600 ext. 3104
Vice President, Investor Relations
6
GLAMIS GOLD LTD.
Consolidated Balance Sheets
(Expressed in thousands of U.S. dollars, except per share amounts)
SEPTEMBER 30, December 31,
2002 2001
(UNAUDITED)
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ASSETS
Current assets:
Cash and equivalents $ 47,315 $ 45,852
Accounts and interest receivable 1,840 1,096
Taxes recoverable 1,083 615
Inventories 15,121 12,725
Prepaid expenses and other 897 631
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66,256 60,919
Plant, equipment and mine development costs, net 282,889 80,970
Other assets 9,119 6,849
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$358,264 $148,738
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LIABILITIES
Current liabilities:
Accounts payable and accrued liabilities $ 10,767 $ 5,529
Reserve for site closure and reclamation costs 9,460 10,427
Future income taxes 67,895 9,416
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88,122 25,372
SHAREHOLDERS' EQUITY
Share capital:
Authorized:
200,000,000 common shares without par value
5,000,000 preferred shares, Cdn$10 per share par value,
issuable in series
Issued and fully paid:
111,858,365 (2001-83,283,462) common shares 326,667 194,793
Contributed surplus 5,933 63
Deficit (62,458) (71,490)
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270,142 123,366
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$358,264 $148,738
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PREPARED BY MANAGEMENT WITHOUT AUDIT
7
GLAMIS GOLD LTD.
CONSOLIDATED STATEMENTS OF EARNINGS
(Expressed in thousands of U.S. dollars, except per share amounts)
(Unaudited)
Three months ended Nine months ended
Sept. 30 Sept. 30
2002 2001 2002 2001
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Revenue $19,820 $15,917 $58,379 $44,849
Cost of goods sold 10,441 10,895 30,150 29,246
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9,379 5,022 28,229 15,603
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Expenses
Depreciation and depletion 4,612 2,666 12,508 9,061
Reclamation 276 268 970 782
Exploration 1,164 216 1,793 1,064
General and administrative 1,068 1,023 3,284 3,218
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7,120 4,173 18,555 14,125
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Earnings from operations 2,259 849 9,674 1,478
Interest expense - 3 - 6
Interest and other income (expense) 576 152 917 717
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Earnings before income taxes 2,835 694 10,591 2,189
Provision for income taxes
Current (64) 502 81 804
Future 463 (411) 1,478 (621)
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399 91 1,559 183
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Net earnings $ 2,436 $ 603 $ 9,032 $ 2,006
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Basic earnings per share $0.02 $0.01 $0.10 $0.03
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Diluted earnings per share $0.02 $0.01 $0.10 $0.03
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CONSOLIDATED STATEMENTS OF DEFICIT
(Expressed in thousands of U.S. dollars)
(Unaudited)
Three months ended Nine months ended
Sept. 30 Sept. 30
2002 2001 2002 2001
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Deficit, beginning of period $(64,894) $(74,935) $(71,490) $(76,338)
Net earnings 2,436 603 9,032 2,006
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Deficit, end of period $(62,458) $(74,332) $(62,458) $(74,332)
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PREPARED BY MANAGEMENT WITHOUT AUDIT
8
GLAMIS GOLD LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in thousands of U.S. dollars)
(Unaudited)
Three months ended Nine months ended
Sept. 30 Sept. 30
2002 2001 2002 2001
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CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings $ 2,436 $ 603 $ 9,032 $ 2,006
Adjustments to reconcile net earnings to net cash provided by
operations:
Depreciation and depletion 4,612 2,465 12,508 8,860
Reserve for site closure and reclamation costs 276 268 958 782
Loss (gain) on sale of assets/investments (157) - 279 (77)
Future income taxes 463 (411) 1,478 (621)
Other non-cash expenses (1) (60) 3 (56)
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Cash flow from operations before the following: 7,629 2,865 24,258 10,894
Changes in non-cash working capital 2,989 (656) 489 (2,860)
Reclamation liability expenditures (567) (702) (1,925) (1,856)
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NET CASH FLOWS FROM OPERATING ACTIVITIES 10,051 1,507 22,822 6,178
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CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES
Business acquisitions, net of cash acquired (5,921) - (6,429) -
Purchase of plant and equipment, net of disposals (1,914) (908) (14,663) (4,801)
MINERAL PROPERTY ACQUISITION AND (2,082) (879) (5,599) (8,311)
MINE DEVELOPMENT COSTS
Purchase/release of environmental bonds (800) (1,422) (2,087) (708)
Other assets (100) - (224) -
Proceeds from sale of investments 148 - 318 82
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NET CASH FLOWS USED IN INVESTING ACTIVITIES (10,669) (3,209) (28,684) (13,738)
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CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of share capital 2,956 348 7,325 2,018
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NET CASH FLOWS FROM FINANCING ACTIVITIES 2,956 348 7,325 2,018
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Increase (decrease) in cash and equivalents 2,339 (1,354) 1,463 (5,542)
Cash and equivalents, beginning of period 44,976 9,090 45,852 13,278
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CASH AND EQUIVALENTS, END OF PERIOD $47,315 $ 7,736 $47,315 $ 7,736
=======================================================================================================================
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION:
Cash paid (received) during
the period for:
Interest $(235) $ (131) $ (677) $ (295)
Taxes 3 32 57 98
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PREPARED BY MANAGEMENT WITHOUT AUDIT
9
THIRD QUARTER REPORT
GLAMIS GOLD LTD.
PRODUCTION/REVENUE DATA
THREE MONTHS ENDED SEPT. 30, NINE MONTHS ENDED SEPT. 30,
2002 2001 2002 2001
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GOLD OUNCES PRODUCED 58,987 57,295 184,642 157,753
GOLD OUNCES SOLD 62,062 57,740 188,975 165,788
AVERAGE REVENUE REALIZED PER OUNCE $318 $275 $309 $270
AVERAGE MARKET PRICE PER OUNCE $314 $274 $306 $269
TOTAL CASH COST PER OUNCE OF PRODUCTION $167 $188 $159 $178
TOTAL COST PER OUNCE OF PRODUCTION $247 $231 $233 $223
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GOLD PRODUCTION - OUNCES
San Martin Mine 34,895 32,246 100,028 74,548
Rand Mine 14,003 10,800 51,942 38,280
Marigold Mine (66.67%) 10,089 14,249 32,672 44,925
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Total 58,987 57,295 184,642 157,753
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TOTAL CASH COST PER OUNCE OF PRODUCTION
San Martin Mine $103 $123 $101 $130
Rand Mine $267 $418 $240 $283
Marigold Mine (66.67%) $247 $160 $210 $168
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Company average $167 $188 $159 $178
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TOTAL COST PER OUNCE OF PRODUCTION
San Martin Mine $201 $167 $192 $183
Rand Mine $303 $474 $277 $330
Marigold Mine (66.67%) $327 $192 $290 $200
-------------------------------------------------------------------------------------------------------------------
Company average $247 $231 $233 $223
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WORKING CAPITAL (THOUSANDS) $55,489 $17,103 $55,489 $17,103
-------------------------------------------------------------------------------------------------------------------
CASH FLOW FROM OPERATIONS (THOUSANDS) $7,629 $2,865 $24,258 $10,894
-------------------------------------------------------------------------------------------------------------------
NET EARNINGS FOR THE PERIOD (THOUSANDS) $2,436 $603 $9,032 $2,006
-------------------------------------------------------------------------------------------------------------------
CASH FLOW FROM OPERATIONS PER SHARE $0.07 $0.04 $0.26 $0.15
-------------------------------------------------------------------------------------------------------------------
BASIC EARNINGS PER SHARE $0.02 $0.01 $0.10 $0.03
-------------------------------------------------------------------------------------------------------------------
AVERAGE SHARES OUTSTANDING 104,635,751 71,382,312 92,278,017 70,843,153
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10