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United States Antimony Corporation Reports Second Quarter and Six Months Ended June 30, 2024 Results

"The Critical Minerals and ZEO Company"

THOMPSON FALLS, MT / ACCESSWIRE / August 9, 2024 / United States Antimony Corporation ("USAC" or the "Company" or "U.S. Antimony Corporation"), (NYSE American:UAMY) reported today its second quarter and six months ended June 30, 2024 financial and operational results.

Revenues for the first six months of 2024 increased 26%, or $1.169 million, to $5.6 million, compared to the first six months of 2023, while cost of sales only increased 6%, or $219k, during the same period. This in-turn allowed gross profit to increase 122%, or $950k. Operating expenses increased $1.115 million, or 124%, for the first six months of 2024 to $2.014 million, of which $301k of the increase was non-cash stock compensation and $311k was costs associated with new project development. These projects and initiatives are part of the growth and improved strategy of the Company. The Company reported net income from continuing operations of $30k for the six months ended June 30, 2024.

When comparing the three months ended June 30, 2024 to the three months ended June 30, 2023, revenues were up 24% to $2.813 million. Gross profit also increased 135% to $908.6k. Loss from continuing operations was $55.7k for the three months ended June 30, 2024 compared to a loss of $23k in the prior year.

We continue to enhance operations at Bear River Zeolite with both mechanical and equipment improvements and we experienced a runtime during the second quarter of 2024 of 94.3%. We continue to see a dramatic improvement in the overall operating environment at Bear River Zeolite which is leading to higher throughput and improved customer order delivery times. This should continue to be observed further in future financial reports.

Antimony continues to be a scarce commodity worldwide due to supply issues and trade restrictions imposed on certain countries. This in-turn has caused the worldwide antimony metal market price to nearly double from $5.31 per pound on December 31, 2023 to $10.64 per pound as of August 6, 2024. Management is seeking international suppliers of raw ore that we can then process for our customers, most of which only wish to purchase from U.S. suppliers.

As announced on March 11, 2024, the Company completely shut down its operational activities in Mexico and those operations are now reported as a "Discontinued Operation". The historical cash drain of these operations on the Company ceased with this decision. The cash position of the Company at June 30, 2024 was $12.39 million, up $492k from December 31, 2023.

Commenting on the Second Quarter 2024 operational and financial results, Mr. Gary C. Evans, Chairman and Co-CEO of U.S. Antimony Corporation stated, "While we are pleased with both the operating and financial results reported today for this new period, and as we continue to turn this company around, we can do better. Management has "many irons in the fire" so to speak and we are anxious to begin executing on those efforts. Access to critical minerals sorely needed by the U.S. government, and not just antimony, is a primary focus. Growing our zeolite business and expanding our customer base is another objective. We are blessed with a very high-quality zeolite reserve base in Preston, Idaho that is difficult for any contender to compete with. We must capitalize on this high-quality asset and expand our operations accordingly. The Company has lost a number of customers in the past because we were not very reliable in our ability to deliver product consistently. One particular customer was a large multi-national user of zeolite. With changes we have made in management personnel and the significant improvements that continue to occur around the operating capability of our Bear River Zeolite processing facility, we sincerely hope this is an issue to be discussed only in the past."

United States Antimony Corporation and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited)


For the three months ended

For the six months ended


June 30, 2024

June 30, 2023

June 30, 2024

June 30, 2023

REVENUES

$

2,813,780

$

2,265,117

$

5,645,170

$

4,475,961

COST OF REVENUES

1,905,139

1,878,558

3,913,625

3,694,559

GROSS PROFIT

908,641

386,559

1,731,545

781,402

OPERATING EXPENSES:

General and administrative

477,366

247,419

932,760

388,690

Salaries and benefits

285,359

145,412

526,964

273,104

Professional fees

221,529

191,063

398,686

237,067

Loss on disposal of property, plant and equipment

-

-

17,494

-

Other operating expenses

137,991

-

137,991

-

TOTAL OPERATING EXPENSES

1,122,245

583,894

2,013,895

898,861

LOSS FROM OPERATIONS

(213,604

)

(197,335

)

(282,350

)

(117,459

)

OTHER INCOME (EXPENSE):

Interest and investment income

151,921

167,781

302,772

290,153

Trademark and licensing income

8,360

11,381

14,728

18,906

Other miscellaneous income (expense)

(2,381

)

(4,859

)

(4,753

)

78,749

TOTAL OTHER INCOME

157,900

174,303

312,747

387,808

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

(55,704

)

(23,032

)

30,397

270,349

Income tax expense

-

-

-

-

INCOME (LOSS) FROM CONTINUING OPERATIONS

(55,704

)

(23,032

)

30,397

270,349

Discontinued operations:

Income (loss) from discontinued operations before income taxes

258,496

(313,433

)

(150,373

)

(1,413,798

)

Income tax expense

-

-

-

-

Income (loss) from discontinued operations (Note 11)

258,496

(313,433

)

(150,373

)

(1,413,798

)

Net income (loss)

202,792

(336,465

)

(119,976

)

(1,143,449

)

Preferred dividends

(1,875

)

(1,875

)

(3,750

)

(3,750

)

Net income (loss) available to common stockholders

$

200,917

$

(338,340

)

$

(123,726

)

$

(1,147,199

)

Basic and diluted earnings per common share:

Income (loss) from continuing operations

$

nil

$

nil

$

nil

$

nil

Income (loss) from discontinued operations

$

nil

$

nil

$

nil

$

(0.01

)

Net income (loss)

$

nil

$

nil

$

nil

$

(0.01

)


Weighted average shares outstanding:

Basic

108,438,984

107,647,317

108,173,645

107,504,628

Diluted

108,943,126

107,647,317

108,425,716

107,504,628

United States Antimony Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)


June 30, 2024

December 31, 2023

ASSETS



CURRENT ASSETS



Cash and cash equivalents

$

12,391,431

$

11,899,574

Certificates of deposit

22,216

72,898

Accounts receivable, net

1,393,760

625,256

Inventories, net

462,354

1,019,154

Prepaid expenses and other current assets

291,229

92,369

Current assets held for sale

50,798

366,955

Total current assets

14,611,788

14,076,206

Properties, plants and equipment, net

7,798,594

7,765,045

Restricted cash for reclamation bonds

55,060

55,061

Other assets

20,217

18,098

Non-current assets held for sale

6,443,581

6,180,585

Total assets

$

28,929,240

$

28,094,995

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES

Accounts payable

$

544,100

$

330,147

Accrued liabilities

157,001

109,341

Accrued liabilities - directors

161,249

124,810

Royalties payable

113,917

153,429

Long-term debt, current portion

129,967

28,443

Current liabilities held for sale

145,930

151,288

Total current liabilities

1,252,164

897,458

Long-term debt, net of current portion

262,127

-

Stock payable to directors

38,542

38,542

Asset retirement obligations

1,138,102

1,101,561

Non-current liabilities held for sale

536,466

536,466

Total liabilities

3,227,401

2,574,027

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY

Preferred stock $0.01 par value, 10,000,000 shares authorized:

Series A: 0 shares issued and outstanding

-

-

Series B: 750,000 shares issued and outstanding (liquidation preference $971,250 and $967,500, respectively)

7,500

7,500

Series C: 177,904 shares issued and outstanding (liquidation preference $97,847 both years)

1,779

1,779

Series D: 0 shares issued and outstanding

-

-

Common stock, $0.01 par value, 150,000,000 shares authorized; 108,438,984 and 107,647,317 shares issued and outstanding, respectively

1,084,389

1,076,472

Additional paid-in capital

64,146,766

63,853,836

Accumulated deficit

(39,538,595

)

(39,418,619

)

Total stockholders' equity

25,701,839

25,520,968

Total liabilities and stockholders' equity

$

28,929,240

$

28,094,995

United States Antimony Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)


For the six months ended


June 30, 2024

June 30, 2023

CASH FLOWS FROM OPERATING ACTIVITIES OF CONTINUING OPERATIONS:



Net income from continuing operations

30,397

$

270,349

Adjustments to reconcile net income from continuing operations to net cash

provided (used) by operating activities of continuing operations:

Depreciation and amortization

220,633

154,458

Accretion of asset retirement obligation

36,541

750

Loss on disposal of property, plant, and equipment

17,494

-

Write down of inventory to net realizable value

10,501

-

Share-based compensation

300,847

-

Allowance for doubtful accounts on accounts receivable

(14,258

)

43,560

Other non-cash items

(16,106

)

(13,621

)

Changes in operating assets and liabilities:

Accounts receivable

(754,246

)

(567,077

)

Inventories, net

546,299

(265,804

)

Prepaid expenses and other current assets

(198,860

)

(240,225

)

Other assets

(2,119

)

-

Accounts payable

213,953

(253,579

)

Accrued liabilities

47,660

(52,935

)

Accrued liabilities - directors

36,439

145,413

Royalties payable

(39,512

)

(389,716

)

Net cash provided (used) by operating activities of continuing operations

435,663

(1,168,428

)

CASH FLOWS FROM INVESTING ACTIVITIES OF CONTINUING OPERATIONS:

Proceeds from redemption of certificates of deposit

50,682

-

Purchases of properties, plant, and equipment

(150,721

)

(1,195,534

)

Net cash used by investing activities of continuing operations

(100,039

)

(1,195,534

)

CASH FLOWS FROM FINANCING ACTIVITIES OF CONTINUING OPERATIONS:

Payments on dividends payable

-

(787,730

)

Principal payments on long-term debt

(39,071

)

(46,370

)

Net cash used by financing activities of continuing operations

(39,071

)

(834,100

)

Net cash flows provided (used) by continuing operations

296,553

(3,198,062

)

CASH FLOWS FROM DISCONTINUED OPERATIONS:

Net cash used by operating activities

195,303

(2,023,067

)

Net cash used by investing activities

-

(152,322

)

Net cash flows used by discontinued operations

195,303

(2,175,389

)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

491,856

(5,373,451

)

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD

11,954,635

19,117,666

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD

$

12,446,491

$

13,744,215


NON-CASH FINANCING AND INVESTING ACTIVITIES:

Common stock buyback and retirement

-

$

202,980

Conversion of Preferred Series D to Common Stock

-

$

16,927

Equipment purchased with note payable

$

402,722

$

0

About USAC:
United States Antimony Corporation and its subsidiaries in the U.S. and Mexico ("USAC", the "Company", "Our", "Us", or "We") sell processed antimony, zeolite, and precious metals products in the U.S. and Canada. The Company processes antimony ore primarily into antimony oxide, antimony metal, and antimony trisulfide. Our antimony oxide is used to form a flame-retardant system for plastics, rubber, fiberglass, textile goods, paints, coatings and paper, as a color fastener in paint, and as a phosphorescent agent in fluorescent light bulbs. Our antimony metal is used in bearings, storage batteries, and ordnance. Our antimony trisulfide is used as a primer in ammunition. In its operations in Idaho, the Company mines and processes zeolite, a group of industrial minerals used in soil amendment and fertilizer, water filtration, sewage treatment, nuclear waste and other environmental cleanup, odor control, gas separation, animal nutrition, and other miscellaneous applications. We recover certain amounts of precious metals, primarily gold and silver, at our plant in Montana from antimony concentrates. 

Forward-Looking Statements:
Readers should note that, in addition to the historical information contained herein, this press release may contain forward-looking statements within the meaning of, and intended to be covered by, the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based upon current expectations and beliefs concerning future developments and their potential effects on the Company including matters related to the Company's operations, pending contracts and future revenues, financial performance, and profitability, ability to execute on its increased production and installation schedules for planned capital expenditures, and the size of forecasted deposits. Although the Company believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties. In addition, other factors that could cause actual results to differ materially are discussed in the Company's most recent filings, including Form 10-K, Form 10-Q, and Form 8-K with the Securities and Exchange Commission.  

Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "pro forma" and other similar words and expressions. Forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made. Because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those anticipated in the forward-looking statements and future results could differ materially from historical performance.

CONTACT:
United States Antimony Corporation
PO Box 643
47 Cox Gulch Rd.
Thompson Falls, Montana 59873-0643
E-Mail: jmiller@usantimony.com
Phone: 813-505-0674

SOURCE: United States Antimony Corporation



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