Net income for the second quarter ended June 30, for USMX (NASDAQ) was reported as US$176,000 or 1.3 cents per share on revenues of US$1.9 million. This compares to net earnings of US$609,000 or 4.4 cents per share on revenues of US$4.1 million in the year-earlier period. The company attributed the drop in earnings and sales to lower gold prices as well as reduced gold sales. Because of depressed gold prices in the second quarter, the company limited gold sales and as a result has over 10,000 oz. in inventory.
For the first six month of 1990, net income was US$388,000 on revenues of US$5.3 million compared with a net income of US$751,000 on revenues of US$7.1 million in 1989.
Gold sales for the 6-month period totalled 10,815 oz. versus 14,438 oz. last year.
Gold production for 1990 is expected to total 37,500 oz.
USMX has working capital of US$7.4 million and no debt.
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