Summary
Southern Peru Copper Corporation (SCCO) filed an 8-K on July 11, 2005, providing an update on its financial position as of May 31, 2005. The report highlights a significant decrease in cash, cash equivalents, and marketable securities, falling from approximately $809 million at March 31, 2005, to $345 million at May 31, 2005. This reduction in liquidity is primarily attributed to a substantial $350 million dividend payment made on May 13, 2005, and a $172 million final income tax payment for 2004. Concurrently, the company's long-term debt, including the current portion, saw a slight decrease from $1,211 million to $1,117 million during the same period. Investors should note that all figures as of May 31, 2005, are preliminary, unaudited, and subject to revision.
Key Highlights
- 1SCCO reported cash, cash equivalents, and marketable securities of approximately $345 million as of May 31, 2005.
- 2This represents a decrease from $809 million reported at March 31, 2005.
- 3The primary driver for the cash reduction was a $350 million dividend payment on May 13, 2005.
- 4A final 2004 income tax payment of $172 million also contributed to the decrease in cash.
- 5Long-term debt (including current portion) decreased to approximately $1,117 million as of May 31, 2005, from $1,211 million at March 31, 2005.
- 6All financial information as of May 31, 2005, is preliminary, unaudited, and subject to change.