SEC Company Response from UNITED STATES ANTIMONY CORP (UAMY) (CIK 0000101538) (UAMY) — Jul 24, 2007
UNITED STATES ANTIMONY CORP (UAMY) (CIK 0000101538)
Date: July 24, 2007 · CIK: 0000101538 · Accession: 0001072613-07-001631
AI Filing Summary & Sentiment
Referenced dates: JULY 9, 2007, July 23, 2007
Letter
UNITED STATES ANTIMONY CORPORATION 47 Cox Gulch PO Box 643 Thompson Falls, Mt. 59873 Phone: 406-827-3523 Fax: 406-827-3543 -------------------------------------------------------------------------------- July 25, 2007 VIA EDGAR AND FACSIMILE (202) 942-9648 Ms. April Sifford Division of Corporation Finance Securities and Exchange Commission Mail Stop 7010 100 F Street NE Washington, D.C. 20549-7010
Re: United States Antimony Corporation ("USAC") Form 10-K for the year ended December 31, 2006 filed on April 4, 2007
Dear Ms. Sifford:
We are responding to the comment of the Staff of the Securities and Exchange Commission, as set forth in your letter dated July 23, 2007. Subject to the Staff's review and comment, USAC offers the following response, and as appropriate, plans to reflect these in our amended Form 10-KSB for the year ended December 31, 2006. A draft of the proposed amendment to the 10KSB in response to your comment is attached.
SEC COMMENT NO. 1: CONSOLIDATED STATEMENTS OF OPERATIONS, PAGE F-3
1. WE NOTE THAT YOUR RESPONSE TO COMMENT THREE OF OUR LETTER DATED JULY 9, 2007. PLEASE REVISE TO INCLUDE "OTHER OPERATING (INCOME) EXPENSES" WITHIN "INCOME FROM OPERATIONS - COMBINED".
USAC's response: ----------------
We have modified the terminology in the consolidated statements of operations for the years ended December 31, 2006 and 2005. "Income from operations - combined" has been changed to "Gross profit - combined". We have also added a new line for "Income from operations" below the "Other operating (income) expenses" category.
************************ <PAGE>
We hope that our response adequately addresses the Staff's comment and respectfully request that the Staff advise us at its earliest convenience if the Staff believes that any of the responses set forth in this letter are incomplete or unsatisfactory or if the Staff has any further comments on our filings.
If you have questions on this letter or need further assistance, please do not hesitate to call John Lawrence at 1-406-827-3523.
Sincerely,
John C. Lawrence
President and Chief Executive Officer
Show Raw Text
<DOCUMENT>
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UNITED STATES ANTIMONY CORPORATION
47 Cox Gulch PO Box 643
Thompson Falls, Mt. 59873
Phone: 406-827-3523 Fax: 406-827-3543
--------------------------------------------------------------------------------
July 25, 2007
VIA EDGAR AND FACSIMILE (202) 942-9648
Ms. April Sifford
Division of Corporation Finance
Securities and Exchange Commission
Mail Stop 7010
100 F Street NE
Washington, D.C. 20549-7010
Re: United States Antimony Corporation ("USAC")
Form 10-K for the year ended December 31, 2006 filed on April 4, 2007
Dear Ms. Sifford:
We are responding to the comment of the Staff of the Securities and Exchange
Commission, as set forth in your letter dated July 23, 2007. Subject to the
Staff's review and comment, USAC offers the following response, and as
appropriate, plans to reflect these in our amended Form 10-KSB for the year
ended December 31, 2006. A draft of the proposed amendment to the 10KSB in
response to your comment is attached.
SEC COMMENT NO. 1: CONSOLIDATED STATEMENTS OF OPERATIONS, PAGE F-3
1. WE NOTE THAT YOUR RESPONSE TO COMMENT THREE OF OUR LETTER DATED JULY 9, 2007.
PLEASE REVISE TO INCLUDE "OTHER OPERATING (INCOME) EXPENSES" WITHIN "INCOME FROM
OPERATIONS - COMBINED".
USAC's response:
----------------
We have modified the terminology in the consolidated statements of operations
for the years ended December 31, 2006 and 2005. "Income from operations -
combined" has been changed to "Gross profit - combined". We have also added a
new line for "Income from operations" below the "Other operating (income)
expenses" category.
************************
<PAGE>
We hope that our response adequately addresses the Staff's comment and
respectfully request that the Staff advise us at its earliest convenience if the
Staff believes that any of the responses set forth in this letter are incomplete
or unsatisfactory or if the Staff has any further comments on our filings.
If you have questions on this letter or need further assistance, please do not
hesitate to call John Lawrence at 1-406-827-3523.
Sincerely,
John C. Lawrence
President and Chief Executive Officer
Attachment
<PAGE>
UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations
For the years ended December 31, 2006 and 2005
<TABLE><CAPTION>
2006 2005
------------ ------------
<S> <C> <C>
ANTIMONY DIVISION
Revenues $ 3,292,109 $ 2,467,546
------------ ------------
Cost of sales:
Production costs 2,311,191 1,784,263
Depreciation 24,205 43,673
Freight and delivery 176,413 166,782
General and administrative 39,342 45,828
Direct sales expense 60,142 48,104
------------ ------------
Total cost of sales 2,611,293 2,088,650
------------ ------------
Gross profit - antimony 680,816 378,896
------------ ------------
ZEOLITE DIVISION
Revenues 1,103,259 1,096,484
------------ ------------
Cost of sales:
Production costs 1,082,740 863,058
Depreciation 109,259 84,256
Freight and delivery 47,823 79,929
General and administrative 112,239 156,600
Royalties 140,598 135,069
Direct sales expense 68,204 48,937
------------ ------------
Total cost of sales 1,560,863 1,367,849
------------ ------------
Gross profit (loss) - zeolite (457,604) (271,365)
------------ ------------
Total revenues - combined 4,395,368 3,564,030
Total cost of sales - combined 4,172,156 3,456,499
------------ ------------
Gross profit - combined 223,212 107,531
------------ ------------
Other operating (income) expense:
Corporate general and administrative 349,511 313,450
Exploration expense 211,098 230,879
Gain on sale of properties, plants and equipment (234,244) (70,000)
Change in estimated reclamation and remediation costs (35,000) --
------------ ------------
Other operating (income) expense 291,365 474,329
------------ ------------
Income (loss) from operations (68,153) (366,798)
------------ ------------
Other expenses:
Interest expense, net 127,294 122,021
Factoring expense 89,211 86,947
------------ ------------
216,505 208,968
------------ ------------
Net loss $ (284,658) $ (575,766)
============ ============
Net loss per share of common stock - basic and diluted $ (0.008) $ (0.018)
============ ============
Basic and diluted weighted average shares outstanding 36,917,464 32,520,051
============ ============
</TABLE>
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