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Business Segments
9 Months Ended
Sep. 30, 2011
Notes to Financial Statements 
Business Segments

8. Business Segments

 

The Company has two operating segments, antimony and zeolite.  Management reviews and evaluates the operating segments exclusive of interest and factoring expenses.  Therefore, interest expense and factoring is not allocated to the segments.  Selected information with respect to segments is as follows:

 

   As of September 30, 2011  As of December 31, 2010
Properties, plants and equipment, net:          
Antimony          
United States  $131,096   $73,632 
Mexico   3,854,353    2,247,661 
Subtotal Antimony   3,985,449    2,321,293 
Zeolite   1,636,130    1,523,707 
   $5,621,579   $3,845,000 
           
Total Assets:          
Antimony          
United States  $1,943,376   $879,446 
Mexico   4,536,310    2,719,630 
Subtotal Antimony   6,479,686    3,599,076 
Zeolite   1,813,502    1,763,903 
Corporate   478,712    499,923 
   $8,771,900   $5,862,902 

 

 

   For the three months ended  For the nine months ended
   September 30, 2011  September 30, 2010  September 30, 2011  September 30, 2010
Capital expenditures:                    
Antimony                    
United States  $16,501   $31,300   $95,790   $34,809 
Mexico   579,525    390,664    1,668,761    798,533 
Subtotal Antimony   596,026    421,964    1,764,551    833,342 
Zeolite   121,756    5,000    309,896    36,300 
   $717,782   $426,964   $2,074,447   $869,642 

 

 

                                                                         

   Three months ended September 30,  nine months ended September 30,
   2011  2010  2011  2010
Antimony Division - United States:                    
Revenues  $2,792,310   $1,899,469   $7,817,487   $4,432,024 
Cost of sales:                    
Production costs   1,639,741    1,278,840    5,128,984    3,257,222 
Depreciation   7,669    7,937    21,825    20,729 
Freight and delivery   66,190    75,887    153,626    169,814 
General and administrative   56,487    43,510    171,702    57,408 
Direct sales expense   21,310    11,250    46,986    33,750 
       Total cost of sales   1,791,397    1,417,424    5,523,123    3,538,923 
         Gross profit - United States   1,000,913    482,045    2,294,364    893,101 
                                     antimony                    
Antimony Division - Mexico:                    
Revenues (1)   —      —      —      —   
Cost of sales:                    
Production costs   237,352    53,813    688,138    63,843 
Depreciation   44,077    46,768    126,787    102,828 
General and administrative   (13,264)   141,200    219,211    239,789 
       Total cost of sales   268,165    241,781    1,034,136    406,460 
         Gross profit (loss) - Mexico   (268,165)   (241,781)   (1,034,136)   (406,460)
                                     antimony                    
     Total revenues - antimony   2,792,310    1,899,469    7,817,487    4,432,024 
     Total cost of sales - antimony   2,059,562    1,659,205    6,557,259    3,945,383 
     Total gross profit - antimony   732,748    240,264    1,260,228    486,641 
                     
Zeolite Division:                    
Revenues   539,698    760,264    1,444,552    1,732,708 
Cost of sales:                    
Production costs   262,645    395,686    835,758    938,066 
Depreciation   53,617    47,885    149,254    140,301 
Freight and delivery   23,314    4,817    73,344    11,669 
General and administrative   62,982    30,932    119,800    85,315 
Royalties   24,266    81,229    121,317    201,132 
Direct sales expense   19,296    17,566    56,347    52,188 
       Total cost of sales   446,120    578,115    1,355,820    1,428,671 
           Gross profit (loss) - zeolite   93,578    182,149    88,732    304,037 
                     
Total revenues - combined   3,332,008    2,659,733    9,262,039    6,164,732 
Total cost of sales - combined   2,505,682    2,237,320    7,913,079    5,374,054 
Total gross profit - combined  $826,326   $422,413   $1,348,960   $790,678 

 

(1)   Production at the Company’s Mexico operation only brings antimony up to an intermediate stage, which must then be shipped to the United States operation for finishing.  Revenues are not recorded as no sales occur at the intermediate stage.