XML 26 R22.htm IDEA: XBRL DOCUMENT v2.4.0.6
Selected Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
Selected Quarterly Financial Data (Unaudited)

14. Selected Quarterly Financial Data (Unaudited):

 

(in thousands) 2011
 

March 31,

(1)(3)

June 30,

(1)(3)

 Sept. 30, (1) (1)(2)(3)

Dec. 31,

(1)(3)

Revenue $       -  $       -  $   200  $       42 
Net income (loss) $ (161) $ (849) $ (906) $(1,461)
Earnings (loss) per share:
    Basic and diluted		 $(0.01) $(0.03) $(0.03) $ (0.04)
Weighted shares outstanding:
    Basic and diluted

 

29,769 

 

33,027 

 

34,163 

 

34,205 

 

 

(in thousands) 2010
 

March 31,

(6)(7)(8)

June 30,

(6)(7)(8)

Sept. 30,

(4)(5)(6)(7)(8)

Dec. 31,

(6)(7)(8)

Revenue $       -  $          -  $ 200  $          - 
Net income (loss) $ (905) $ (1,292) $     7  $(1,876)
Earnings (loss) per share:
    Basic and diluted		 $(0.03) $  (0.04) $ 0.00 $ (0.10)
Weighted shares outstanding:
    Basic and diluted

 

29,750

 

29,750

 

29,750

 

29,750

         

 

Fluctuations for 2011

(1) During 2011 Solitario sold 105,000 shares of Kinross common stock in the first quarter for proceeds of $1,648,000 and a gain of $1,568,000; sold 20,000 shares of Kinross stock in the second quarter for proceeds of $316,000 and a gain of $302,000 and sold 5,000 shares of Kinross in the fourth quarter for proceeds of $71,000 and a gain of $67,000. Solitario did not sell any Kinross shares in the second quarter of 2011, which contributed to the larger loss in the second third and fourth quarters and the smaller loss in the first quarter.

(2) In the third quarter Solitario received a payment of $200,000 in joint venture revenue on its Bongará project in Peru, which reduced the loss in the third quarter.

(3) Exploration expense was $841,000, $921,000, $1,724,000 and $2,460,000, respectively, in the first, second, third and fourth quarters of 2011, which contributed to the fluctuation in the losses in the respective quarters.

Fluctuations for 2010

(4) During the third quarter of 2010, Solitario recorded a gain on the deconsolidation of its PBM subsidiary of $724,000, which contributed to the net income for the third quarter of 2010.

(5) In the third quarter Solitario received a payment of $200,000 in joint venture revenue on its Bongará project in Peru, which contributed to the net income for the third quarter of 2010.

(6) Exploration expense was $775,000, $953,000, $584,000 and $1,721,000, respectively, in the first, second, third and fourth quarters of 2010, which contributed to the fluctuation in the net losses and net income in the respective quarters.

(7) During 2010 Solitario sold 40,000 shares of Kinross common stock in the second quarter for proceeds of $730,000 and a gain of $553,000 and sold 30,000 shares of Kinross common stock in the fourth quarter for proceeds of $571,000 and a gain of $442,000. Solitario did not sell any Kinross shares in the first and second quarters.

(8) Solitario recognized stock option compensation expense of $9,000, $645,000, $851,000 and $1,008,000, respectively, in the first, second, third and fourth quarters of 2010, which contributed to the increasing losses from the first second and fourth quarters and mitigated the gains from deconsolidation joint venture payments and reduced exploration expenditures in the third quarter, discussed above.