Stillwater Mining logs $131 million 4Q loss

Stillwater Mining Co. on Monday said it lost $131.9 million in the fourth quarter, citing the world economy's steep slump and weak platinum-group metal prices.

The fourth-quarter results included impairment charges of $70.7 million and amounted to $1.41 per share, on revenues of $182 million. That was down from net income $100,000, or less than $0.01 per share, on revenues of $162.4 million, in the year-ago period.

Stillwater mines palladium and platinum from two underground mines located in south-central Montana.

It reported a 2008 net loss of $112.7 million, or $1.21 per share, on revenues of $855.7 million, which compares to a 2007 loss of $15.5 million, or $0.17 per fully share, on revenues of $673 million.

"The 2008 results are truly disappointing, in particular after the company's comparatively strong performance earlier in the year," said Francis R. McAllister, Stillwater chairman and chief executive. "However, in view of the sharp price deterioration and severe economic contraction worldwide, it was not unexpected."