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Royal Gold Reports Record Revenue and Net Income for Second Quarter Fiscal 2012

02.02.2012  |  Business Wire
  • Record royalty revenue totaled $68.8 million, a 22% increase
    year-over-year
  • Record net income rose 28% year-over-year to $23.4 million, or
    $0.42 per basic share
  • Operating cashflow totaled $29.3 million
  • Mt. Milligan gold interest increased to 40%
  • Gold and silver interests purchased on Tulsequah Chief project
  • Raised $268.4 million in January 2012

ROYAL GOLD, INC. (NASDAQ:RGLD) ?(TSX:RGL) today announced record
net income attributable to Royal Gold stockholders of $23.4 million, or
$0.42 per basic share, on record royalty revenue of $68.8 million for
the second quarter of fiscal 2012. This compares to net income
attributable to Royal Gold stockholders for the second quarter of fiscal
2011 of $18.3 million, or $0.33 per basic share, on royalty revenue of
$56.3 million.


For the six-month period ended December 31, 2011, royalty revenue was
$133.3 million and net income attributable to Royal Gold stockholders
was $45.9 million, or $0.83 per basic share. This compares to royalty
revenue of $101.7 million and net income attributable to Royal Gold
stockholders of $30.1 million, or $0.55 per basic share, for the
six-month period ended December 31, 2010.


Adjusted EBITDA1 for the second quarter of fiscal 2012 was
$62.1 million representing 90% of revenue, an increase of 27% compared
to Adjusted EBITDA of $48.9 million or 87% of revenue for the prior year
period. Cash flow from operations for the quarter was $29.3 million or
$0.53 per basic share and was impacted by an increase in year-end tax
payments and an increase in accounts receivable. Cash flow from
operations for the comparable quarter was $27.1 million or $0.49 per
share.


Quarterly revenue increases were largely driven by increased production
from Andacollo and Voisey′s Bay, new production from Holt and Canadian
Malartic, continued ramp up at Peñasquito and the higher average price
of gold and silver. The increase in revenue was partially offset by
lower production at Cortez and Robinson, when compared to the second
quarter of fiscal 2011. The average price of gold for the second fiscal
quarter was $1,688 per ounce compared with $1,367 per ounce for the
comparable period, representing a 23% increase.


As of December 31, 2011, the Company had a working capital surplus of
$135.9 million. Current assets were $166.1 million (including $95.8
million in cash and equivalents), compared to current liabilities of
$30.2 million, resulting in a current ratio of 6 to 1. Total debt
outstanding under the Company′s credit facilities was $288.3 million, as
of December 31, 2011, including $170 million under our revolving credit
facility and $118.3 million under our term loan.


Tony Jensen, President and CEO, commented, 'We are pleased to have
recorded another solid quarter of financial results. This marks the
third consecutive quarter of record revenue and net income for Royal
Gold as our growth profile continues to deliver financial results. We
also had a very productive quarter furthering our growth projects within
the portfolio with the acquisition of an additional interest at the Mt.
Milligan project and completing a transaction on the Tulsequah Chief
project, both located in British Columbia. In total, we have committed
$330 million for these transactions, subject to certain conditions. To
fuel this growth and position the Company for the future, we conducted
an equity offering in mid-January which raised approximately $268.4
million.?

RECENT DEVELOPMENTS

Mt. Milligan II


In December 2011, Royal Gold acquired an additional 15% of the payable
gold produced from the Mt. Milligan copper-gold project for $270 million
and cash payments equal to the lesser of $435 or the prevailing market
price for each payable ounce of gold delivered ('Delivery Payment?). The
Mt. Milligan project, located in British Columbia, is owned and operated
by a subsidiary of Thompson Creek Metals Company.


Combined with the original transaction, Royal Gold will be entitled to
40% of the payable gold produced from Mt. Milligan for total
consideration of $581.5 million and the Delivery Payment. To date, Royal
Gold has paid $364.6 million to Thompson Creek with the remaining $216.9
million to be paid in scheduled quarterly payments commencing on March
1, 2012.

Tulsequah Chief


In December 2011, Royal Gold announced it had agreed to acquire 12.5% of
the payable gold and 22.5% of the payable silver on the Tulsequah Chief
project, a high grade polymetallic deposit, located in British Columbia,
from Chieftain Metals Inc. ('Chieftain?). Once 48,000 ounces of payable
gold and 2.78 million ounces of payable silver have been delivered, the
interests will convert to 7.5% and 9.75% of the payable gold and silver,
respectively, for the remainder of the mine life. Consideration for the
transaction was $60 million and, when production is reached, Royal Gold
will make cash payments equal to (i) $450 per payable ounce of gold
until 48,000 ounces have been delivered, and $500 per ounce thereafter;
and (ii) $5.00 per payable ounce of silver until 2.78 million ounces
have been delivered, and $7.50 per ounce thereafter, or the prevailing
market price, if lower.


An initial $10 million payment was made by Royal Gold shortly after
closing the transaction, with the remaining $50 million to be paid over
the development period of the project. These payments are conditioned
on, among other things, the securing of sufficient financing and
permitting. Royal Gold also received a right of first refusal on any
future gold or silver production based interests.


Chieftain is completing a feasibility study, following a June 2011
preliminary economic assessment, and anticipates that the project will
be operational in 2015. Average annual precious metal production is
estimated to be 45,000 ounces of gold and 1.4 million ounces of silver,
over a nine-year mine life.

Equity Offering


In January 2012, Royal Gold sold 4.0 million shares of Royal Gold common
stock to Goldman, Sachs & Co. in an underwritten at-the-market public
offering. The offering was made pursuant to the Company′s shelf
registration statement filed with the Securities and Exchange Commission
and a shelf prospectus filed with certain Canadian securities regulatory
authorities. Proceeds to the Company from the offering were $268.4
million, net of expenses.

Debt Repayment


Subsequent to the end of the quarter, Royal Gold paid the $170 million
outstanding under its revolving credit facility. Our adjusted cash
balance is $194.2 million after taking into account our December 31,
2011 cash balance for this payment and the proceeds from the offering.
In addition, we have $225 million currently available under our
revolving credit facility following the repayment.

PROPERTY HIGHLIGHTS


Highlights at certain of the Company′s principal producing and
development properties during the quarter ended December 31, 2011 are
listed below:

Andacollo ? At the end of September 2011, Teck reported that
operational improvements are underway to increase plant throughput to
meet or exceed design capacity of 55,000 tonnes per day. A study is also
being conducted to evaluate the possibility of increasing annual copper
production by 30% to 60%.

Peñasquito ? Goldcorp estimates that their supplemental ore feed
system for the high pressure grinding roll circuit will be completed in
the first quarter of calendar 2012, and that they expect to reach the
130,000 tonnes per day design throughput during the same period.
Goldcorp anticipates higher grades and throughput rates in calendar
2012, and anticipates that 2012 production will be 425,000 ounces of
gold and 26 million ounces of silver.

Robinson ? Quadra stated that fourth quarter performance was
impacted by both planned and unplanned mill maintenance issues. A
localized pit wall failure resulted in delaying access to areas of high
grade ore at the bottom of the Ruth pit, although this was partially
offset with production from stockpiled ore. Although production
decreased during the period, Quadra reported continuing grade
improvement as mining moved into the higher grade benches at the bottom
of the Ruth pit.

Mulatos ? Alamos reported that the gravity mill is on track to
commence processing high-grade material from the Escondida zone, which
is expected to significantly increase production to over 200,000 ounces
per year for the next three years. The operator believes that higher
crusher throughput will offset grade decline and allow the company to
maintain similar production levels from ongoing heap leach operations as
in prior years.

Cortez ? Barrick continued to prioritize production from their
higher grade Cortez Hills operations that is not covered by our royalty
interest. As a result, production decreased during the period. Royal
Gold may continue to see variability in production from Cortez until
Barrick returns to steady state mining at the Pipeline Complex.

Dolores ?Minefinder reported that their board of
directors approved a $160 to $200 million, two-year mill expansion
project. The mill is expected to start-up in the first quarter of
calendar 2014.

Canadian Malartic ? Osisko reported that they continue to advance
the installation of two cone crushers to achieve an overall mill
throughput of 55,000 to 60,000 tonnes per day. The first cone crusher is
expected to be operational in the first quarter of calendar 2012, and
the second cone crusher is expected to arrive on site in the early part
of the second quarter of calendar 2012. Osisko also announced that
calendar 2012 production will range from 610,000 to 670,000 ounces of
gold. However, not all of these ounces are subject to Royal Gold′s
royalty interest.

Holt ? St Andrew Goldfields ('SAS?) reported that production
continued to increase during the quarter as scheduled, and that
development activities at the mine have improved. SAS expects to reach
its steady state production rate of 1,000 tonnes per day by the end of
the first quarter of calendar 2012 and announced calendar 2012
production guidance in the range of 90,000 to 100,000 ounces of gold, of
which approximately 50% is expected to come from the Holt mine.

Las Cruces ? During the quarter, Inmet announced that reactor
performance continues to improve and they expect to produce 61,700 to
68,600 tonnes of copper cathode, or about 90% of design capacity, in
calendar year 2012, representing an approximate 55% increase over
calendar 2011 results.

Mt. Milligan ? Thompson Creek reported that project construction
is 31% complete and that overall engineering, procurement, construction
and management progress is 50% complete. They expect pre-stripping to
commence during the third quarter of 2012 and reported that the project
remains on schedule with production expected to begin in the fourth
quarter of 2013.

Pascua-Lama ? Barrick reported that approximately 55% of the
projected capital costs of $4.7 to $5.0 billion have been committed, as
of December 31, 2011. Barrick also reiterated that they expect gold
production to commence in mid-2013 with an expected annual production of
800,000 to 850,000 ounces in the first full five years of operation.

Voisey′s Bay ? Production was strong during the period primarily
due to an increase in copper concentrate shipments. Variability in
Vale′s shipping schedule will continue to be reflected in uneven metal
sales quarter over quarter.


Second quarter fiscal 2012 production and revenue for the Company′s
principal royalty interests are shown in Table 1. For more detailed
information about each of our principal royalty properties, please refer
to the Company′s most recent Annual Report on Form 10-K, our Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC
and available on the SEC′s website located at www.sec.gov,
or our website located at www.royalgold.com.

CORPORATE PROFILE


Royal Gold is a precious metals royalty company engaged in the
acquisition and management of precious metal royalty and similar
production-based interests. The Company owns royalties on 192 properties
on six continents, including royalties on 38 producing mines and 26
development stage projects. Royal Gold is publicly traded on the NASDAQ
Global Select Market under the symbol 'RGLD,? and on the Toronto Stock
Exchange under the symbol 'RGL.? The Company′s website is located at www.royalgold.com.

Note: Management′s conference call reviewing the second quarter
results will be held todayat 10:00 a.m. Mountain Time (noon
Eastern Time) and will be available by calling (800) 603-2779 (North
America) or (973) 200-3960(international), access # 36528572.
The call will be simultaneously broadcast on the Company′s website at www.royalgold.com
under the 'Presentations? section. A replay of this webcast will be
available on the Company′s website approximately two hours after the
call ends.

___________________________

Cautionary 'Safe Harbor? Statement Under the Private Securities
Litigation Reform Act of 1995:
With the exception of historical
matters, the matters discussed in this press release are forward-looking
statements that involve risks and uncertainties that could cause actual
results to differ materially from projections or estimates contained
herein. Such forward-looking statements include statements about the
Company′s future growth, further production increases at Andacollo,
Peñasquito, Mulatos, Holt, Las Cruces and Canadian Malartic; properties
reaching full-design capacity; construction schedule at Pascua-Lama,
Tulsequah Chief and Mt. Milligan; variability in production from Cortez
and Voisey′s Bay; near and long-term revenue growth; and the operators′
expectation of construction, ramp up, production and other developments
at various mines. Factors that could cause actual results to differ
materially from the projections include, among others, precious metals,
copper and nickel prices; performance of and production at the Company's
royalty properties; decisions and activities of the operators of the
Company's royalty properties; unanticipated grade, geological,
metallurgical, processing or other problems the operators of the mining
properties may encounter; completion of feasibility studies; delays in
the operators securing or their inability to secure necessary
governmental permits; changes in operators′ project parameters as plans
continue to be refined; economic and market conditions; the ability of
the various operators to bring projects into production as expected; and
other subsequent events; as well as other factors described in the
Company's Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and
other filings with the Securities and Exchange Commission. Most of these
factors are beyond the Company′s ability to predict or control. The
Company disclaims any obligation to update any forward-looking statement
made herein. Readers are cautioned not to put undue reliance on
forward-looking statements.

1 The Company defines Adjusted EBITDA, a non-GAAP financial
measure, as net income plus depreciation, depletion and amortization,
non-cash charges, income tax expense, interest and other expense, and
any impairment of mining assets, less non-controlling interests in
operating income from consolidated subsidiaries, interest and other
income, and any royalty portfolio restructuring gains or losses (see
Schedule A).


 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

TABLE 1

Second Quarter Fiscal 2012

Royalty Production and Revenue for Principal Royalty Interests


 ?

PROPERTY

ROYALTY

OPERATOR

METAL(S)

THREE MONTHS ENDEDTHREE MONTHS ENDED
DECEMBER 31, 2011
 ?

 ?
DECEMBER 31, 2010

Royalty

Revenue

($ millions)


 ?

 ?

Royalty

Revenue

($ millions)


 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

Reported

Production1


 ?

 ?

 ?

 ?

Reported

Production1


Andacollo2,3


 ?

 ?

75% NSR

 ?

 ?

Teck

 ?

 ?

Gold

 ?

 ?

16.18

 ?

 ?

13,070 oz.

 ?

 ?

11.33

 ?

 ?

11,087 oz.


Voisey's Bay3


 ?

 ?

2.7% NSR

 ?

 ?

Vale

 ?

 ?


Nickel


Copper


 ?

 ?

12.04

 ?

 ?


27.4M lbs


78.6M lbs.


 ?

 ?

8.06

 ?

 ?


22.5M lbs


39.6M lbs.


Peñasquito3


 ?

 ?

2.0% NSR

 ?

 ?

Goldcorp

 ?

 ?


Gold


Silver


Lead


Zinc


 ?

 ?

6.31

 ?

 ?


67,827 oz.


5.0M oz.


40.2M lbs.


78.4M lbs.


 ?

 ?

5.85

 ?

 ?


54,775 oz.


5.1M oz.


38.3M lbs.


58.1M lbs.


Holt

 ?

 ?


0.00013 x quarterly


average gold price


 ?

 ?


St Andrew


Goldfields


 ?

 ?

Gold

 ?

 ?

4.23

 ?

 ?

11,461 oz.

 ?

 ?


-4


 ?

 ?


-4


Mulatos5


 ?

 ?

1.0% to 5.0% NSR

 ?

 ?

Alamos

 ?

 ?

Gold

 ?

 ?

3.57

 ?

 ?

43,223 oz.

 ?

 ?

3.04

 ?

 ?

47,834 oz.

Leeville

 ?

 ?

1.8% NSR

 ?

 ?

Newmont

 ?

 ?

Gold

 ?

 ?

3.10

 ?

 ?

102,946 oz.

 ?

 ?

2.59

 ?

 ?

105,998 oz.


Cortez6


 ?

 ?

GSR1 and GSR2


GSR3


NVR1


 ?

 ?

Barrick

 ?

 ?

Gold

 ?

 ?

2.66

 ?

 ?

23,609 oz.

 ?

 ?

7.64

 ?

 ?

89,445 oz.


Robinson3


 ?

 ?

3.0% NSR

 ?

 ?

Quadra

 ?

 ?


Gold


Copper


 ?

 ?

1.95

 ?

 ?


7,193 oz.


21.1M lbs.


 ?

 ?

3.46

 ?

 ?


12,655 oz.


24.7M lbs.


Dolores

 ?

 ?

3.25% NSR


2.0% NSR


 ?

 ?

Minefinders

 ?

 ?


Gold


Silver


 ?

 ?

1.67

 ?

 ?


20,663 oz.


0.9M oz.


 ?

 ?

0.87

 ?

 ?


13,741 oz.


0.5M oz.


Canadian


Malartic7


 ?

 ?

1.0% to 1.5% NSR

 ?

 ?

Osisko

 ?

 ?

Gold

 ?

 ?

1.53

 ?

 ?

54,141 oz.

 ?

 ?


-4


 ?

 ?


-4


Las Cruces3


 ?

 ?

1.5% NSR

 ?

 ?

Inmet

 ?

 ?

Copper

 ?

 ?

1.48

 ?

 ?

28.1M lbs.

 ?

 ?

0.99

 ?

 ?

16.7M lbs.


Other Royalty


Properties8


 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

Various

 ?

 ?

14.12

 ?

 ?

N/A

 ?

 ?

12.49

 ?

 ?

N/A
Total Royalty Revenue
 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?
68.84
 ?

 ?

 ?

 ?

 ?
56.32
 ?

 ?

 ?

 ?

FOOTNOTES


 ?
1
 ?

 ?

Reported production relates to the amount of metal sales that are
subject to our royalty interests for the quarters ended December 31,
2011 and December 31, 2010, as reported to us by the operators of
the mines.

 ?
2
The royalty rate is 75% until 910,000 payable ounces of gold have
been produced ? 50% thereafter. There have been approximately 73,000
cumulative payable ounces produced as of December 31, 2011. Gold is
produced as a by-product of copper.

 ?
3
Revenues consist of provisional payments for concentrates produced
during the current period and final settlements for prior production
periods.

 ?
4
The Holt and Canadian Malartic royalties commenced production in the
second calendar quarter of 2011.

 ?
5
The Company′s royalty is subject to a 2.0 million ounce cap on gold
production. There have been approximately 804,000 ounces of
cumulative production, as of December 31, 2011. NSR sliding-scale
schedule (price of gold per ounce ? royalty rate): $0.00 to $299.99
? 1.0%; $300 to $324.99 ? 1.50%; $325 to $349.99 ? 2.0%; $350 to
$374.99 ? 3.0%; $375 to $399.99 ? 4.0%; $400 or higher ? 5.0%.

 ?
6
Royalty percentages: GSR1 and GSR2 ? 0.40 to 5.0% (sliding-scale);
GSR3 ? 0.71%; NVR1 ? 0.39%.

 ?
7
NSR sliding-scale schedule (price of gold per ounce ? royalty rate):
$0.00 to $350 ? 1.0%; above $350 ? 1.5%.

 ?
8
'Other? includes all of the Company′s non-principal producing
royalties for the quarters ended December 31, 2011 and 2010.
Individually, no royalty included within 'Other? contributed greater
than 5% of our total royalty revenue for either period.

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

ROYAL GOLD, INC.


Consolidated Balance Sheets


(Unaudited, in thousands except share data)


 ?

December 31,

June 30,

2011

2011
ASSETS

Cash and equivalents

$

95,802

$

114,155

Royalty receivables

64,521

48,828

Income tax receivable

463

-

Prepaid expenses and other current assets

 ?

5,342

 ?

 ?

6,290

Total current assets

166,128

169,273

 ?

Royalty interests in mineral properties, net

1,798,993

1,690,439

Available for sale securities

16,570

28,876

Other assets

 ?

12,688

 ?

 ?

14,114

Total assets

$

1,994,379

 ?

$

1,902,702

 ?
LIABILITIES

Current portion of long-term debt

$

15,600

$

15,600

Accounts payable

2,740

2,499

Dividends payable

8,343

6,093

Income tax payable

-

676

Other current liabilities

 ?

3,518

 ?

 ?

3,993

Total current liabilities

30,201

28,861

 ?

Long-term debt

272,700

210,500

Net deferred tax liabilities

151,673

152,564

Uncertain tax positions

20,576

18,836

Other long-term liabilities

 ?

3,766

 ?

 ?

4,246

Total liabilities

 ?

478,916

 ?

 ?

415,007

 ?

Commitments and contingencies

 ?
EQUITY

Preferred stock, $.01 par value, 10,000,000 shares authorized; and 0
shares issued

-

-

Common stock, $.01 par value, 100,000,000 shares authorized; and
54,558,253 and 54,231,787 shares outstanding, respectively

546

543

Exchangeable shares, no par value, 1,806,649 shares issued, less
992,094 and 900,854 redeemed shares, respectively

35,848

39,864

Additional paid-in capital

1,334,192

1,319,697

Accumulated other comprehensive (loss) income

(12,208

)

54

Accumulated earnings

 ?

131,451

 ?

 ?

100,004

Total Royal Gold stockholders′ equity

1,489,829

1,460,162

Non-controlling interests

 ?

25,634

 ?

 ?

27,533

Total equity

 ?

1,515,463

 ?

 ?

1,487,695

Total liabilities and equity

$

1,994,379

 ?

$

1,902,702

 ?

 ?

 ?

 ?

 ?

ROYAL GOLD, INC.


Consolidated Statements of Operations and Comprehensive Income


(Unaudited, in thousands except share data)


 ?

For The Three Months Ended

December 31,

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

December 31,

2011

2010

Royalty revenues

$

68,842

$

56,316

 ?

Costs and expenses

General and administrative

5,057

5,575

Production taxes

2,946

3,131

Depreciation, depletion and amortization

 ?

21,419

 ?

 ?

16,006

 ?

Total costs and expenses

 ?

29,422

 ?

 ?

24,712

 ?

 ?

Operating income

39,420

31,604

 ?

Interest and other income

489

2,285

Interest and other expense

 ?

(1,609

)

 ?

(1,797

)

Income before income taxes

38,300

32,092

 ?

Income tax expense

 ?

(14,051

)

 ?

(11,374

)

Net income

24,249

20,718

Net income attributable to non-controlling interests

 ?

(838

)

 ?

(2,406

)

Net income attributable to Royal Gold stockholders

$

23,411

 ?

$

18,312

 ?

 ?

Net income

$

24,249

$

20,718

Adjustments to comprehensive income, net of tax

Unrealized change in market value of available for sale securities

 ?

(6,958

)

 ?

145

 ?

Comprehensive income

17,291

20,863

Comprehensive income attributable to non-controlling interests

 ?

(838

)

 ?

(2,406

)

Comprehensive income attributable to Royal Gold stockholders

$

16,453

 ?

$

18,457

 ?

 ?

Net income per share available to Royal Gold common stockholders:

 ?

Basic earnings per share

$

0.42

 ?

$

0.33

 ?

Basic weighted average shares outstanding

 ?

55,329,463

 ?

 ?

55,043,160

 ?

Diluted earnings per share

$

0.42

 ?

$

0.33

 ?

Diluted weighted average shares outstanding

 ?

55,574,814

 ?

 ?

55,308,709

 ?

Cash dividends declared per common share

$

0.15

 ?

$

0.11

 ?

 ?

 ?


 ?


 ?

 ?

 ?

ROYAL GOLD, INC.


Consolidated Statements of Operations and Comprehensive Income


(Unaudited, in thousands except share data)


 ?

For The Six Months Ended

December 31,

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

December 31,

2011

2010

Royalty revenues

$

133,307

$

101,654

 ?

Costs and expenses

General and administrative

11,355

10,619

Production taxes

5,097

3,689

Depreciation, depletion and amortization

38,639

34,930

Restructuring on royalty interests in mineral properties

 ?

1,328

 ?

 ?

-

 ?

Total costs and expenses

 ?

56,419

 ?

 ?

49,238

 ?

 ?

Operating income

76,888

52,416

 ?

Interest and other income

3,322

3,708

Interest and other expense

 ?

(3,387

)

 ?

(4,102

)

Income before income taxes

76,823

52,022

 ?

Income tax expense

 ?

(26,433

)

 ?

(18,301

)

Net income

50,390

33,721

Net income attributable to non-controlling interests

 ?

(4,484

)

 ?

(3,577

)

Net income attributable to Royal Gold stockholders

$

45,906

 ?

$

30,144

 ?

 ?

Net income

$

50,390

$

33,721

Adjustments to comprehensive income, net of tax

Unrealized change in market value of available for sale securities

 ?

(12,262

)

 ?

152

 ?

Comprehensive income

38,128

33,873

Comprehensive income attributable to non-controlling interests

 ?

(4,484

)

 ?

(3,577

)

Comprehensive income attributable to Royal Gold stockholders

$

33,644

 ?

$

30,296

 ?

 ?

Net income per share available to Royal Gold common stockholders:

 ?

Basic earnings per share

$

0.83

 ?

$

0.55

 ?

Basic weighted average shares outstanding

 ?

55,259,009

 ?

 ?

55,014,930

 ?

Diluted earnings per share

$

0.82

 ?

$

0.55

 ?

Diluted weighted average shares outstanding

 ?

55,533,248

 ?

 ?

55,279,193

 ?

Cash dividends declared per common share

$

0.26

 ?

$

0.20

 ?

 ?

 ?

 ?

 ?

 ?

ROYAL GOLD, INC.


Consolidated Statements of Cash Flows


(Unaudited, in thousands)


 ?

For The Six Months Ended

December 31,

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

December 31,

2011

2010

Cash flows from operating activities:

Net income

$

50,390

$

33,721

Adjustments to reconcile net income to net cash provided by
operating activities:

Depreciation, depletion and amortization

38,639

34,930

Gain on distribution to non-controlling interest

(3,284

)

(2,709

)

Non-cash stock-based compensation expense

4,066

3,207

Tax benefit of stock-based compensation exercises

(3,086

)

(952

)

Restructuring on royalty interests in mineral properties

1,328

-

Deferred tax benefit

(847

)

(1,208

)

Changes in assets and liabilities:

Royalty receivables

(15,693

)

(12,505

)

Prepaid expenses and other assets

1,385

1,631

Accounts payable

(194

)

(301

)

Income taxes payable

1,947

2,237

Other liabilities

 ?

785

 ?

 ?

3,303

 ?

Net cash provided by operating activities

$

75,436

 ?

$

61,354

 ?

 ?

Cash flows from investing activities:

Acquisition of royalty interests in mineral properties

(148,182

)

(279,500

)

Proceeds on sale of Inventory - restricted

4,842

4,260

Deferred acquisition costs

-

(2,057

)

Other

 ?

(128

)

 ?

(96

)

Net cash (used in) investing activities

$

(143,468

)

$

(277,393

)

 ?

Cash flows from financing activities:

Borrowing from credit facility

100,000

-

Repayment of debt

(37,800

)

(23,000

)

Common stock dividends

(12,209

)

(9,953

)

Distribution to non-controlling interests

(6,315

)

(5,123

)

Proceeds from the issuance of common stock

2,917

-

Tax benefit of stock-based compensation exercises

3,086

952

Other

 ?

-

 ?

 ?

(274

)

Net cash provided by (used in) financing activities

$

49,679

 ?

$

(37,398

)

Net increase (decrease) in cash and equivalents

 ?

(18,353

)

 ?

(253,437

)

Cash and equivalents at beginning of period

 ?

114,155

 ?

 ?

324,846

 ?

Cash and equivalents at end of period

$

95,802

 ?

$

71,409

 ?

 ?

 ?

SCHEDULE A

Non-GAAP Financial Measures


The Company computes and discloses Adjusted EBITDA. Adjusted EBITDA is a
non-GAAP financial measure. Adjusted EBITDA is defined by the Company as
net income plus depreciation, depletion and amortization, non-cash
charges, income tax expense, interest and other expense, and any
impairment of mining assets, less non-controlling interests in operating
income of consolidated subsidiaries, interest and other income, and any
royalty portfolio restructuring gains or losses. Other companies may
define and calculate this measure differently. Management believes that
Adjusted EBITDA is a useful measure of the performance of our royalty
portfolio. Adjusted EBITDA identifies the cash generated in a given
period that will be available to fund the Company's future operations,
growth opportunities, shareholder dividends and to service the Company's
debt obligations. This information differs from measures of performance
determined in accordance with U.S. generally accepted accounting
principles ('GAAP?) and should not be considered in isolation or as a
substitute for measures of performance determined in accordance with
U.S. GAAP. Adjusted EBITDA, as defined, is most directly comparable to
net income in the Company's Statements of Operations. Below is the
reconciliation to net income:


 ?

 ?
Royal Gold, Inc.
Adjusted EBITDA Reconciliation

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

 ?

For The Three Months Ended

December 31,

(Unaudited, in thousands)

2011

2010

 ?

Net income

$

24,249

$

20,718

Depreciation, depletion and amortization

21,419

16,006

Non-cash employee stock compensation

1,868

1,923

Interest and other income

(489

)

(2,285

)

Interest and other expense

1,609

1,797

Income tax expense

14,051

11,374

Non-controlling interests in operating income of consolidated
subsidiaries

 ?

(572

)

 ?

(609

)

Adjusted EBITDA

$

62,135

 ?

$

48,924

 ?

 ?

For The Six Months Ended

December 31,

(Unaudited, in thousands)

2011

2010

 ?

Net income

$

50,390

$

33,721

Depreciation, depletion and amortization

38,639

34,930

Non-cash employee stock compensation

4,066

3,207

Restructuring on royalty interests in mineral properties

1,328

-

Interest and other income

(3,322

)

(3,708

)

Interest and other expense

3,387

4,102

Income tax expense

26,433

18,301

Non-controlling interests in operating income of consolidated
subsidiaries

 ?

(1,200

)

 ?

(868

)

Adjusted EBITDA

$

119,721

 ?

$

89,685

 ?


Royal Gold, Inc.

Karen Gross

Vice President and Corporate
Secretary

(303) 575-6504



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Royal Gold Inc.
Bergbau
885652
US7802871084
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