Yamana Reports 2006 Results: Mine Operating Earnings of $35 Million for the Year, an Increase of Over 300% From the 2005 Level of $8.6 Million
02:51 EDT Wednesday, March 21, 2007
globeinvestor.com
TORONTO, ONTARIO--(CCNMatthews - March 21, 2007) - YAMANA GOLD INC. (TSX:YRI)(NYSE:AUY)(LSE AIM:YAU) is pleased to announce its financial and operating results for the year ended December 31, 2006.
Highlights
- Annual sales of $169.2 million, an increase of 270% over the corresponding prior year. Fourth quarter sales of $60 million.
- Mine operating earnings of $35.1 million for the year, an increase of over 300% over the corresponding prior year level.
- Adjusted net earnings for the year of $42.6 million before income tax effects and $19.5 million after income tax effects or $0.07 per share and net loss under Canadian generally accepted accounting principles of $70.2 million.
- Commenced commercial production at its Sao Francisco Mine August 1, 2006.
- Completed construction of its Chapada copper-gold project with commercial production declared in February 2007.
- Acquired RNC Gold Inc., Desert Sun Mining Corp. and Viceroy Exploration Ltd. whereby the Company acquired two additional mines and a near development stage project.
- Declared quarterly dividends of $0.01 per share with the first dividend being paid in mid October.
- Cash balance of $69.7 million as at December 31, 2006.
- Cash flow from operations of $40.2 million or $0.15 per share before changes in non-cash working capital items was reduced by $43.4 million relating to changes in non-cash working capital resulting in a net decline of $3.2 million in working capital from operating activities.
- Raised $170 million (C$200.1 million) in net proceeds from the public issue of 17.4 million common shares.
- Repaid outstanding long term debt: now debt free.
- Settled the terms and conditions for $200 million revolving line of credit.
- Increased copper hedging program intended to help secure a less than two year payback at the Chapada copper-gold project.
- Total production of 359,272 ounces of gold for the twelve month period ended December 31, 2006 including pre-acquisition production (37,248 ounces)from mines acquired during the year and assets sold during the year (8,433 ounces). Commercial production was 283,460 ounces at an average cash cost of $326 per ounce(A non-GAAP measure).
etc., etc. |
