Thursday May 4, 5:07 pm Eastern Time
Company Press Release
North American Palladium Ltd. Announces 1999 Financial Results
THUNDER BAY, Ontario--(BUSINESS WIRE)--May 4, 2000--North American Palladium Ltd. (TSE:PDL. - news) announces financial results for the year ended December 31, 1999.
The Company reported a net loss for the year ended December 31, 1999 of $5,150,000 or $0.84 per share on revenue from metal sales of $44,564,000 compared to a net loss of $17,529,000 or $1.90 per share on revenue from metal sales of $28,149,000 for the prior year. The increase in revenue from the prior year is a result of higher average realized palladium prices offset in part by lower palladium production, which declined in the year to 64,441 ounces compared to 84,228 ounces in 1998 as a result of processing lower head-grade ore because of the mining sequence. The lower grade ore was marginally offset by higher mill throughput.
For the three month period ended December 31, 1999 the net income was $3,459,000 or $0.17 per share on revenue from metal sales of $15,041,000 compared to a net loss of $2,360,000 or $0.30 per share on revenue from metal sales of $10,212,000 for the three months ended December 31, 1998. The net loss per share includes dividends in arrears on Series ``A'' preferred shares of $1,374,000 for the fourth quarter of 1999 and $5,031,000 for the year ended December 31, 1999.
Cash flow provided by operations (prior to changes in non-cash working capital) was $12,943,000 in 1999 compared to cash used in operations of $5,121,000 in 1998. The major improvement in cash flow from operations was primarily due to higher metal prices and better operating performance during the year. Changes in non-cash working capital consumed $28,065,000 of cash in the current year, which relates to the payment terms of concentrate inventories awaiting settlement with the smelter. After allowing for non-cash working capital changes, cash used in operations was $15,122,000 in 1999 compared to $11,479,000 in 1998.
Fourth Quarter Year Ended
December 31, December 31,
1999 1998 1999 1998
(thousands of Canadian dollars, except per share amounts)
Revenue from metal
sales 15,041 10,212 44,564 28,149
Net Income (Loss) 3,459 (2,360) (5,150) (17,529)
Operating cash flow* 9,804 5,406 12,943 (5,121)
Net Income (Loss)
per share 0.17 (0.30) (0.84) (1.90)
*Prior to changes in non-cash working capital.
The Company's Annual and Special Meeting of Shareholders will be held on Wednesday, June 28, 2000, at 10:30 a.m. at The Toronto Board of Trade (Downtown Club).
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