Third Quarter Results = AMAZING!
Financial Results
The Company achieved a net income for the three months ended September 30, 2000 of $16,552,000 or $1.20 per share on revenues of $29,376,000 compared to a net loss of $3,159,000 or $0.36 per share on revenues of $11,961,000 in the prior year period. The increase in revenue reflects the benefit of sharply higher palladium prices combined with an 81% increase in palladium production as a result of processing much higher-grade ore. The net income per share includes accrued and unpaid dividends on the Series "A" preferred shares of $1,441,000 for the third quarter of 2000.
For the nine months ended September 30, 2000 the Company reported net income of $37,314,000 or $2.65 per share on revenues of $78,036,000 compared to a net loss of $8,609,000 or $1.01 per share on revenues of $29,523,000 for the nine months ended September 30, 1999.
Cash provided from operations (prior to changes in non-cash working capital) was $22,381,000 for the third quarter of 2000 and $53,952,000 for the nine months ended September 30, 2000. This compares with cash provided by operations (prior to changes in non-cash working capital) of $198,000 for the
third quarter 1999 and $5,144,000 for the nine months ended September 30, 1999
(US$72 per ounce)
The concentrator processed 227,262 tonnes during the quarter, producing 28,273 ounces of palladium, a 9% improvement over the second quarter 2000. The increased palladium production was due to higher grades and throughput. Improvements in platinum, gold, nickel and copper production were also achieved for the quarter compared with the second quarter 2000. Cash costs to produce palladium, net of other metal credits and royalties, were US$72 per ounce in the quarter compared to US$128 per
ounce in the second quarter. The cash costs of the last two quarters are lower than normal due to the high grades of ore being milled.
P/E = 6
Shares Outstanding only 12M
newsalert.com |
