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Gold/Mining/Energy : ASHTON MINING OF CANADA (ACA)
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From: Famularo3/14/2005 8:20:58 PM
   of 7966
 
Fiscal year 2004 results for Aber Diamond Corporation show rough diamond sales revenue increased $157 million from 2003; and diamond production doubled to 3 million carats from 1.5 million in 2003.

For the year ending January 31, 2005, total sales were $385 million, up from $96 million in 2003; net earnings were $53 million, up from $28 million in 2003.

Aber Diamond acquired controlling share of jeweler Harry Winston Inc., in 2004, and CEO Robert Gannicott said, "We have begun to capture the synergy of linking the two most profitable bookends of the diamond industry."

The company recorded $189.3 million as cost of sales during the fiscal year compared with $46.4 million in 2003 due to increased production at the Diavik Mine and the inclusion of Harry Winston in cost of sales.

Both the Diavik Mine and Harry Winston exceeded expectations, Gannicott said.
Included in other income was a $7 million transaction fee related to the sale of Aber Diamond shares owned by Tiffany & Co.
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