Record-setting Quarterly Revenue Performance Contributes to Strong Cash flow Generation
- Revenue increases 68% to $349.1 million
- Operating cash flow(1) nearly doubles to $142.5 million
- Cash of $517.8 million at March 31, 2007
- Earnings before tax increases 91% to $117.5 million
- Significant tax pools continue to shelter cash income taxes
- Net earnings of $63.1 million versus $76.0 million in Q1 2006
- 2007 $45.2 million exploration program well underway
- Overall production on plan for quarter; Balmat achieves commercial production Jan. 1, 2007
- Balmat operations certified to ISO 14001:2004 and OHSAS 18001:1999
- Cash cost per pound of zinc sold, net of by-product credits "negative" US$0.33
WINNIPEG, MANITOBA--(CCNMatthews - May 9, 2007) - HudBay Minerals Inc. (TSX:HBM) (HudBay or the Company) today announced a 68% increase in revenue to $349.1 million, compared to the first quarter of 2006 (Q1 2006), contributing to earnings of $63.1 million or $0.50 per share while operating cash flow increased by 83% to $142.5 million, for the quarter ended March 31, 2007 (Q1 2007).
FINANCIAL HIGHLIGHTS
---------------------------------------------------------------------------
Three months ended March 31
($000's except per share amounts) --------------------------------
2007 2006
---------------------------------------------------------------------------
Revenue 349,142 207,963
---------------------------------------------------------------------------
Earnings before tax 117,515 61,643
---------------------------------------------------------------------------
Net Earnings 63,076 75,986
---------------------------------------------------------------------------
Basic EPS(2) 0.50 0.89
---------------------------------------------------------------------------
EBITDA(3) 144,770 77,727
---------------------------------------------------------------------------
Operating cash flow before changes
in working capital 142,500 77,973
---------------------------------------------------------------------------
Cash and cash equivalents 517,772 127,364
---------------------------------------------------------------------------
Total assets(4) 1,391,841 1,318,515
---------------------------------------------------------------------------
(1) Operating cash flow excluding changes in non-cash working capital.
(2) Earnings per share
(3) Earnings before interest, taxes, depreciation and amortization,
loss/gain on derivative instruments, interest and other income and
other.
(4) 2007 at March 31st ; 2006 at December 31st.
The bracketed values that follow denote the comparative figures for Q1 2006.
Results for Q1 were firmly in line with our expectations, said Peter Jones, President & CEO. Production was on plan and higher metal prices and solid sales grew revenue by 68% and operating cash flow by 83% to $142.5 million, compared to Q1 last year.
OPERATING HIGHLIGHTS
---------------------------------------------------------------------------
($000's except per share amounts) Three months ended March 31
---------------------------------------------------------------------------
Production 2007 2006
---------------------------------------------------------------------------
Zinc(5) tonnes 31,408 29,906
---------------------------------------------------------------------------
Copper tonnes 21,724 23,686
---------------------------------------------------------------------------
Gold troy oz. 24,213 26,511
---------------------------------------------------------------------------
Silver troy oz. 352,447 390,230
---------------------------------------------------------------------------
Metal Sold(6)
---------------------------------------------------------------------------
Zinc, including sales to Zochem(7) tonnes 31,857 30,172
---------------------------------------------------------------------------
Copper tonnes 24,662 18,932
---------------------------------------------------------------------------
Gold troy oz. 29,716 14,846
---------------------------------------------------------------------------
Sliver troy oz. 383,919 232,456
---------------------------------------------------------------------------
app.quotemedia.com
Buyback yes, I hope HBM management is smart enough -
to use extra cash for a buyback -
or Lundin will pick it UP for fiatBucky peanuts -
hudbayminerals.com
Tia.
investorshub.com
Subject 57101 |
