Business
Agnico Eagle Reports Second Quarter 2015 Results; Strong Operational Performance Continues; Vault Extension and Goldex Deep 1 Approved for Production; Amaruq Drilling Infills and Expands Scope of Mineralization
Stock Symbol:   AEM (NYSE and TSX) (All amounts expressed in U.S. dollars unle...
About this update from Agnico Eagle Mines Limited
[{"type":"text","content":"\n\n\nStock Symbol: AEM (NYSE and TSX) \n\n\n(All amounts expressed in U.S. dollars unless otherwise noted)\n\n\nTORONTO, July 29, 2015 /CNW/ - Agnico Eagle Mines Limited (NYSE:AEM, TSX:AEM) (\"Agnico Eagle\" or the \"Company\") today reported quarterly net income of $10.1 million, or net income of $0.05 per share for the second\n quarter of 2015.  This result includes non-recurring losses of $12.9\n million ($0.06 per share), unrealized gains on financial instruments of\n $9.4 million ($0.04 per share), non-cash foreign currency translation\n losses of $4.8 million ($0.02 per share), non-cash stock option expense\n of $4.1 million ($0.02 per share), a non-cash foreign currency\n translation gain on deferred tax liabilities of $3.2 million ($0.01 per\n share) and various mark-to-market and other adjustment gains of $0.8\n million ($0.01 per share).  Excluding these items would result in\n adjusted net income of $18.5 million or adjusted net income of $0.09\n per share for the second quarter of 2015.  In the second quarter of\n 2014, the Company reported net income of $22.2 million or net income of $0.12 per share.\n\n\nFor the first six months of 2015, the Company reported net income of\n $38.8 million, or $0.18 per share.  This compares with the first six\n months of 2014 when net income was $119.3 million, or $0.66 per share. \n Financial results in the 2015 period were negatively impacted by lower\n gold prices (approximately 8% lower) and lower by-product metals\n revenues.\n\n\nSecond quarter 2015 cash provided by operating activities was $188.3\n million ($152.8 million before changes in non-cash components of\n working capital).  This compares to cash provided by operating activities of $182.7 million in the second quarter\n of 2014 ($136.5 million before changes in non-cash components of\n working capital).  The increase in cash provided by operating\n activities before changes in working capital during the current period\n was mainly due to an increase of 24% in gold production.\n\n\nFor the first six months of 2015, cash provided by operating activities\n was $331.8 million ($329.6 million before changes in non-cash\n components of working capital), as compared with the first half of 2014\n when cash provided by operating activities was $433.1 million ($343.6\n million before cha...