Business
AuRico Gold Reports Continued Strong Performance in the Second Quarter
Operating Cash flow Increases 247%, Net Free Cash Flow Increases 261% and Record Margins of...
About this update from Alamos Gold Inc.
[{"type":"text","content":"\n\n\n\n\n\nOperating Cash flow Increases 247%, Net Free Cash Flow Increases 261%\n and Record Margins of 75%\n\n\nTORONTO, Aug. 11, 2011 /CNW/ - AuRico Gold Inc. (TSX: AUQ) (NYSE: AUQ), (\"AuRico\") is pleased to report financial results for the second quarter ended\n June 30, 2011. All amounts are in U.S. dollars unless otherwise\n indicated.\n\n\nDuring the second quarter the Company delivered record performance in\n most key operational and financial metrics, including record revenues,\n earnings from operations, operating cash flow and net free cash flow.\n The Company is well positioned for quarter over quarter production\n growth from its three wholly-owned mines in Mexico.\n\n\nAuRico's robust performance to date has supported the positive update of\n the Company's 2011 operational guidance. Production guidance has been\n increased to 175,000 to 195,000 gold ounces, 4.95 to 5.50 million\n silver ounces, or 265,000 to 295,000 gold equivalent ounces, at reduced\n cash costs of $445 to $475 per gold equivalent ounce (using the\n Company's long-term gold equivalent ratio of 55:1).\n\n\nSecond Quarter Financial Highlights \n\n\n\n\n\nRecord revenue of $112.9 million, a 98% increase over 2010\n\n\nRecord Earnings from Operations1 of $56.1 million or $0.33 per share, a 246% increase over 2010\n\n\nNet earnings of $35.8 million, (or $0.21 per share), prior to non-recurring charges\n of $8.7 million, (or $0.05 per share), related to the acquisition of\n Capital Gold, and $2.6 million, net of tax, (or $0.02 per share), in\n stand-by costs related to the recommencement of operations at El Cubo, a 49% increase over 2010, after adjusting for the Q2 2010 El Cubo impairment charge of $194.6\n million, net of tax and $3.7 million, net of tax, in stand-by costs at\n El Cubo.\n\n\nRecord operating cash flow of $54.4 million or $0.32 per share, a 247% increase over 2010\n\n\nRecord net free cash flow of $20.7 million, a 261% increase over 2010\n\n\nIncreased the quarter-end cash balance by 54% to $102.1 million as compared to a cash balance of $66.3 million\n immediately following the completion of the Capital Gold acquisition,\n an increase of $35.8 million since the April 8, 2011 transaction.\n\n\nSecond Quarter Operational Highlights \n\n\n\n\nStrong and growing production of 43,714 gold ounces and 1.2 million silver ounces, or 75,073 g...