Business
Altius Minerals Reports Q2 2018 Revenue of $16.5M and Adjusted EBITDA of $13M
ST. JOHN'S, Newfoundland and Labrador--(BUSINESS WIRE)--Altius Minerals Corporation (“Altius” or the “Corporation”) reports attributable royalty revenue(1) of $
About this update from Altius Minerals Corporation
[{"type":"text","content":"ST. JOHN'S, Newfoundland and Labrador--(BUSINESS WIRE)--Altius Minerals Corporation (“Altius” or the “Corporation”) reports attributable royalty revenue(1) of $16.5 million ($0.38 per share) for the quarter ended June 30, 2018 compared to $15.1 million ($0.35 per share) for the three month period ended July 31, 2017 and total revenue of $16.8 million ($0.39 per share) for the quarter ended June 30, 2018 compared to $15.4 million ($0.36 per share) for the three month period ended July 31, 2017. The revenue growth over the prior year comparable quarter reflects both price and volume improvements and is the first full quarter where the recently acquired additional potash royalties are included in consolidated revenue. Second quarter royalty revenue is also an increase over the first quarter of $738,000 despite the impact of the nine-week strike, since resolved, at Iron Ore Company of Canada, which reduced Labrador Iron Ore Royalty Corporation (“LIORC”) dividend income. Adjusted EBITDA(1) of $13 million ($0.30 per share) for the three months compares to $12.6 million ($0.29 per share) for the three months ended July 31, 2017. Net earnings attributable to common shareholders for the three months were $5.3 million ($0.12 per share) compared to earnings per share of $0.10 in the comparable quarter last year and $0.06 per share in the first quarter this year. The current quarterly net earnings were impacted by higher interest expense which included a one-time charge of $812,000 reflecting the extinguishment of the previous credit facility, and also include a $1.9 million non-cash unrealized gain on the revaluation of a convertible debenture and share purchase warrants. Royalty revenue highlights are as follows: Base metal royalty revenue was up by 10% over its comparable quarter in 2017 and accounted for 46% (38% copper and 8% zinc) of royalty revenue with higher copper production volumes at Chapada partially offset by lower copper and zinc production at 777. Potash royalty revenue has now become the second largest portfolio contributor and represented 23% of royalty revenue during the quarter. This reflects the consolidation of a full quarter of revenue from recently acquired additional royalty interests and, more importantly, significant increases in production volumes combined with price increases of approximately 7% over the compara...