Franco-Nevada Reports First Quarter 2013 Results

About this update from Franco-nevada Corporation

[{"type":"text","content":"\n\n\n\n\n\nTORONTO, May 8, 2013 /CNW/ - Franco-Nevada Corporation (TSX: FNV; NYSE:\n FNV) today reported its financial results for the first quarter of\n 2013. Highlights include:\n\n\n\n$108.8 million in revenue;\n\n\n\n\n$35.4 million of net income, or $0.24 per share;\n\n\n\n\nAdjusted Net Income(1) of $40.6 million, or $0.28 per share;\n\n\n\n\n$1.4 billion in available capital;\n\n\n\n\nAgreements to acquire royalties on two promising new gold projects; and\n\n\n\n\nRelease of our 2013 Asset Handbook.\n\n\n\n\n\n\n\"Franco-Nevada's diversified portfolio and business model continue to\n deliver dependable top and bottom line results,\" said David Harquail,\n President and CEO.  \"First quarter revenues exceed those of the same\n quarter last year and we were pleased to see the start of gold payments\n from the Detour Lake project.  Franco-Nevada has a very strong balance\n sheet and is well positioned in this opportunity-rich environment to\n add to its portfolio.  We have started 2013 with two new gold royalty\n acquisitions in North America, both of which have very good exploration\n upside potential.  We expect to add further assets over the year.\"\n\n\nFinancial Results \n\n\nGold Equivalent Ounces(2) (\"GEOs\") earned by Franco-Nevada from its royalty and stream mineral\n interests was 58,289 GEOs in the quarter compared to 55,466 GEOs in the\n prior year, an increase of 5.1%. In addition, the oil & gas assets\n generated $13.9 million in revenues during the quarter compared to\n $10.5 million a year ago. Revenue was earned 85% from precious metals\n (71% gold and 14% PGMs) and 82% from North America and Australia (33%\n Canada, 24% U.S., 21% Mexico and 4% Australia).\n\n\nThe Company earned net income of $35.4 million, or $0.24 per share,\n compared to $46.8 million, or $0.33 per share, for 2012.  Adjusted Net\n Income(1) for the quarter was $40.6 million, or $0.28 per share, compared to\n $43.6 million, or $0.31 per share, for 2012. Revenue increased 3.6% to\n $108.8 million from $105.0 million. The increase was due to higher\n revenue from gold, oil and other mineral assets. Adjusted EBITDA(3) was $89.1 million, or $0.61 per share, compared to $85.4 million, or\n $0.61 per share.\n\n\nAs at March 31, 2013, Franco-Nevada had a strong financial position with\n cash, cash equivalents and s...

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