Business
Labrador Iron Ore Royalty Corporation - Results for the first quarter ended March 31, 2014
TORONTO , May 6, 2014 /CNW/ - Royalty income for the first quarter of 2014 amounted to ...
About this update from Labrador Iron Ore Royalty Corporation
[{"type":"text","content":"\n\n\nTORONTO, May 6, 2014 /CNW/ - Royalty income for the first quarter of\n 2014 amounted to $26.9 million as compared to $26.1 million for the\n first quarter of 2013. The shareholders' adjusted cash flow (see below\n for definition) for the first quarter was $27.7 million or $0.43 per\n share as compared to $14.4 million or $0.22 per share for the same\n period in 2013. The higher cash flow for the quarter reflected an IOC\n dividend of which our share was $12.6 million or $0.20 per share. Net\n income was $27.1 million or $0.42 per share compared to $21.7 million\n or $0.34 per share for the same period in 2013. Equity earnings from\n Iron Ore Company of Canada (\"IOC\") amounted to $12.6 million or $0.20\n per share as compared to $9.4 million or $0.15 per share in 2013.\n\n\nIOC production in the first quarter is normally reduced due to the\n problems associated with winter weather conditions and production is\n usually 15-20% of annual production. The 2014 first quarter was\n subjected to disruptively cold weather associated with a \"polar vortex\"\n weather pattern, which caused an external power outage and unplanned\n equipment downtime. As a result, saleable production was 12% below last\n year's first quarter. Sales for the quarter, which were slightly below\n last year's quarter, were restricted by the availability of product and\n IOC had to declare a temporary force majeure. Despite the weather\n challenges, IOC established new records for February ex-pit mine\n production and Ore Delivery System crushed ore. Average U.S. dollar\n index prices for concentrate in the quarter were about 11% below 2013\n fourth quarter and the average for the year. The lower price was\n largely offset by higher pellet premiums and the weakness of the\n Canadian dollar against its U.S counterpart.\n\n\nResults for the three months ended March 31 are summarized below:\n\n\n\n\n(in millions except per share information)\n\n\n \n\n\n2014\n\n\n \n\n\n2013\n\n\n\n\n \n\n\n \n\n\n(Unaudited)\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nRevenue\n\n\n \n\n\n$27.2\n\n\n \n\n\n$26.4\n\n\n\n\nAdjusted cash flow\n\n\n \n\n\n$27.7\n\n\n \n\n\n$14.4\n\n\n\n\nAdjusted cash flow per share\n\n\n \n\n\n$0.43\n\n\n \n\n\n$0.22\n\n\n\n\nNet income\n\n\n \n\n\n$27.1\n\n\n&#x...