Business
Labrador Iron Ore Royalty Corporation - Results for the second quarter ended June 30, 2014
TORONTO , Aug. 7, 2014 /CNW/ - Labrador Iron Ore Royalty Corporation ("LIORC", TSX: ...
About this update from Labrador Iron Ore Royalty Corporation
[{"type":"text","content":"\n\nTORONTO, Aug. 7, 2014 /CNW/ - Labrador Iron Ore Royalty Corporation (\"LIORC\", TSX: LIF) announced today its operation and cash flow results for the second quarter ended June 30, 2014.\n\nRoyalty income for the second quarter of 2014 amounted to $33.3 million as compared to $41.7 million for the second quarter of 2013. The shareholders' adjusted cash flow (see below for definition) for the second quarter was $33.7 million or $0.53 per share as compared to $23.4 million or $0.37 per share for the same period in 2013. The higher cash flow for the quarter reflected an IOC dividend of which LIORC's share was $14.8 million or $0.23 per share. Net income was $35.9 million or $0.56 per share compared to $39.2 million or $0.61 per share for the same period in 2013. Equity earnings from Iron Ore Company of Canada (\"IOC\") amounted to $18.2 million or $0.28 per share as compared to $19.3 million or $0.30 per share in 2013.  \n\nProduction and thus sales during the quarter continued to be affected by the unusually harsh winter conditions that lasted well into the quarter. The phase two expansion is now basically complete and should be reflected in the production results for the balance of the year. June saw operating conditions return closer to normal and adjusted for the three day scheduled maintenance shutdown concentrate production exceeded an annual rate of 18 million tonnes for the month. The lower royalty revenue for the quarter resulted from lower sales and lower prices. The iron ore index price for the quarter was 17.4% lower than the first quarter of 2014 and 22.2% lower than the second quarter of 2013. This was partially offset by the slightly lower value of the Canadian dollar against its U.S. counterpart.\n\nResults for the three months and six months ended June 30 are summarized below: \n\n\n\n\n(in millions except per share information)\n\n\n3 MonthsEndedJune 30,2014\n\n\n3 MonthsEndedJune 30, 2013\n\n\n6 MonthsEndedJune 30, 2014\n\n\n6 MonthsEndedJune 30, 2013\n\n\n\n\n\n(Unaudited)\n\n\n\n\n\n\n\n\n\n\n\nRevenue \n\n\n$33.8\n\n\n$42.2\n\n\n$61.0\n\n\n$68.6\n\n\n\n\nAdjusted cash flow \n\n\n$33.7\n\n\n$23.4\n\n\n$61.4\n\n\n$37.8\n\n\n\n\nAdjusted cash flow per share\n\n\n$0.53\n\n\n$0.37\n\n\n$0.96\n\n\n$0.59\n\n\n\n\nNet income \n\n\n$35.9\n\n\n$39.2\n\n\n$63.0\n\n\n$60.9\n\n\n\n\nNet income per share\n...