Business
Royal Gold Reports Fiscal First Quarter 2009 Results and Restatement of Fiscal 2008 Financial Statements
Conference Call Rescheduled to Today at 2:00 PM EST - Revenue increased 29% quarter-over-quarter ...
About this update from Red Lake Gold Inc
[{"type":"text","content":"\n\n\n\nConference Call Rescheduled to Today at 2:00 PM EST\n\n- Revenue increased 29% quarter-over-quarter\n\n- Free cash flow(1) increased 36% quarter-over-quarter\n\n- Financial statements to be restated for fiscal 2008(2)\n\n- Closed acquisition of Barrick Gold's royalty portfolio\n\n- New credit facility with $125 million availability\n\n\n\nDENVER, Nov. 4 /CNW/ -- ROYAL GOLD, INC. (Nasdaq: RGLD; TSX: RGL), the\nleading precious metals royalty company, today announced fiscal first quarter\n2009 net income of $5.8 million, or $0.17 per basic share, on royalty revenue\nof $16.1 million. This compares to net income for the first quarter of fiscal\n2008 of $5.5 million, or $0.19 per basic share, on royalty revenue of $12.5\nmillion.\n\n\nHigher revenues were largely driven by increased production at Robinson,\nLeeville and Goldstrike in addition to higher metal prices on a quarter-over-\nquarter basis. The increase in net earnings was partially offset by a decrease\nin production at the Cortez Pipeline Mining Complex and an increase in\ndepletion rates as a result of the newer properties which have been added to\nthe Company's royalty portfolio.\n\n\nFree cash flow for the current quarter was $13.3 million, representing\n83% of revenues compared to free cash flow of $9.8 million, or 78% of revenues\nfor the prior year comparable quarter.\n\n\nAs of September 30, 2008, the Company had a working capital surplus of\n$208.6 million. Current assets were $221.7 million (including $209.8 million\nin cash and equivalents), compared to current liabilities of $13.1 million,\nresulting in a current ratio of 17 to 1. On October 2, 2008, the Company used\n$150 million in cash to complete the acquisition of the Barrick Gold royalty\nportfolio.\n\n\n"Our results for the first fiscal quarter reflect solid performance from\nour overall portfolio of producing royalties, which offset the lower\nproduction at Cortez and production curtailment at Taparko," said Tony Jensen,\nPresident and CEO. "Many of Royal Gold's prior royalty acquisitions are now\npoised to generate revenue. In the next quarter we look forward to revenue\ncontributions from the recently acquired Barrick Gold royalty portfolio, the\nbeginning of revenue from Dolores, and we await sustained production at\nTaparko."\n\n\nRESTATEMENT\n\n\nAs part of the Company's...