Coeur d’Alene Mines Corporation (NYSE:CDE) (TSX:CDM) sold 6.2 million ounces of silver and 67,391 ounces of gold, leading to $343.6 million in sales and $151.0 million in operating cash flow 1 during the third quarter of 2011.
Third Quarter Highlights:
- Record net metal sales of $343.6 million were 49% higher over the prior quarter and 190% higher than last year’s third quarter
- Record $151.0 million of operating cash flow 1 represented a 30% jump over prior quarter and almost five-times higher than last year’s third quarter
- Adjusted earnings 2 totaled a record $93.8 million, or $1.05 per share, versus an adjusted loss of ($4.5) million, or ($0.05) per share, during last year’s third quarter
- Net income reached $31.1 million, or $0.35 per share, compared to a net loss of ($22.6) million, or ($0.25) per share, during last year’s third quarter
- Silver production totaled 4.9 million ounces, which was 3% higher than the prior quarter and 13% higher than last year’s third quarter
- Gold production totaled 57,052 ounces, down slightly from the prior quarter and 20% higher compared to last year’s third quarter
- Average realized prices were $38.28 per ounce for silver and $1,681.42 per ounce for gold
- Cash and cash equivalents increased to $207.9 million at September 30, 2011, up from $106.8 million at June 30, 2011 and 214% higher than year-end 2010
First Nine Months 2011 Highlights:
- Record net metal sales of $774.3 million represented a 152% increase over first nine months of 2010
- Record operating cash flow 1 of $356.9 million jumped 322% compared to first nine months of 2010
- Adjusted earnings 2 totaled $189.3 million, or $2.12 per share, compared to an adjusted loss of ($11.7) million, or ($0.13) per share, during the first nine months of 2010
- Silver production totaled 13.8 million ounces, up 15% compared to the first nine months of 2010
- Gold production totaled 170,838 ounces, up 77% over the first nine months of 2010
- Average realized prices were $36.69 per ounce of silver and $1,522.65 per ounce of gold, increases of 103% and 29%, respectively, compared to the first nine months of 2010
|1||Operating cash flow is a non-U.S. GAAP measure defined as net income plus depreciation, depletion and amortization and other non-cash items prior to changes in operating assets and liabilities. On a U.S. GAAP basis, the Company generated cash flow from operations of $181.8 million in the third quarter of 2011 and $328.6 million in the first nine months of 2011. See the reconciliation from non-U.S. GAAP to U.S. GAAP at the end of this news release.|
|2||Adjusted earnings is a non-U.S. GAAP measure defined as operating income plus interest and other income less interest expense and current taxes. Adjusted earnings exclude non-cash fair value adjustments, other non-cash adjustments, deferred taxes and discontinued operations. The Company realized net income of $31.8 million in the third quarter of 2011 and $82.8 million during the first nine months of 2011. See reconciliation between non-U.S. GAAP adjusted earnings and U.S. GAAP at the end of this news release.|
“We are pleased to report all-time record sales and operating cash flow for both the quarter and the first nine months,” commented Mitchell J. Krebs, Coeur’s President and Chief Executive Officer. “In conjunction with strong prices, our rising production levels and growing cash flow offer investors a unique investment opportunity.
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