Before we start, I'd like to draw your attention to the forward-looking information slides on Pages 2 and 3 of our presentation package. This presentation does contain forward-looking information regarding our business. Various risks and uncertainties may cause actual results to vary. Teck does not assume the obligation to update any forward-looking statement.
And at this point, I'd like to turn the call over to Don Lindsay.
Donald R. Lindsay
Thank you, Greg, and good morning, everyone. Thank you for joining us.I will start this morning with a review of the results for the quarter, and then I'll turn the presentation over to Ron Millos, our CFO, to address some more in-depth financial topics. A number of other members of the management team are on the call this morning and available to answer your questions.Starting on Slide 5. This is our best first quarter ever with record revenues and gross profit. Our coal production was good, considering the fact that it was the first quarter. And normally, we get difficult conditions in the first quarter, although this one was better than most. We produced 6.3 million tonnes for an annualized rate for over 25 million tonnes. We ended the quarter with a cash balance of about $3.8 billion, and after using some of our cash for dividends and debt refinancing transactions in the quarter, that was a good number. Subsequent to quarter end, we completed the acquisition of SilverBirch Energy to give us 100% control over the Frontier oil sands project.And finally, during the quarter, we completed the highly anticipated QB2 feasibility study, which we will talk more about later on the call.Turning to Slide 6. Our record first quarter revenues were over $2.5 billion, up over 8% from Q1 2011. And it was a record first quarter gross profit before depreciation and amortization of over $1.1 billion. Q1 profit of $218 million was impacted by a financing charge of $329 million associated with the debt refinancing transaction, so it is more appropriate to look at adjusted profit. First quarter adjusted profit was $504 million, which was up 12% from last year's first quarter, while over the same period EBITDA was $781 million.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV