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Royal Gold Reports Record Results For Third Quarter Fiscal 2012

Stocks in this article: RGLD

Royal Gold, Inc. (NASDAQ:RGLD) (TSX:RGL) today announced record net income attributable to Royal Gold stockholders of $26.0 million, or $0.44 per basic share, on record royalty revenue of $69.6 million for the quarter ended March 31, 2012. This compares to net income attributable to Royal Gold stockholders of $19.6 million, or $0.36 per basic share, on royalty revenue of $55.5 million for the prior year period.

For the nine-month period ended March 31, 2012, royalty revenue was $202.9 million and net income attributable to Royal Gold stockholders was $71.9 million, or $1.27 per basic share. This compares to royalty revenue of $157.2 million and net income attributable to Royal Gold stockholders of $49.7 million, or $0.90 per basic share, for the prior nine-month period.

Adjusted EBITDA 1 for the quarter ended March 31, 2012 was $63.6 million representing 91% of revenue, an increase of 30% compared to Adjusted EBITDA of $48.9 million or 88% of revenue for the prior year period. Cash flow from operations for the quarter ended March 31, 2012 was $47.5 million, or $0.81 per basic share, compared with $41.0 million, or $0.74 per share, for the prior year period.

Quarterly royalty revenue increases were largely driven by increased production from Andacollo, Voisey’s Bay and Mulatos, continued ramp up at Peñasquito, Holt and Las Cruces, new production from Canadian Malartic and higher average prices for gold and silver. The increase in revenue was partially offset by lower production at Leeville when compared to the quarter ended March 31, 2011. The average price of gold for the quarter ended March 31, 2012, was $1,691 per ounce compared with $1,386 per ounce for the comparable period, representing a 22% increase.

As of March 31, 2012, the Company had a working capital surplus of $220.3 million. Current assets were $251.5 million (including $183.3 million in cash and equivalents), compared to current liabilities of $31.2 million, resulting in a current ratio of approximately 8 to 1. Total debt outstanding under the Company’s term loan was $114.4 million as of March 31, 2012.

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