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Coeur Reports Strong Second Quarter Financial And Operating Results; Provides Positive Update To 2012 Guidance

Stocks in this article: CDE CDM

Coeur d'Alene Mines Corporation (NYSE:CDE, TSX:CDM) produced 4.9 million ounces of silver and 63,047 ounces of gold during the second quarter, which resulted in $254.4 million in sales, $88.4 million in operating cash flow, 1 and a $47.1 million increase in cash, cash equivalents and short-term investments to $200.3 million.

The Company expects to achieve the high-end of its 2012 silver and gold production guidance of 18.5 - 20.0 million silver ounces and 210,000 - 230,000 gold ounces. The Company also expects to achieve the low-end of its 2012 guidance for cash operating costs 1 per silver ounce of $6.50 - $7.50.

Second Quarter Highlights

  • Silver production totaled 4.9 million ounces, equal to first quarter 2012 levels.
  • Gold production totaled 63,047 ounces, up 44% from the first quarter.
  • Net metal sales totaled $254.4 million, up 24% from the first quarter.
  • Operating cash flow 1 totaled $88.4 million, down 6% from the first quarter. Including changes in working capital, net cash from operating activities totaled $113.2 million compared to $17.0 million in the first quarter.
  • Consolidated cash operating costs 1 totaled $6.41 per silver ounce, up slightly from the first quarter.
  • Cash operating costs 1 per gold ounce declined 50% from the first quarter to $1,348 and are expected to reach $900 by year-end.
  • Adjusted earnings 1 totaled $28.0 million, or $0.31 per share, compared to $41.5 million, or $0.46 per share, in the first quarter. Net income totaled $23.0 million, or $0.26 per share, compared to $4.0 million, or $0.04 per share, in the first quarter.
  • Announced a share repurchase program of up to $100 million of the Company's common stock and finalized a $100 million, four-year revolving credit facility.
  • Cash, cash equivalents and short-term investments totaled $200.3 million as of June 30, 2012, $47.1 million higher than March 31, 2012.

“The Company is performing according to plan, which is leading to strong financial performance,” said Mitchell J. Krebs, Coeur's President and Chief Executive Officer. “The Board of Directors' authorization in June to repurchase up to $100 million of the Company's common stock reflects our confidence in the Company's underlying cash flow and the long-term value the Company represents for shareholders,” he said.

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