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Royal Gold Reports Fourth Quarter Financials And Record Results For Fiscal Year 2012

Stocks in this article: RGLD

Royal Gold, Inc. (NASDAQ:RGLD) (TSX:RGL) today announced record net income attributable to Royal Gold stockholders of $92.5 million, or $1.61 per basic share, on record royalty revenue of $263.1 million for fiscal 2012 (ended June 30). This compares to net income attributable to Royal Gold stockholders for fiscal 2011 of $71.4 million, or $1.29 per basic share, on royalty revenue of $216.5 million.

For the fourth quarter ended June 30, 2012, royalty revenue was $60.1 million, compared with royalty revenue of $59.3 million for the same period in fiscal 2011. The Company reported fourth quarter net income attributable to Royal Gold stockholders of $20.6 million, or $0.35 per basic share, compared with fourth quarter net income of $21.7 million, or $0.39 per basic share for the quarter ended June 30, 2011.

Adjusted EBITDA for fiscal 2012 was a record $237.6 million ($4.15 per basic share), representing 90% of revenue. This compares to Adjusted EBITDA for fiscal 2011 of $190.2 million ($3.45 per basic share), or 88% of revenue. Adjusted EBITDA for the fourth quarter of fiscal 2012 was $54.3 million ($0.91 per basic share), or 90% of revenue, compared to Adjusted EBITDA of $51.6 million ($0.94 per basic share), or 87% of revenue, for the prior year period.

The significant increase in fiscal 2012 financial results was largely driven by a higher average gold price in addition to increased production at Andacollo, Voisey’s Bay, Mulatos and Dolores, and continued ramp up at Peñasquito, Holt, Canadian Malartic and Las Cruces. These increases were partially offset during the period by production declines at Cortez, Robinson and Leeville. The average price of gold in fiscal 2012 was $1,673 per ounce compared with $1,369 per ounce in fiscal 2011, representing a 22% increase.

As of June 30, 2012, the Company had a working capital surplus of $430 million. Current assets were $445.2 million (including $375.5 million in cash and equivalents), compared to current liabilities of $15.2 million, resulting in a current ratio of 29 to 1.

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