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

Stocks in this article: RGLD

PROPERTY HIGHLIGHTS

Highlights at certain of the Company’s principal producing and development properties during the quarter ended June 30, 2012 are listed below:

Producing

Andacollo - Teck reported that production for the quarter increased due to additional mill throughput resulting from mill modifications completed earlier in the year. The operator also indicated that the recently completed pre-crushing plant will be ramped up in the third quarter of calendar 2012 which is expected to further increase plant throughput. Teck stated that it will continue exploration drilling and investigate water sources necessary to support a possible expansion at Andacollo.

Canadian Malartic – Despite the setback from the fire in the mill in May, Osisko achieved record mill throughput in June and record production for the quarter. Osisko reported that installation of the second cone crusher was completed at the end of July and that this will continue to improve production towards the designed rate of 55,000 tonnes per day.

Cortez – Barrick continued to prioritize production from their higher grade Cortez Hills operations that is not covered by our royalty interest. As a result, production decreased during the period. Royal Gold expects production to remain at these lower levels until Barrick returns to steady state mining at the Pipeline Complex.

Dolores – During the quarter, Pan American announced production guidance of 49,000 to 53,000 ounces of gold and 2.75 to 3.0 million ounces of silver at Dolores for the period April 1 through December 31, 2012. They also reported that their first capital project priority at Dolores is the construction of the new leach pad. As of early June, the earthworks for the leach pad were underway and the engineering design was being finalized. Pan American also reported that they are evaluating the potential to add a milling circuit to the operation and are considering the possibility of developing higher grade resources at depth by underground mining.

Holt – St Andrew Goldfields (“SAS”) reported that production for the second quarter of calendar 2012 was in line with their expectations. SAS also reported that total development for the quarter reached nearly 1,300 feet per month, which was a 16% increase over the previous quarter in total lateral development driven.

Las Cruces Inmet reported that the plant production exceeded the design capacity of 6,000 tonnes of copper cathode each month during the quarter. Overall recoveries increased to 86% with leach recoveries nearing design levels. For 2012, Inmet continues to expect to produce between 61,700 and 68,600 tonnes of copper cathode, or approximately 90% of design capacity.

Leeville – A portion of the mine production at Leeville was derived from an area outside of our royalty area of interest resulting in a decrease in royalty revenue over the prior period. Another factor in the production decline was the recent repair to the ventilation shaft which is now complete.

Mulatos – Alamos reported that crusher throughput during the second calendar quarter averaged 16,800 tonnes per day, slightly below the annual average budgeted rate of 17,500 tonnes per day. Alamos also reported that, based on production in the first half of the year, they expect that full-year 2012 production will likely be toward the lower end of their guidance range of 200,000 to 220,000 ounces of gold.

Peñasquito Goldcorp reported decreased production in the second quarter of calendar 2012 due to lower mill throughput resulting from an inadequate water supply in the month of June. The reduced water supply was a result of prolonged drought conditions in the region. The operator stated that they hold permits for sufficient quantities of water and are currently working to drill additional wells to increase water production. Goldcorp also reported that they expect plant throughput in the second half of calendar 2012 to be affected by the decrease in the water supply and they have reduced their production guidance from 1) 425,000 ounces of gold to between 370,000 and 390,000 ounces; 2) 26.0 million ounces of silver to between 23.0 million to 24.0 million; 3) 180.0 million pounds of lead to between 155.0 million to 160.0 million pounds; and 4) 400.0 million pounds of zinc to between 310.0 million and 325.0 million pounds.

Voisey’s Bay – Revenue was down during the quarter compared to the quarter ended March 30, 2012, due to a 13% decrease in nickel price, a 5% decrease in copper price, and lower nickel and copper concentrate shipments. Variability in Vale’s shipping schedule will continue to be reflected in uneven metal sales quarter-over-quarter.

Development

Mt. Milligan – Thompson Creek reported that, as of June 30, 2012, engineering progress on the Mt. Milligan project was 99% complete, procurement was 94% complete, construction was 51% complete and overall progress was 69% complete. They also stated that Mt. Milligan remains on schedule, with start-up scheduled for the third quarter of calendar 2013 and commencement of commercial production expected in the fourth quarter of calendar 2013.

Pascua-Lama – Barrick reported preliminary results from a detailed cost and schedule review of the Pascua-Lama project which indicated that initial gold production is now expected in mid-2014 instead of mid-2013 with an estimated increase in capital costs from a range of $4.7-$5.0 billion to $7.5-$8.0 billion. Royal Gold is completely vested in its Pascua-Lama royalty interest and is not required to contribute to any capital cost.

Full-year and fourth quarter fiscal 2012 production and revenue for the Company’s principal royalty interests are shown in Tables 1 and 2. For more detailed information about each of our principal royalty properties, please refer to the Company’s most recent Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC and available on the SEC’s website located at www.sec.gov, or our website located at www.royalgold.com.

CORPORATE PROFILE

Royal Gold is a precious metals royalty company engaged in the acquisition and management of precious metal royalty and similar production based interests. The Company owns interests on 193 properties on six continents, including interests on 39 producing mines and 26 development stage projects. Royal Gold is publicly traded on the NASDAQ Global Select Market under the symbol “RGLD,” and on the Toronto Stock Exchange under the symbol “RGL.” The Company’s website is located at www.royalgold.com.

Note: Management’s conference call reviewing the fourth quarter and year-end results will be held today at 10:00 a.m. Mountain Time (noon Eastern Time) and will be available by calling (800) 603-2779 (North America) or (973) 200-3960 (international), access #42042839. The call will be simultaneously broadcast on the Company’s website at www.royalgold.com under the “Presentations” section. A replay of this webcast will be available on the Company’s website approximately two hours after the call ends.

___________________________

Cautionary “Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995: With the exception of historical matters, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from projections or estimates contained herein. Such forward-looking statements include statements about the Company’s position in terms of new business opportunities in fiscal 2013; and the operators’ expectation of construction, ramp up, production, mine life and other developments at various mines. Factors that could cause actual results to differ materially from the projections include, among others, precious metals, copper and nickel prices; performance of and production at the Company's royalty properties; decisions and activities of the operators of the Company's royalty properties; unanticipated grade, geological, metallurgical, processing or other problems the operators of the mining properties may encounter; completion of feasibility studies; delays in the operators securing or their inability to secure necessary governmental permits; changes in operators’ project parameters as plans continue to be refined; economic and market conditions; the ability of the various operators to bring projects into production as expected; and other subsequent events; as well as other factors described in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the Securities and Exchange Commission. Most of these factors are beyond the Company’s ability to predict or control. The Company disclaims any obligation to update any forward-looking statement made herein. Readers are cautioned not to put undue reliance on forward-looking statements.

1     The Company defines Adjusted EBITDA, a non-GAAP financial measure, as net income plus depreciation, depletion and amortization, non-cash charges, income tax expense, interest and other expense, and any impairment of mining assets, less non-controlling interests in operating income from consolidated subsidiaries, interest and other income, and any royalty portfolio restructuring gains or losses (see Schedule A).
 
2 Barrick is a Canadian issuer and reports resources under National Instrument 43-101, Standards of Disclosure for Mineral Projects, of the Canadian Securities Administrators. The mineralization is reported as measured and indicated resources by Barrick, and is in addition to mineral reserves.
 
                             

TABLE 1

Fiscal 2012

Royalty Production and Revenue for Principal Royalty Interests

 

 

FISCAL YEAR ENDED

JUNE 30, 2012

     

FISCAL YEAR ENDED

JUNE 30, 2011

PROPERTY

      ROYALTY       OPERATOR      

METAL

     

Royalty

Revenue

($ Millions)

     

Reported

Production 1

     

Royalty

Revenue

($ Millions)

     

Reported

Production 1

Andacollo 2,3       75% NSR       Teck       Gold       64.08      

51,438 oz.

      43.60       42,344 oz.
Voisey’s Bay 3       2.7% NSR       Vale       Nickel

Copper

      36.03       131.6M lbs.

107.2M lbs.

      32.68       112.5M lbs.

67.8M lbs.

Peñasquito 3

      2.0% NSR       Goldcorp       GoldSilverLeadZinc       28.47       294,518 oz.21.5M oz.164.0M lbs.312.6M lbs.       21.54       206,726 oz.17.3M oz.132.9M lbs.217.0M lbs.
Holt      

0.00013 x quarterly

average gold price

     

St Andrew Goldfields

      Gold       14.97       41,166 oz.       3.19       11,814 oz.
Mulatos 4       1.0% to 5.0% NSR       Alamos       Gold       13.79       169,268 oz.       10.15       150,536 oz.
Cortez 5      

GSR1 and GSR2

GSR3

NVR1

      Barrick       Gold       13.16       116,672 oz.       17.24       192,162 oz.
Robinson 3       3.0% NSR       KGHM       GoldCopper       11.69       31,029 oz.

105.3M lbs.

      12.38       49,712 oz.

93.7M lbs.

Leeville       1.8% NSR       Newmont       Gold       9.16       305,059 oz.       10.69       443,317 oz.
Canadian Malartic 6       1.0% to 1.5% NSR       Osisko       Gold       7.13       297,545 oz.       0.80       35,285 oz.
Las Cruces 3       1.5% NSR       Inmet       Copper       6.45       119.1M lbs.       4.47       74.7M lbs.
Dolores       3.25% NSR2.0% NSR      

Pan American Silver

      GoldSilver       5.32       61,203 oz.

3.1M oz.

      4.46       59,983 oz.

2.6M oz.

Wolverine 3,7       0.0% to 9.445% NSR       Yukon Zinc       Gold

Silver

      2.16       1,296 oz.

1.0M oz.

      0.67       905 oz.

258,502 oz.

Other Royalty Properties 8       -       -       Various       50.64       -       54.60       -
Total Royalty Revenue                       263.05               216.47        
           
 
                             

TABLE 2

Fourth Quarter Fiscal 2012

Royalty Production and Revenue for Principal Royalty Interests

 
QUARTER ENDED

JUNE 30, 2012

      QUARTER ENDED

JUNE 30, 2011

PROPERTY

      ROYALTY       OPERATOR       METAL      

Royalty

Revenue

($ Millions)

     

Reported

Production 1

     

Royalty

Revenue

($ Millions)

     

Reported

Production 1

Andacollo 2,3       75% NSR       Teck       Gold       14.27      

11,908 oz.

      12.16       10,833 oz.
Peñasquito 3       2.0% NSR       Goldcorp       GoldSilverLeadZinc       7.18       90,554 oz.6.0M oz.42.2M lbs.90.8M lbs.       7.04       64,867 oz.4.9M oz.41.2M lbs.60.3M lbs.
Voisey’s Bay 3       2.7% NSR       Vale       Nickel

Copper

      6.03       30.6M lbs.

2.9M lbs.

      11.00       39.6M lbs.

5.3M lbs.

Holt      

0.00013 x quarterly

average gold price

      St Andrew

Goldfields

      Gold       3.86       11,469 oz.       1.60       5,402 oz.
Mulatos 4       1.0% to 5.0% NSR       Alamos       Gold       3.59       46,077 oz.       2.79       37,477 oz.
Robinson 3       3.0% NSR       KGHM       GoldCopper       3.45       9,191 oz.

32.5M lbs.

      2.95       8,213 oz.

22.3M lbs.

Cortez 5      

GSR1 and GSR2

GSR3

NVR1

      Barrick       Gold       2.80       26,845 oz.       4.05       35,633 oz.
Las Cruces 3       1.5% NSR       Inmet       Copper       1.95       37.3M lbs.       1.24       19.2M lbs.
Canadian Malartic 6       1.0% to 1.5% NSR       Osisko       Gold       1.94       91,734 oz.       0.80       35,285 oz.
Leeville       1.8% NSR       Newmont       Gold       1.03       36,582 oz.       2.01       75,272 oz.
Dolores       3.25% NSR2.0% NSR       Pan American Silver       GoldSilver       0.88       10,085 oz.

643,972 oz.

      1.82       20,772 oz.

1.1M oz.

Wolverine 3,7       0.0% to 9.445% NSR       Yukon Zinc       Gold

Silver

      0.48       842 oz.338,736 oz.       0.57       905 oz.225,288 oz.
Other Royalty Properties 8       -       -       Various       12.65       -       11.24       -
Total Royalty Revenue                       60.11               59.27        
           

FOOTNOTES

 
1     Reported production relates to the amount of metal sales that are subject to our royalty interests for the periods ended June 30, 2012 and June 30, 2011, as reported to us by the operators of the mines.
 
2 The royalty rate is 75% until 910,000 payable ounces of gold have been produced – 50% thereafter. There have been approximately 98,000 cumulative payable ounces produced as of June 30, 2012. Gold is produced as a by-product of copper.
 
3 Revenues consist of provisional payments for concentrates produced during the current period and final settlements for prior production periods.
 
4 The Company’s royalty is subject to a 2.0 million ounce cap on gold production. There have been approximately 901,000 ounces of cumulative production, as of June 30, 2012. NSR sliding-scale schedule (price of gold per ounce – royalty rate): $0.00 to $299.99 – 1.0%; $300 to $324.99 – 1.50%; $325 to $349.99 – 2.0%; $350 to $374.99 – 3.0%; $375 to $399.99 – 4.0%; $400 or higher – 5.0%.
 
5 Royalty percentages: GSR1 and GSR2 – 0.40 to 5.0% (sliding-scale); GSR3 – 0.71%; NVR1 – 0.39%.
 
6 NSR sliding-scale schedule (price of gold per ounce – royalty rate): $0.00 to $350 – 1.0%; above $350 – 1.5%.
 
7 Gold royalty rate is based on the price of silver per ounce. NSR sliding-scale schedule (price of silver per ounce – royalty rate): Below $5.00 – 0.0%; $5.00 to $7.50 – 3.778%; >$7.50 – 9.445%.
 
8 “Other” includes all of the Company’s non-principal producing royalties for the periods ended June 30, 2012 and 2011. Individually, no royalty included within “Other” contributed greater than 5% of our total royalty revenue for any of the periods.
 
 
                         

ROYAL GOLD, INC.

Consolidated Balance Sheets

As of June 30,

(In thousands except share data)

 
2012 2011
(unaudited)  
ASSETS
Cash and equivalents $ 375,456 $ 114,155
Royalty receivables 53,946 48,828
Income tax receivable 11,046 -
Prepaid expenses and other current assets   4,760     6,290
Total current assets 445,208 169,273
 
Royalty interests in mineral properties, net 1,890,988 1,690,439
Available for sale securities 15,015 28,876
Other assets   21,834     14,114
Total assets $ 2,373,045   $ 1,902,702
 
LIABILITIES
Debt $ - $ 15,600
Accounts payable 2,615 2,499
Dividends payable 8,947 6,093
Income tax payable - 676
Other current liabilities   3,647     3,993
Total current liabilities 15,209 28,861
 
Debt 293,248 210,500
Net deferred tax liabilities 178,716 152,564
Uncertain tax positions 19,469 18,836
Other long-term liabilities   2,974     4,246
Total liabilities   509,616     415,007
 
Commitments and contingencies
 
EQUITY
Preferred stock, $.01 par value, authorized 10,000,000 shares authorized; and 0 shares issued - -
Common stock, $.01 par value, 100,000,000 shares authorized; and 58,614,221 and 54,231,787 shares outstanding, respectively 586 543
Exchangeable shares, no par value, 1,806,649 shares issued, less 1,007,823 and 900,584 redeemed shares, respectively 35,156 39,864
Additional paid-in capital 1,656,357 1,319,697
Accumulated other comprehensive (loss) income (13,763 ) 54
Accumulated earnings   160,123     100,004
Total Royal Gold stockholders’ equity 1,838,459 1,460,162
Non-controlling interests   24,970     27,533
Total equity   1,863,429     1,487,695
Total liabilities and equity $ 2,373,045   $ 1,902,702
 
 
     

ROYAL GOLD, INC.

Consolidated Statements of Operations and Comprehensive Income

(Unaudited, in thousands except share data)

 
For The Three Months Ended June 30,
2012           2011           2010
Royalty revenues $ 60,109 $ 59,269 $ 40,669
 
Costs and expenses
General and administrative 4,607 5,256 5,956
Production taxes 1,754 2,748 546
Depreciation, depletion and amortization 16,641 16,632 17,612
Severance and acquisition related costs   -     -     243  
Total costs and expenses   23,002     24,636     24,357  
 
Operating income 37,107 34,633 16,312
 
Interest and other income 38 624 4,202
Interest and other expense   (2,766 )   (1,652 )   (2,079 )
Income before income taxes 34,379 33,605 18,435
 
Income tax expense   (13,413 )   (10,334 )   (3,558 )
Net income 20,966 23,271 14,877
Net income attributable to non-controlling interests   (395 )   (1,584 )   (4,372 )
Net income available to Royal Gold common stockholders $ 20,571   $ 21,687   $ 10,505  
 
Net income $ 20,966 $ 23,271 $ 14,877
Adjustments to comprehensive income, net of tax
Unrealized change in market value of available for sale securities   (5,459 )   (19 )   -  
Comprehensive income 15,507 23,252 14,877
Comprehensive income attributable to non-controlling interests   (395 )   (1,584 )   (4,372 )
Comprehensive income attributable to Royal Gold stockholders $ 15,112   $ 21,668   $ 10,505  
 
Net income per share available to Royal Gold common stockholders:
 
Basic earnings per share $ 0.35   $ 0.39   $ 0.21  
Basic weighted average shares outstanding   59,411,916     55,107,499     49,103,566  
Diluted earnings per share $ 0.34   $ 0.39   $ 0.21  
Diluted weighted average shares outstanding   59,632,426     55,394,656     49,400,526  
Cash dividends declared per common share $ 0.15   $ 0.11   $ 0.09  
 
 
                         

ROYAL GOLD, INC.

Consolidated Statements of Operations and Comprehensive Income

For The Years Ended June 30,

(In thousands except share data)

 
2012 2011 2010
(unaudited)    
Royalty revenues $ 263,054 $ 216,469 $ 136,565
 
Costs and expenses
General and administrative 20,393 21,106 19,470
Production taxes 9,444 9,039 2,863
Depreciation, depletion and amortization 75,001 67,399 53,793
Restructuring on royalty interests in mineral properties 1,328 - -
Severance and acquisition related costs   -     -     19,404  
Total costs and expenses   106,166     97,544     95,530  
 
Operating income 156,888 118,925 41,035
 
Interest and other income 3,836 5,088 6,360
Interest and other expense   (7,705 )   (7,740 )   (3,809 )
Income before income taxes 153,019 116,273 43,586
 
Income tax expense   (54,710 )   (38,974 )   (14,164 )
Net income 98,309 77,299 29,422
Net income attributable to non-controlling interests   (5,833 )   (5,904 )   (7,930 )
Net income available to Royal Gold common stockholders $ 92,476   $ 71,395   $ 21,492  
 
Net income $ 98,309 $ 77,299 $ 29,422
Adjustments to comprehensive income, net of tax
Unrealized change in market value of available for sale securities   (13,817 )   89     45  
Comprehensive income 84,492 77,388 29,467
Comprehensive income attributable to non-controlling interests   (5,833 )   (5,904 )   (7,930 )
Comprehensive income attributable to Royal Gold stockholders $ 78,659   $ 71,484   $ 21,537  
 
Net income per share available to Royal Gold common stockholders:
 
Basic earnings per share $ 1.61   $ 1.29   $ 0.49  
Basic weighted average shares outstanding   57,220,040     55,053,204     43,640,414  
Diluted earnings per share $ 1.61   $ 1.29   $ 0.49  
Diluted weighted average shares outstanding   57,463,850     55,323,410     43,980,817  
Cash dividends declared per common share $ 0.56   $ 0.42   $ 0.34  
 
 
                         

ROYAL GOLD, INC.

Consolidated Statements of Cash Flows

For The Years Ended June 30,

(In thousands)

 
2012 2011 2010
(unaudited)    
Cash flows from operating activities:
Net income $ 98,309 $ 77,299 $ 29,422
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization 75,001 67,399 53,793
Non-cash employee stock compensation expense 6,507 6,494 7,279
Gain on distribution to non-controlling interest (3,725 ) (3,258 ) (5,891 )
Restructuring on royalty interests in mineral properties 1,328 - -
Tax benefit of stock-based compensation exercises (6,348 ) (1,325 ) (1,638 )
Deferred tax expense (benefit) 1,571 (5,136 ) (7,536 )
Other 2,117 - 371
Changes in assets and liabilities:
Royalty receivables (5,118 ) (8,465 ) (19,055 )
Prepaid expenses and other assets 88 2,247 4,035
Accounts payable 530 (930 ) (10,742 )
Income taxes payable (receivable) (7,179 ) 5,527 (2,697 )
Other liabilities   (917 )   7,105     1,030  
Net cash provided by operating activities $ 162,164   $ 146,957   $ 48,371  
 
Cash flows from investing activities:
Acquisition of royalty interests in mineral properties (276,683 ) (280,009 ) (232,996 )
Acquisition of International Royalty Corporation, net of cash acquired - - (270,233 )

Acquisition of available for sale securities

- (28,574 ) -
Change in restricted cash - compensating balance - - 19,250
Proceeds on sale of inventory - restricted 5,514 5,097 3,647
Deferred acquisition costs (11 ) (117 ) (120 )
Other   (176 )   (2,660 )   (86 )
Net cash used in investing activities $ (271,356 ) $ (306,263 ) $ (480,538 )
 
Cash flows from financing activities:
Net proceeds from debt 457,023 18,532 253,407
Repayment of debt (326,100 ) (41,900 ) (55,263 )
Net proceeds from issuance of common stock 271,536 - 276,839
Common stock dividends (29,504 ) (22,130 ) (14,628 )
Proceeds from foreign exchange contract - - 4,101
Distribution to non-controlling interests (8,810 ) (7,158 ) (3,647 )
Tax benefit of stock-based compensation exercises 6,348 1,325 1,638
Other   -     (54 )   -  
Net cash provided by (used in) financing activities $ 370,493   $ (51,385 ) $ 462,447  
Net increase (decrease) in cash and equivalents   261,301     (210,691 )   30,280  
Cash and equivalents at beginning of period   114,155     324,846     294,566  
Cash and equivalents at end of period $ 375,456   $ 114,155   $ 324,846  
 
 

SCHEDULE A

Non-GAAP Financial Measures

The Company computes and discloses Adjusted EBITDA. Adjusted EBITDA is a non-GAAP financial measure. Adjusted EBITDA is defined by the Company as net income plus depreciation, depletion and amortization, non-cash charges, income tax expense, interest and other expense, and any impairment of mining assets, less non-controlling interests in operating income of consolidated subsidiaries, interest and other income, and any royalty portfolio restructuring gains or losses. Other companies may define and calculate this measure differently. Management believes that Adjusted EBITDA is a useful measure of the performance of our royalty portfolio. Adjusted EBITDA identifies the cash generated in a given period that will be available to fund the Company's future operations, growth opportunities, shareholder dividends and to service the Company's debt obligations. This information differs from measures of performance determined in accordance with U.S. generally accepted accounting principles (“GAAP”) and should not be considered in isolation or as a substitute for measures of performance determined in accordance with U.S. GAAP. Adjusted EBITDA, as defined, is most directly comparable to net income in the Company's Statements of Operations. Below is the reconciliation to net income:

   
Royal Gold, Inc.
Adjusted EBITDA Reconciliation
                     

For The Three Months Ended June 30,

(Unaudited, in thousands)
2012 2011 2010
 
Net income $ 20,966 $ 23,271 $ 14,877
Depreciation, depletion and amortization 16,641 16,632 17,612
Non-cash employee stock compensation 947 1,484 1,643
Interest and other income (38 ) (624 ) (4,202 )
Interest and other expense 2,766 1,652 2,079
Income tax expense 13,413 10,334 3,558
Non-controlling interests in operating income of consolidated subsidiaries   (395 )   (1,124 )   (423 )
Adjusted EBITDA $ 54,300   $ 51,625   $ 35,144  
 
 

For The Years Ended June 30,

(Unaudited, in thousands)
2012 2011 2010
 
Net income $ 98,309 $ 77,299 $ 29,422
Depreciation, depletion and amortization 75,001 67,399 53,793
Non-cash employee stock compensation 6,507 6,494 7,279
Restructuring on royalty interests in mineral properties 1,328 - -
Interest and other income (3,836 ) (5,088 ) (6,360 )
Interest and other expense 7,705 7,740 3,809
Income tax expense 54,710 38,974 14,164
Non-controlling interests in operating income of consolidated subsidiaries   (2,108 )   (2,646 )   (2,039 )
Adjusted EBITDA $ 237,616   $ 190,172   $ 100,068  




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David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

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Dividend Stock Advisor
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Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

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Real Money Pro
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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.

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Options Profits
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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.

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