This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

IAMGOLD Management Discusses Q2 2012 Results - Earnings Call Transcript

Joining me on the conference call today are Steve Letwin, President and CEO of IAMGOLD; Gord Stothart, Executive Vice President and Chief Operating Officer; Craig MacDougall, Senior Vice President, Exploration; Brian Trnkus, Vice President, Finance, who's filling in for our CFO, Carol Banducci, who is traveling today; and Tim Bradburn, Associate General Counsel and Corporate Secretary.

Our remarks today will include forward-looking statements. I'll refer you to the cautionary language regarding forward-looking information and our disclosure documents, and advise you that the same cautionary language applies to our remarks during the call. We have prepared slides which can be viewed via our website. This call is being recorded for playback purposes.

Now I'll turn the call over to our President and CEO, Steve Letwin.

Stephen Joseph James Letwin

Thanks, Bob, and good morning, everyone. While our result in the second quarter were in line with our expectations, we expect the pace of our development and expansion projects pick up in the second half, and we're confident we'll meet guidance for 2012.

Sustaining profitability requires quality projects and greater control over what we do. As you know, 85% of our production comes from mines that we own and operate and 4 years with Côté Gold in our portfolio, we expect to move back closer to 95%. We're excited about our newest addition and with our year end resource update, we're targeting the conversion of a significant portion of the Côté Gold inferred deposit to the indicated category.

I've always said our return on capital employed will be the key measure driving our strategies as opposed to growth at any cost. And I think more and more, we're going to hear companies that are industry-aligned with that thinking.

On Slide 5, recapping our second performance. Our adjusted net earnings were $74 million or $0.20 a share, up 9% from the second quarter of 2011. This is before taking into account foreign exchange translation, lower valuations of our marketable securities and other items that don't measure how well we're operating the business.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.27 -0.76%
FB $101.00 1.47%
GOOG $684.12 0.89%
TSLA $143.67 -3.09%
YHOO $27.10 1.04%


Chart of I:DJI
DOW 15,914.74 -99.64 -0.62%
S&P 500 1,851.86 -0.35 -0.02%
NASDAQ 4,283.5920 +14.8290 0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs