Revenues were up 19% year-over-year due to a higher volume of gold sales along with higher gold prices. Our operating cash flow from continuing operations and before changes in working capital were $72.4 million or $0.19 a share compared to $76.4 million or $0.20 a share the same quarter last year. You'll note that the $70.4 million final tax payments for 2011, which was fully approved for last year and had a $0.19 per share impact, was paid in the second quarter of 2012 and reduced our cash flow per share by $0.19. Because it's been previously accrued, it did not affect our earnings for the second quarter, and Brian is going to explain that more in a moment.Our gold margins of $856 an ounce in the second quarter increased by $38 from the same quarter in 2011, as the increase in gold prices offset the increase in cost. Our attributable gold production was 204,000 ounces in the quarter at 9% from 188,000 ounces in the same quarter in 2011, and the increase was primarily the result of having effectively addressed the technical issues at Essakane that limited production in 2011.
IAMGOLD Management Discusses Q2 2012 Results - Earnings Call Transcript
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.