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Royal Gold Reports Record Results For First Quarter Fiscal Year 2013

Stocks in this article: RGLD

Royal Gold, Inc. (NASDAQ:RGLD) (TSX:RGL) today announced net income attributable to Royal Gold stockholders of $24.8 million, or $0.42 per basic share, on record royalty revenue of $77.9 million for the first quarter of fiscal 2013. This compares to net income attributable to Royal Gold stockholders of $22.5 million, or $0.41 per basic share, on royalty revenue of $64.5 million for the first quarter of fiscal 2012.

Adjusted EBITDA for the first quarter of fiscal 2013 was a record $71.0 million representing 91% of revenue, an increase of 23% compared to Adjusted EBITDA of $57.6 million or 89% of revenue for the prior year period. Cash flow from operations for the quarter was $53.5 million compared with $46.2 million for the first quarter of fiscal 2012.

The 21% increase in revenue for the quarter was largely driven by increased production at Andacollo, Peñasquito, and Voisey’s Bay, the Company’s cornerstone assets, in addition to production growth at Mulatos, Las Cruces, Holt, Wolverine, and Canadian Malartic. These increases were partially offset during the period by production declines at Cortez and Leeville and lower average metal prices. The average price of gold for the quarter was $1,652 per ounce compared with $1,702 per ounce for the comparable period, a decrease of 3%.

As of September 30, 2012, the Company had a working capital surplus of $352.5 million. Current assets were $371.8 million (including $302 million in cash and equivalents), compared to current liabilities of $19.3 million, resulting in a current ratio of approximately 19 to 1. In addition to available working capital, the Company had $350 million available under its revolving line of credit.

In October 2012, Royal Gold completed an offering of 5.25 million shares of common stock. Proceeds from the offering were $472.5 million before expenses. The Company intends to use the proceeds from this offering for the acquisition of additional royalty or similar interests and general corporate purposes.

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