Royal Gold, Inc. (NASDAQ:RGLD) (TSX:RGL) today announced net income attributable to Royal Gold stockholders of $27.2 million, or $0.42 per basic share, on record royalty revenue of $79.9 million for the second quarter of fiscal 2013. This compares to net income attributable to Royal Gold stockholders of $23.4 million, or $0.42 per basic share, on royalty revenue of $68.8 million for the second quarter of fiscal 2012.
For the six-month period ended December 31, 2012, royalty revenue was $157.7 million and net income attributable to Royal Gold stockholders was $52.0 million, or $0.84 per basic share. This compares to royalty revenue of $133.3 million and net income attributable to Royal Gold stockholders of $45.9 million, or $0.83 per basic share, for the six-month period ended December 31, 2011.
Adjusted EBITDA 1 for the second quarter of fiscal 2013 was a record $73.4 million representing 92% of revenue, an increase of 18% compared to Adjusted EBITDA of $62.1 million or 90% of revenue for the prior year period. Cash flow from operations for the quarter was $10.9 million, or $0.17 per basic share compared with $29.3 million or $0.53 per share for the second quarter of fiscal 2012. Cash flow from operations was negatively impacted by provisional income tax payments of $22.6 million normally due during the quarter, and the timing of a withholding tax payment of $17.2 million, which is expected to be recovered in future periods.
The 16% increase in revenue for the quarter was largely driven by increased production at Andacollo, Holt, Robinson, Mulatos, Las Cruces, Canadian Malartic and Wolverine, as well as the higher average price of gold and other metals. These increases were partially offset during the period by production declines at Voisey’s Bay, Cortez, Leeville and Dolores. The average price of gold for the quarter was $1,722 per ounce compared with $1,688 per ounce for the comparable period, an increase of 2%.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
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
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV