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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

AuRico Reports Fourth Quarter And Annual Financial Results

"The sale of Ocampo in mid-December marked the completion of a two-year initiative aimed at improving the quality of our asset base in order to reposition the Company for low cost, quality production and deliver reliable, sustainable and consistent performance going forward. We have delivered on our commitment to shareholder friendly initiatives through the completion of a $300 million share buy-back in late January, as well the recent implementation of a peer leading ongoing dividend policy," said Scott Perry, President and Chief Executive Officer. He continued, "At our cornerstone Young-Davidson mine, the construction of the mid-shaft crushing and loading infrastructure is advancing on schedule and once commissioned, will be the key catalyst in driving the Company's growing production profile and cash flow steams over the next few years."

    (1)  Continuing operations include the Young-Davidson and El Chanate mine
                                  operations.
    (2) See the table at the end of this press release for a reconciliation of
        adjusted net earnings and refer to the discussion of Non-GAAP measures
                                        below.
    (3)    Includes 7,127 and 26,999 pre-production gold ounces produced at
          Young-Davidson during the three months and year ended December 31,
                                 2012, respectively.

Corporate Highlights

  • On March 25, 2013 the Company announced that its Board of Directors has declared the Company's initial quarterly dividend payment of $0.04 per share for the first quarter ended March 31, 2013, payable on April 18, 2013 to shareholders of record at the close of business on April 4, 2013. Using the average gold price realized during 2012, the annual dividend payment represents an equivalent of approximately 23,500 ounces of gold, or 18% of 2012 annual gold production, from continuing operations.
  • On January 29, 2013 the Company announced that it had completed a $300 million "modified Dutch auction" substantial issuer bid and subsequently purchased and cancelled 36,144,578 common shares at a price of $8.30 per share, which represented approximately 12.8% of the shares outstanding on an undiluted basis as of January 23, 2013.
  • On March 25, 2013 the Company reported Proven and Probable Mineral Reserves of 6.8 million gold ounces (201,695 tonnes at 1.05 g/t), a 1.69 million ounce increase over 2011, primarily driven through reserve additions reported from the Kemess Project. Results from the Kemess Underground feasibility study outline the development of an underground block cave operation with average annual production of 105,000 ounces of gold and 44 million pounds of copper at cash costs of $213 per ounce of gold, net of by-product credits, over a mine-life of approximately 12 years.

Highlights - Continuing Operations



    (in thousands,
    except ounces,
    per share
    amounts,
    average realized
    prices and total      Quarter Ended    Quarter Ended      Year Ended       Year Ended
    cash costs)           Dec. 31, 2012    Dec. 31, 2011    Dec. 31, 2012    Dec. 31, 2011
    Gold ounces
    produced(1)                41,145           18,080          127,283           49,395
    Total cash costs
    per gold
    ounce(2)                     $628             $401             $516             $449
    Revenue from
    mining
    operations                $63,119          $29,696         $163,622          $83,932
    Average realized
    gold price per
    ounce                      $1,720           $1,661           $1,690           $1,631
    Adjusted net
    earnings /
    (loss)(2)                 $13,681         ($7,410)          $34,729         ($7,511)
    Adjusted net
    earnings /
    (loss) per
    share, basic(2)             $0.05          ($0.03)            $0.12          ($0.04)
    Non-cash
    goodwill
    impairment
    charge(3)                $127,000                -         $127,000                -
    Net (loss) /
    earnings               ($134,420)          $23,027        ($97,821)          $29,295
    Net (loss) /
    earnings per
    share, basic              ($0.48)            $0.09          ($0.34)            $0.16
    Operating cash
    flow (before
    changes in
    working
    capital)                  $31,148           $3,069          $39,100           $4,861
    Net free cash
    flow(2)                 ($66,340)       ($105,891)       ($368,731)       ($111,054)

    1. The quarter and year ended December 31, 2012 includes pre-production ounces
       from the Young-Davidson mine.
    2. See the table at the end of this press release for a reconciliation of
       adjusted net earnings and refer to the discussion of Non-GAAP measures below.
    3. Non-cash goodwill impairment charge related to the El Chanate mine as
       required under IFRS accounting standards.

Consolidated Highlights - Continuing and Discontinued Operations



    (in thousands,
    except ounces,
    per share
    amounts,
    average realized
    prices and total      Quarter Ended    Quarter Ended      Year Ended       Year Ended
    cash costs)           Dec. 31, 2012    Dec. 31, 2011    Dec. 31, 2012    Dec. 31, 2011
    Gold ounces
    produced(1)                50,730           72,141          250,484          187,423
    Total cash costs
    per gold
    ounce(2)                     $736             $375             $542            ($92)
    Revenue from
    mining
    operations                $89,316         $154,811         $457,367         $450,115
    Average realized
    gold price per
    ounce                      $1,721           $1,672           $1,678           $1,599
    Adjusted net
    earnings(2)               $60,945           $2,876         $114,080          $94,292
    Adjusted net
    earnings per
    share, basic(2)             $0.22            $0.01            $0.40            $0.51
    Non-cash
    goodwill
    impairment
    charge(3)                $127,000                -         $127,000                -
    Net (loss) /
    earnings                ($25,443)          $77,936          $33,231         $176,859
    Net (loss) /
    earnings per
    share, basic              ($0.09)            $0.31            $0.12            $0.96
    Operating cash
    flow (before
    changes in
    working
    capital)                  $34,106          $76,115         $170,375         $201,327
    Net free cash
    flow(2)                 ($90,124)       ($103,842)       ($433,180)        ($65,562)


    1. The quarter ended and year ended December 31, 2012 includes pre-production
       ounces from the Young-Davidson mine.
    2. See the table at the end of this press release for a reconciliation of
       adjusted net earnings and refer to the discussion of Non-GAAP measures below.
    3. Non-cash goodwill impairment charge related to the El Chanate mine as
       required under IFRS accounting standards.

El Chanate Cash Cost Guidance Revision - IFRIC 20

2 of 8

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,943.81 +28.74 0.17%
S&P 500 1,967.57 +2.89 0.15%
NASDAQ 4,415.49 +19.2860 0.44%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs