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AuRico Reports Second Quarter Financial Results

Stocks in this article: AUQ

TORONTO, August 8, 2013 /PRNewswire/ --

(All amounts are in U.S. dollars, unless otherwise indicated)

AuRico Gold Inc. (TSX: AUQ) (NYSE: AUQ), ("AuRico" or the "Company") reports financial results for the three and six months ended June 30, 2013. The Company will host a conference call on Friday, August 9, 2013 beginning at 8:30 a.m. Eastern Time (details below).

Financial Highlights

For the second quarter, the Company reported the following results:

  • Revenues of $57.7 million
  • Adjusted net earnings [ (1)] of $6.1 million, or $0.02 per share
  • Net loss of $103.5 million, or ($0.42) per share, including non-cash impairment charges and net realizable value adjustments of $104.9 million, or ($0.42) per share, net of taxes
  • Production of 48,003 gold ounces [ (2)]
  • Cash costs of $655 per gold ounce [ (1)]
  • All-in sustaining costs of $1,189 per gold ounce [ (3)]
  • Operating cash flow before changes in working capital [ (1)] of $18.7 million, or $0.08 per share
          See the table at the end of this press release for a reconciliation
          of adjusted net earnings and adjusted operating cash flow and refer
    [(1)]            to the discussion of Non-GAAP measures below.
          Includes 9,817 pre-production gold ounces produced at Young-Davidson
    [(2)]             during the three months ended June 30, 2013
          See the discussion of All-in Sustaining Costs and Non-GAAP measures
    [(3)]                           provided below.

Recent Highlights

  • Mr. Alan Edwards was appointed non-executive Chairman of the Board effective July 1, 2013. Mr. Edwards was appointed as an independent director on May 13, 2010.
  • The Company's quarterly dividend payment of $0.04 per share for the second quarter was paid on July 29, 2013. The Company also introduced an optional dividend reinvestment plan to acquire additional common shares by reinvesting cash dividends. Further information on the Company's dividend reinvestment plan is available through the following link: http://www.auricogold.com/DRIP. The next dividend payment is scheduled to be paid on October 29, 2013 to shareholders of record on October 11, 2013.

"With another quarter of solid results reported from both operations we continue to demonstrate the potential of our high quality asset base. The mid-shaft crushing and hoisting system is progressing on schedule and remains on target to commission during September. The shaft and hoisting system is the key catalyst that will drive significant improvements in underground productivities and further cost efficiencies," stated Scott Perry, President and Chief Executive Officer. He continued, "With quality operations, a strong cash position and a fully-funded growth profile, the Company is well positioned for success even in this challenging market environment."

Impairment Charges and Net Realizable Value Adjustment

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