Coeur Reports Record Second Quarter and First Half Results.
Business Wire › August 08, 2011
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Coeur Reports Record Second Quarter and First Half Results.
COEUR D'ALENE, Idaho -- Coeur d'Alene Mines Corporation (NYSE:CDE) (TSX:CDM) today announced record quarterly metal sales of $231.1 million and operating cash flow1 of $115.8 million. The Company's strong second quarter results were led by its Palmarejo silver and gold mine in Mexico, which produced a record 2.4 million ounces of silver and 33,389 ounces of gold.
2(nd) Quarter 2011 Highlights:* Record net metal sales of $231.1 million represents 16% increase over prior quarter and is 129% higher than last year's second quarter* Record $115.8 million of operating cash flow1 represents 29% jump over prior quarter and 425% increase over last year's second quarter* Adjusted earnings2 of $58.0 million, or $0.65 per share, versus an adjusted loss of ($8.9) million, or ($0.10) per share during last year's second quarter* Silver production of 4.8 million ounces, up 16% compared to prior quarter and 15% over last year's second quarter* Record gold production of 60,656 ounces, up 14% over prior quarter and 162% compared to last year's second quarter* Consolidated cash operating costs of $3.39 per silver ounce3, down 59% compared to prior quarter and 58% versus last year's second quarter* Average realized prices of $39.11 per ounce of silver and $1,504 per ounce of gold* Cash and equivalents were $106.8 million at June 30, 2011, up 159% from June 30, 2010First Six Months 2011 Highlights:* Record net metal sales of $430.7 million represents 128% increase over first six months of 2010* Record operating cash flow of $206.0 million up 314% compared to first six months of 2010* Adjusted earnings2 of $95.6 million, or $1.07 per share compared to an adjusted loss of ($7.2) million, or ($0.08) per share during the first six months of 2010* Silver production of 8.9 million ounces, up 17% versus the first six months of 2010* Gold production of 113,786 ounces, up 133% over first six months of 2010* Consolidated cash operating costs of $5.69 per silver ounce3, down 27% versus first six months of 2010* Average realized prices of $35.42 per ounce of silver and $1,430 per ounce of gold2011 Outlook:* Anticipating full-year production of 19.5 million - 20.5 million ounces of silver and 240,000 - 250,000 ounces of gold. Higher production levels are expected in the fourth quarter from Rochester, San Bartolome and Martha.* Kensington is expected to slightly increase its gold production during the second half compared to the first six months of 2011, resulting in lower cash operating costs per gold ounce.* Expecting full-year net metal sales of approximately $1.0 billion and operating cash flow in excess of $500.0 million based on price assumptions of $35.09 per ounce of silver and $1,426 per ounce of gold (first half 2011 average spot prices).* Expecting capital expenditures for 2011 to total $130 million-$140 million. A total of $42 million of which was spent during the first six months of the year. Projected capital expenditures are higher than the previous estimate of $120 ...See the full content of this document
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