|By PR Newswire||
|November 9, 2012 01:22 AM EST||
TORONTO, November 9, 2012 /PRNewswire/ --
Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND) announced today revenues of $48.8 million and EBITDA of $23.4 million for the third quarter of 2012. These record quarterly results were achieved as both of the Company's mines, Cerro Bayo and Costerfield, reached design production and reduced costs.
Given the excellent third quarter 2012 financial results, Mandalay's Board of Directors has declared the Company's first dividend - an initial quarterly dividend of CDN$0.01 per share, payable on December 5, 2012 to shareholders of record as of November 20, 2012.
Brad Mills, Chief Executive Officer of Mandalay, commented: "From a financial perspective, Mandalay performed extremely well in the third quarter, repaying substantially all of our debt and achieving record revenue and EBITDA. We are now generating significant amounts of cash flow after all capital and exploration requirements. Looking forward to 2013, we currently expect the Company's gold equivalent production to increase by between 12%-23%."
The Company's unaudited consolidated financial results for the three and nine months ended September 30, 2012, together with its Management's Discussion and Analysis ("MD&A") for the corresponding periods can be accessed under the Company's profile on http://www.sedar.com and on the Company's website at http://www.mandalayresources.com. All currency references in this press release are in U.S. dollars except as otherwise indicated.
Third Quarter 2012 Financial Highlights
The following table summarizes the Company's financial results for the three and nine months ended September 30, 2012, and September 30, 2011.
Three months Three months Nine months Nine months ended ended ended ended Sept 30, Sept 30, Sept 30, Sept 30, 2012 2011 2012 2011 $ $ $ $ Revenue 48,847,630 26,960,784 116,105,859 67,930,832 EBITDA 23,399,401 10,968,335 51,091,422 28,637,354 Income from Mine Operations 24,094,727 10,260,134 50,078,292 26,182,769 Net Income / (loss) 9,011,008 13,177,845 19,337,192 17,521,563 Total Assets 163,483,354 135,162,587 163,483,354 135,162,587 Total Liabilities 41,266,533 38,683,332 41,266,533 38,683,332 Earnings / (loss) per share 0.03 0.05 0.07 0.07 Underlying Earnings / (loss)* 16,090,881 5,712,154 32,203,462 15,721,547 Underlying Earnings / (loss) per share** 0.05 0.02 0.11 0.06
* Underlying Earnings is Net Income before fair value and deferred tax adjustments
** Underlying Earnings per share is Net Income before fair value and deferred tax adjustments per share
In the third quarter of 2012 the Company achieved revenue, EBITDA, and net income of $48.8 million, $23.4 million and $9.0 million ($0.03 per share) respectively.
Net income is inclusive of non-cash, non-operating expense of $4,713,133 related to mark-to-market adjustments of silver and gold put options ("puts"), a silver note payable to Coeur d'Alene Mine Corporation (the "Silver Note"), fair value expense related to financing warrants of $1,657,000 and deferred tax expense of $709,740. Excluding these items, profit after tax from underlying operations for the third quarter was $16,090,881 ($0.05 per share). By comparison, in the third quarter of 2011 the Company's net income of $13,177,845 ($0.05 per share) was inclusive of a $7,465,691 positive mark to market adjustment for puts. Excluding that adjustment, profit from underlying operations in Q3 of 2011 was $5,712,154 ($0.02 per share).
During the quarter, the Company used $9 million of internally generated cash to repay all of the amounts outstanding under its revolving corporate loan facility with Bank of Montreal and equipment loan facilities in Australia and to make the penultimate payment of the Silver Note. In addition, the Company repurchased and cancelled 1,312,000 shares at a cost of $1,062,904 in the third quarter of 2012. At the end of the third quarter of 2012, the Company had just $945,949 in total outstanding debt and $6.4 million in cash. All remaining debt will be repaid before year end.
Mandalay's Board of Directors has adopted a dividend policy that provides for a quarterly discretionary cash dividend based on financial results and the future cash requirements of the Company.
Given the excellent third quarter 2012 financial results, the Board of Directors has declared an initial quarterly dividend of CDN$0.01 per share, payable on December 5, 2012 to shareholders of record as of November 20, 2012.
This is designated as an eligible dividend for the purposes of the Income Tax Act (Canada) and any similar provincial legislation.
Production, Cost and Capital Expenditure Guidance for 2013
Total Cerro Bayo Costerfield Saleable silver production 2.8 - 3.1 million oz 2.8 - 3.1 million oz Saleable gold production 36,000 - 42,000 oz 18,000 - 21,000 oz 18,000 - 21,000 oz Saleable antimony production 2,800 - 3,000 t 2,800 - 3,000 t Gold equivalent production 112,000 - 123,000 oz Cost/oz silver net by-product $4.00 - $6.00 Cost/oz gold equivalent $950 - $1,000 Capital expenditure $37 million $21 million $16 million Exploration expenditure $11 million $7 million $4 million
_________________________ These put options gives the Company the right, but not the obligation, to sell a specified amount of gold or silver at a specified price within a specified time.
About Mandalay Resources Corporation
Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia and producing and exploration projects in Chile. The Company is focused on executing a roll-up strategy, creating critical mass by aggregating advanced or in-production gold, copper, silver and antimony projects in Australia and the Americas to generate near-term cash flow and shareholder value.
This news release contains "forward-looking statements" within the meaning of applicable securities laws, including statements regarding the Company's anticipated production of gold, silver and antimony for the 2012 fiscal year and production, cost and capital expenditure guidance for 2013. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, changes in commodity prices and general market and economic conditions. The factors identified above are not intended to represent a complete list of the factors that could affect Mandalay. A description of additional risks that could result in actual results and developments differing from those contemplated by forward-looking statements in this news release can be found under the heading "Risk Factors" in Mandalay's annual information form dated March 30, 2012, a copy of which is available under Mandalay's profile at http://www.sedar.com. In addition, there can be no assurance that any inferred resources that are discovered as a result of additional drilling will ever be upgraded to proven or probable reserves. Although Mandalay has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
This news release contains references to EBITDA and Underlying Earnings both of which are non-IFRS measures and do not have standardized meanings under IFRS. Therefore, these measures may not be comparable to similar measures presented by other issuers.
The Company defines EBITDA as earnings before interest, taxes and non cash charges. EBITDA is presented as the Company believes it is a useful indicator of relative operating performance. EBITDA should not be considered by an investor as an alternative to net income or cash flows as determined in accordance with IFRS. For a detailed reconciliation of net income to EBITDA, please refer to page 9 of Management's Discussion and Analysis of the Company's financial statements for the third quarter of 2012.
For further information:
Chief Executive Officer
While great strides have been made relative to the video aspects of remote collaboration, audio technology has basically stagnated. Typically all audio is mixed to a single monaural stream and emanates from a single point, such as a speakerphone or a speaker associated with a video monitor. This leads to confusion and lack of understanding among participants especially regarding who is actually speaking. Spatial teleconferencing introduces the concept of acoustic spatial separation between conference participants in three dimensional space. This has been shown to significantly improve comprehe...
May. 29, 2015 10:00 AM EDT Reads: 3,124
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile devices as well as laptops and desktops using a visual drag-and-drop application – and eForms-buildi...
May. 29, 2015 10:00 AM EDT Reads: 5,430
There will be 150 billion connected devices by 2020. New digital businesses have already disrupted value chains across every industry. APIs are at the center of the digital business. You need to understand what assets you have that can be exposed digitally, what their digital value chain is, and how to create an effective business model around that value chain to compete in this economy. No enterprise can be complacent and not engage in the digital economy. Learn how to be the disruptor and not the disruptee.
May. 29, 2015 09:45 AM EDT Reads: 611
The enterprise market will drive IoT device adoption over the next five years. In his session at @ThingsExpo, John Greenough, an analyst at BI Intelligence, division of Business Insider, will analyze how companies will adopt IoT products and the associated cost of adopting those products. John Greenough is the lead analyst covering the Internet of Things for BI Intelligence- Business Insider’s paid research service. Numerous IoT companies have cited his analysis of the IoT. Prior to joining BI Intelligence, he worked analyzing bank technology for Corporate Insight and The Clearing House Pay...
May. 29, 2015 09:36 AM EDT Reads: 188
The Domain Name Service (DNS) is one of the most important components in networking infrastructure, enabling users and services to access applications by translating URLs (names) into IP addresses (numbers). Because every icon and URL and all embedded content on a website requires a DNS lookup loading complex sites necessitates hundreds of DNS queries. In addition, as more internet-enabled ‘Things' get connected, people will rely on DNS to name and find their fridges, toasters and toilets. According to a recent IDG Research Services Survey this rate of traffic will only grow. What's driving t...
May. 29, 2015 09:00 AM EDT Reads: 5,187
SYS-CON Events announced today that MetraTech, now part of Ericsson, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Ericsson is the driving force behind the Networked Society- a world leader in communications infrastructure, software and services. Some 40% of the world’s mobile traffic runs through networks Ericsson has supplied, serving more than 2.5 billion subscribers.
May. 29, 2015 09:00 AM EDT Reads: 1,443
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal an...
May. 29, 2015 09:00 AM EDT Reads: 2,502
The Internet of Things promises to transform businesses (and lives), but navigating the business and technical path to success can be difficult to understand. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, demonstrated how to approach creating broadly successful connected customer solutions using real world business transformation studies including New England BioLabs and more.
May. 29, 2015 08:00 AM EDT Reads: 5,925
The world is at a tipping point where the technology, the device and global adoption are converging to such a point that we will see an explosion of a world where smartphone devices not only allow us to talk to each other, but allow for communication between everything – serving as a central hub from which we control our world – MediaTek is at the heart of both driving this and allowing the markets to drive this reality forward themselves. The next wave of consumer gadgets is here – smart, connected, and small. If your ambitions are big, so are ours. In his session at @ThingsExpo, Jack Hu, D...
May. 29, 2015 07:45 AM EDT Reads: 747
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises are using some form of XaaS – software, platform, and infrastructure as a service.
May. 28, 2015 11:15 PM EDT Reads: 2,242
The recent trends like cloud computing, social, mobile and Internet of Things are forcing enterprises to modernize in order to compete in the competitive globalized markets. However, enterprises are approaching newer technologies with a more silo-ed way, gaining only sub optimal benefits. The Modern Enterprise model is presented as a newer way to think of enterprise IT, which takes a more holistic approach to embracing modern technologies.
May. 28, 2015 11:00 PM EDT Reads: 6,045
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impact.
May. 28, 2015 09:00 PM EDT Reads: 4,960
There's no doubt that the Internet of Things is driving the next wave of innovation. Google has spent billions over the past few months vacuuming up companies that specialize in smart appliances and machine learning. Already, Philips light bulbs, Audi automobiles, and Samsung washers and dryers can communicate with and be controlled from mobile devices. To take advantage of the opportunities the Internet of Things brings to your business, you'll want to start preparing now.
May. 28, 2015 07:00 PM EDT Reads: 5,820
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at @ThingsExpo, Robin Raymond, Chief Architect at Hookflash, will walk through the shifting landscape of traditional telephone and voice services ...
May. 28, 2015 03:00 PM EDT Reads: 4,401
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Architect for the Internet of Things and Intelligent Systems at Red Hat, described how to revolutioniz...
May. 28, 2015 02:00 PM EDT Reads: 4,887
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, and physical persons. In the IoT vision, every new "thing" - sensor, actuator, data source, data con...
May. 28, 2015 01:00 PM EDT Reads: 6,222
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo, June 9-11, 2015, at the Javits Center in New York City. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be
May. 28, 2015 12:15 PM EDT Reads: 2,109
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
May. 28, 2015 12:00 PM EDT Reads: 1,735
SYS-CON Events announced today that O'Reilly Media has been named “Media Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York City, NY. O'Reilly Media spreads the knowledge of innovators through its books, online services, magazines, and conferences. Since 1978, O'Reilly Media has been a chronicler and catalyst of cutting-edge development, homing in on the technology trends that really matter and spurring their adoption by amplifying "faint signals" from the alpha geeks who are creating the future. An active participa...
May. 28, 2015 11:30 AM EDT Reads: 720
We’re entering a new era of computing technology that many are calling the Internet of Things (IoT). Machine to machine, machine to infrastructure, machine to environment, the Internet of Everything, the Internet of Intelligent Things, intelligent systems – call it what you want, but it’s happening, and its potential is huge. IoT is comprised of smart machines interacting and communicating with other machines, objects, environments and infrastructures. As a result, huge volumes of data are being generated, and that data is being processed into useful actions that can “command and control” thi...
May. 28, 2015 11:15 AM EDT Reads: 681