|By PR Newswire||
|February 20, 2013 08:25 PM EST||
TORONTO, February 21, 2013 /PRNewswire/ --
Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND) announced today record revenue, EBITDA and earnings per share ("EPS") for the fourth quarter and full year of 2012. Full year revenue, EBITDA and EPS were $171.8 million, $79.9 million and $0.14, respectively. For the fourth quarter of 2012 the Company also achieved record quarterly revenue, EBITDA, and net income of $55.7 million, $28.8 million and $22.4 million ($0.07 per share) respectively. All currency references in this press release are in U.S. dollars except as otherwise indicated.
Mandalay's Board of Directors has declared a quarterly dividend of CDN$0.01 per share, payable on March 14, 2013 to shareholders of record as of March 7, 2013.
Brad Mills, Chief Executive Officer of Mandalay, commented: "Mandalay ended the year with a very strong fourth quarter as both mines produced record saleable volumes. This translated into record financial performance. The Company paid off all remaining debt in the fourth quarter and started returning cash to shareholders in the form of a dividend. We are now focused on the next stages of growth for both projects, specifically the development of the Cuffley lode at Costerfield beginning in mid-year 2013 and the expansion of Cerro Bayo to 1,400 tonnes per day during the first quarter of 2014."
The Company's audited consolidated financial results for the three and twelve months ended December 31, 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.
2012 Fourth Quarter Financial Highlights
Revenue for the fourth quarter of 2012 was $55,699,764 versus $24,233,020 in 2011. Profit from mine operations before depletion and depreciation was $31,700,757 versus $6,266,492 in 2011 and net profit for the quarter was $22,375,166 or $0.07 per share versus $955,754 or $0.00 per share in 2011. Excluding non-cash and non-operating expense of $138,747 and deferred income tax of $5,579,573, profit after tax from underlying operations for the fourth quarter was $16,934,340 ($0.05 per share).
The following table summarizes the Company's financial results for the three months ended December 31, 2012 and 2011:
Quarter ended Quarter ended December 31, 2012 December 31, 2011 $ $ Revenue 55,699,764 24,233,020 EBITDA 28,843,644 3,376,244 Income from mine operations 25,847,103 3,236,316 Net income 22,375,166 955,754 Total assets 185,290,684 138,894,858 Total liabilities 42,211,786 39,923,892 Earnings / (loss) per share 0.07 0.00 Fully diluted EPS 0.06 0.00
Net income is inclusive of non-cash, non-operating expense of $138,747 related to mark-to-market adjustments of silver and gold put options, a silver note payable to Coeur d'Alene Mines Corporation (the "Silver Note"), and fair value mark-to-market adjustments related to financing warrants and deferred income tax income of $5,579,573.
2012 Full Year Financial Highlights:
Revenue for 2012 was $171,805,623 versus $92,163,852 in 2011. Profit from mine operations before depletion and depreciation was $95,264,831 versus $41,291,656 in 2011. Net profit for the year 2012 was $41,712,357 or $0.14 per share versus $18,477,317 or $0.07 per share in 2011. Profit, revenue, operating expenses, and depletion and depreciation were all higher in 2012 than in 2011 due to higher production output and consequent higher sales volumes at both the mines.
The following table summarizes the Company's financial results for the years ended December 31, 2012 and 2011:
Year ended Year ended December 31, 2012 December 31, 2011 $ $ Revenue 171,805,623 92,163,852 EBITDA 79,935,066 32,013,588 Income from mine operations 75,925,395 29,419,075 Net income 41,712,357 18,477,317 Total assets 185,290,684 138,894,858 Total liabilities 42,211,786 39,923,892 Earnings / (loss) per share 0.14 0.07 Fully diluted EPS 0.11 0.05
At December 31, 2012, the Company had working capital of $38,480,236 compared to $28,178,485 at December 31, 2011. The Company had cash and cash equivalents of $17,264,446 at the end of the December 31, 2012 as compared to $12,741,454 at December 31, 2011. The Company had no outstanding debt as at December 31, 2012.
2012 Corporate Highlights:
- As at December 31, 2012, the Company had repaid the final installment of the Silver Note in the U.S. dollar equivalent amount of 20,833 ounces of silver. This Note was originally granted as part of the purchase consideration for the Cerro Bayo mine in Chile.
- On May 30, 2012, the Company and the Bank of Montreal ("BMO") entered into a one-year revolving corporate loan facility (the "Corporate Facility") for $20 million. The Corporate Facility is for general corporate purposes, including working capital, capital expenditures and certain specified acquisitions. This facility is currently undrawn.
- In 2012 the Company fully repaid the loan agreement it entered into with Sprott Resource Lending Partnership ("Sprott") in the amount of $10,054,000 (C$10,000,000).
- The Company repurchased 2,185,660 common shares at an average price of CDN$0.78 per share pursuant to its Normal Course Issuer Bid at a total cost of $1,713,011
- In July 2012 the Company completed a substantial issuer bid for its outstanding share purchase warrants. Approximately 72% of the outstanding warrants were tendered to the issuer bid and exchanged for an aggregate of 35,795,052 common shares
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. Pursuant to this policy, the Board of Directors has declared a dividend of CDN$0.01 per share for the first quarter of 2013, payable on March 14, 2013 to shareholders of record on March 7, 2013. This is designated as an eligible dividend for the purposes of the Income Tax Act (Canada) and any similar provincial legislation.
Guidance for 2013 remains unchanged.
Total Cerro Bayo Costerfield Saleable Ag Production 2.8 - 3.1 million oz 2.8 - 3.1 million oz - Saleable Au Production 36,000 - 42,000 oz 18,000 - 21,000 oz 18,000 - 21,000 oz Saleable Sb Production 2,800 - 3,000 t - 2,800 - 3,000 t Au Eq Production 112,000 - 123,000 oz
Au Eq. oz produced is calculated by multiplying the saleable quantities of Au, Ag, and Sb in the period by the respective average market prices of the commodities in the period, adding the three amounts to get a "total contained value based on market price", and then dividing that total contained value by the average market price of Au in the period. Average Au price in the period is calculated as the average of the daily LME PM fixes in the period, with price on weekend days and holidays taken from the last business day; average Sb price in the period is calculated as the average of the daily average of the high and low Rotterdam warehouse prices for all days in the period, with price on weekend days and holidays taken from the last business day; average Ag price in the period is calculated as the average of the daily London Broker's silver spot price for all days in the period, with price on weekend days and holidays taken from the last business day. The source for all prices is http://www.metalbulletin.com.
The Company expects that production at Cerro Bayo during the first quarter of 2013 will be affected by the planned partial suspension of processing plant operations to facilitate the installation of processing plant automation equipment. This project is expected to improve recovery of gold and silver at Cerro Bayo in the short to medium term.
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 guidance as to anticipated gold, silver, and antimony production in 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. 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. EBITDA is a non-IFRS measure and does not have a standardized meaning under IFRS. Therefore, this measure 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 fourth quarter and full year 2012.
For further information:
Chief Executive Officer
GENBAND has announced that SageNet is leveraging the Nuvia platform to deliver Unified Communications as a Service (UCaaS) to its large base of retail and enterprise customers. Nuvia’s cloud-based solution provides SageNet’s customers with a full suite of business communications and collaboration tools. Two large national SageNet retail customers have recently signed up to deploy the Nuvia platform and the company will continue to sell the service to new and existing customers. Nuvia’s capabilities include HD voice, video, multimedia messaging, mobility, conferencing, Web collaboration, deskt...
Mar. 30, 2015 01:00 AM EDT Reads: 1,471
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
Mar. 29, 2015 10:00 PM EDT Reads: 1,812
SYS-CON Events announced today that Cisco, the worldwide leader in IT that transforms how people connect, communicate and collaborate, has been named “Gold 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. Cisco makes amazing things happen by connecting the unconnected. Cisco has shaped the future of the Internet by becoming the worldwide leader in transforming how people connect, communicate and collaborate. Cisco and our partners are building the platform for the Internet of Everything by connecting the...
Mar. 29, 2015 07:00 PM EDT Reads: 5,235
The WebRTC Summit 2014 New York, to be held June 9-11, 2015, at the Javits Center in New York, NY, announces that its Call for Papers is open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 16th International Cloud Expo, @ThingsExpo, Big Data Expo, and DevOps Summit.
Mar. 29, 2015 06:00 PM EDT Reads: 1,604
Temasys has announced senior management additions to its team. Joining are David Holloway as Vice President of Commercial and Nadine Yap as Vice President of Product. Over the past 12 months Temasys has doubled in size as it adds new customers and expands the development of its Skylink platform. Skylink leads the charge to move WebRTC, traditionally seen as a desktop, browser based technology, to become a ubiquitous web communications technology on web and mobile, as well as Internet of Things compatible devices.
Mar. 29, 2015 06:00 PM EDT Reads: 1,854
SYS-CON Events announced today that robomq.io will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. robomq.io is an interoperable and composable platform that connects any device to any application. It helps systems integrators and the solution providers build new and innovative products and service for industries requiring monitoring or intelligence from devices and sensors.
Mar. 29, 2015 06:00 PM EDT Reads: 1,486
Docker is an excellent platform for organizations interested in running microservices. It offers portability and consistency between development and production environments, quick provisioning times, and a simple way to isolate services. In his session at DevOps Summit at 16th Cloud Expo, Shannon Williams, co-founder of Rancher Labs, will walk through these and other benefits of using Docker to run microservices, and provide an overview of RancherOS, a minimalist distribution of Linux designed expressly to run Docker. He will also discuss Rancher, an orchestration and service discovery platf...
Mar. 29, 2015 04:15 PM EDT Reads: 2,438
Wearable technology was dominant at this year’s International Consumer Electronics Show (CES) , and MWC was no exception to this trend. New versions of favorites, such as the Samsung Gear (three new products were released: the Gear 2, the Gear 2 Neo and the Gear Fit), shared the limelight with new wearables like Pebble Time Steel (the new premium version of the company’s previously released smartwatch) and the LG Watch Urbane. The most dramatic difference at MWC was an emphasis on presenting wearables as fashion accessories and moving away from the original clunky technology associated with t...
Mar. 29, 2015 04:00 PM EDT Reads: 1,426
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.
Mar. 29, 2015 03:30 PM EDT Reads: 2,172
SYS-CON Events announced today that Solgenia will exhibit at 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, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Solgenia is the global market leader in Cloud Collaboration and Cloud Infrastructure software solutions. Designed to “Bridge the Gap” between Personal and Professional Social, Mobile and Cloud user experiences, our solutions help large and medium-sized organizations dr...
Mar. 29, 2015 03:00 PM EDT Reads: 2,857
SYS-CON Events announced today that Liaison Technologies, a leading provider of data management and integration cloud services and solutions, 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. Liaison Technologies is a recognized market leader in providing cloud-enabled data integration and data management solutions to break down complex information barriers, enabling enterprises to make smarter decisions, faster.
Mar. 29, 2015 03:00 PM EDT Reads: 3,469
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the M2M space. This really allows some room for influential individuals to create more high value inter...
Mar. 29, 2015 01:45 PM EDT Reads: 4,671
After making a doctor’s appointment via your mobile device, you receive a calendar invite. The day of your appointment, you get a reminder with the doctor’s location and contact information. As you enter the doctor’s exam room, the medical team is equipped with the latest tablet containing your medical history – he or she makes real time updates to your medical file. At the end of your visit, you receive an electronic prescription to your preferred pharmacy and can schedule your next appointment.
Mar. 29, 2015 12:00 PM EDT Reads: 799
The world's leading Cloud event, Cloud Expo has launched Microservices Journal on the SYS-CON.com portal, featuring over 19,000 original articles, news stories, features, and blog entries. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. Microservices Journal offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. Follow new article posts on Twitter at @MicroservicesE
Mar. 29, 2015 12:00 PM EDT Reads: 1,458
The list of ‘new paradigm’ technologies that now surrounds us appears to be at an all time high. From cloud computing and Big Data analytics to Bring Your Own Device (BYOD) and the Internet of Things (IoT), today we have to deal with what the industry likes to call ‘paradigm shifts’ at every level of IT. This is disruption; of course, we understand that – change is almost always disruptive.
Mar. 29, 2015 11:45 AM EDT Reads: 1,126
SYS-CON Events announced today the IoT Bootcamp – Jumpstart Your IoT Strategy, being held June 9–10, 2015, in conjunction with 16th Cloud Expo and Internet of @ThingsExpo at the Javits Center in New York City. This is your chance to jumpstart your IoT strategy. Combined with real-world scenarios and use cases, the IoT Bootcamp is not just based on presentations but includes hands-on demos and walkthroughs. We will introduce you to a variety of Do-It-Yourself IoT platforms including Arduino, Raspberry Pi, BeagleBone, Spark and Intel Edison. You will also get an overview of cloud technologies s...
Mar. 29, 2015 11:00 AM EDT Reads: 2,099
SYS-CON Events announced today that SafeLogic has been named “Bag Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. SafeLogic provides security products for applications in mobile and server/appliance environments. SafeLogic’s flagship product CryptoComply is a FIPS 140-2 validated cryptographic engine designed to secure data on servers, workstations, appliances, mobile devices, and in the Cloud.
Mar. 29, 2015 11:00 AM EDT Reads: 1,426
SOA Software has changed its name to Akana. With roots in Web Services and SOA Governance, Akana has established itself as a leader in API Management and is expanding into cloud integration as an alternative to the traditional heavyweight enterprise service bus (ESB). The company recently announced that it achieved more than 90% year-over-year growth. As Akana, the company now addresses the evolution and diversification of SOA, unifying security, management, and DevOps across SOA, APIs, microservices, and more.
Mar. 29, 2015 08:30 AM EDT Reads: 2,057
SYS-CON Events announced today that Akana, formerly SOA Software, has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Akana’s comprehensive suite of API Management, API Security, Integrated SOA Governance, and Cloud Integration solutions helps businesses accelerate digital transformation by securely extending their reach across multiple channels – mobile, cloud and Internet of Things. Akana enables enterprises to share data as APIs, connect and integrate applications, drive part...
Mar. 28, 2015 04:15 PM EDT Reads: 1,552
Cloud is not a commodity. And no matter what you call it, computing doesn’t come out of the sky. It comes from physical hardware inside brick and mortar facilities connected by hundreds of miles of networking cable. And no two clouds are built the same way. SoftLayer gives you the highest performing cloud infrastructure available. One platform that takes data centers around the world that are full of the widest range of cloud computing options, and then integrates and automates everything. Join SoftLayer on June 9 at 16th Cloud Expo to learn about IBM Cloud's SoftLayer platform, explore se...
Mar. 28, 2015 02:00 PM EDT Reads: 1,643