|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
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
Jun. 26, 2016 05:00 PM EDT Reads: 1,282
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
Jun. 26, 2016 05:00 PM EDT Reads: 1,196
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
Jun. 26, 2016 04:30 PM EDT Reads: 921
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th 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 and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
Jun. 26, 2016 04:00 PM EDT Reads: 1,233
19th Cloud Expo, taking place November 1-3, 2016, 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 enterpri...
Jun. 26, 2016 04:00 PM EDT Reads: 1,278
Connected devices and the industrial internet are growing exponentially every year with Cisco expecting 50 billion devices to be in operation by 2020. In this period of growth, location-based insights are becoming invaluable to many businesses as they adopt new connected technologies. Knowing when and where these devices connect from is critical for a number of scenarios in supply chain management, disaster management, emergency response, M2M, location marketing and more. In his session at @Th...
Jun. 26, 2016 03:00 PM EDT Reads: 935
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his Day 2 Keynote at @ThingsExpo, Henrik Kenani Dahlgren, Portfolio Marketing Manager at Ericsson, discussed how to plan to cooperate, partner, and form lasting all-star teams to change t...
Jun. 26, 2016 02:00 PM EDT Reads: 1,121
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
Jun. 26, 2016 01:00 PM EDT Reads: 750
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Jun. 26, 2016 12:00 PM EDT Reads: 1,276
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
Jun. 26, 2016 12:00 PM EDT Reads: 1,099
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. Big Data at Cloud Expo - to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is...
Jun. 26, 2016 12:00 PM EDT Reads: 1,332
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Jun. 26, 2016 12:00 PM EDT Reads: 1,065
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
Jun. 26, 2016 11:00 AM EDT Reads: 1,069
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to imp...
Jun. 26, 2016 09:45 AM EDT Reads: 588
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
Jun. 26, 2016 08:45 AM EDT Reads: 726
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Jun. 25, 2016 03:00 PM EDT Reads: 1,586
SYS-CON Events announced today that ReadyTalk, a leading provider of online conferencing and webinar services, has been named Vendor Presentation Sponsor at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. ReadyTalk delivers audio and web conferencing services that inspire collaboration and enable the Future of Work for today’s increasingly digital and mobile workforce. By combining intuitive, innovative tec...
Jun. 24, 2016 01:00 PM EDT Reads: 1,346
Amazon has gradually rolled out parts of its IoT offerings, but these are just the tip of the iceberg. In addition to optimizing their backend AWS offerings, Amazon is laying the ground work to be a major force in IoT - especially in the connected home and office. In his session at @ThingsExpo, Chris Kocher, founder and managing director of Grey Heron, explained how Amazon is extending its reach to become a major force in IoT by building on its dominant cloud IoT platform, its Dash Button strat...
Jun. 24, 2016 12:00 PM EDT Reads: 1,626
industrial company for a multi-year contract initially valued at over $4.0 million. In addition to DataV software, Bsquare will also provide comprehensive systems integration, support and maintenance services. DataV leverages advanced data analytics, predictive reasoning, data-driven diagnostics, and automated orchestration of remediation actions in order to improve asset uptime while reducing service and warranty costs.
Jun. 22, 2016 11:00 AM EDT Reads: 1,367
Vidyo, Inc., has joined the Alliance for Open Media. The Alliance for Open Media is a non-profit organization working to define and develop media technologies that address the need for an open standard for video compression and delivery over the web. As a member of the Alliance, Vidyo will collaborate with industry leaders in pursuit of an open and royalty-free AOMedia Video codec, AV1. Vidyo’s contributions to the organization will bring to bear its long history of expertise in codec technolo...
Jun. 19, 2016 12:45 PM EDT Reads: 1,264