|By PR Newswire||
|February 18, 2014 07:59 PM EST||
TORONTO, Feb. 18, 2014 /CNW/ - Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND) announced today revenue of $39.1 million, EBITDA of $13.9 million and net income of $4.4 million or $0.01 per share for the fourth quarter of 2013. For the full year, the Company delivered revenue of $166.9 million, EBITDA of $67.7 million and net income of $29.4 million or $0.09 per share.
In accordance with the Company's dividend policy, Mandalay's Board of Directors declared a quarterly dividend of $2,343,489 (6% of the trailing quarter's gross revenue), or $0.0070 per share (CDN$0.0077 per share), payable on March 10, 2014 to shareholders of record as of February 28, 2014.
Brad Mills, Chief Executive Officer of Mandalay, commented, "Mandalay has delivered strong production and operating cost performance during the fourth quarter and throughout 2013. This allowed the Company to deliver robust financial results even with the significantly lower prices realized in 2013 compared to 2012. The Company increased its cash balance at year-end from $17.3 million in 2012 to $33.5 million in 2013, after paying dividends of $10.8 million, capital spending and exploration investments of $41.3 million and spending $2.4 million to repurchase its shares under its Normal Course Issuer Bid program.
The Company's strong operational and financial performance, good cash generation ability at current metal prices and unlevered balance sheet should allow us to fund the acquisition and development of the recently acquired Challacollo silver-gold project from internal sources, without recourse to the equity markets."
The Company's audited consolidated financial results for the three months and year ended December 31, 2013, together with its Management's Discussion and Analysis ("MD&A") for the corresponding periods can be accessed under the Company's profile on www.sedar.com and on the Company's website at www.mandalayresources.com. All currency references in this press release are in U.S. dollars except as otherwise indicated.
2013 Fourth Quarter and Full Year Financial Highlights
The following table summarizes the Company's financial results for the fourth quarter and full year of 2013 and 2012:
December 31, 2013
December 31, 2012
December 31, 2013
December 31, 2012
|Income from mine operations||8,897,929||23,409,581||47,206,135||67,964,035|
|Net Income/ (Loss)||4,435,066||22,375,166||29,442,624||41,712,357|
|Earnings/ (Loss) per share||0.01||0.07||0.09||0.14|
The decreases in revenue, EBITDA and profit during 2013 were due to lower metal prices, partially offset by higher volumes sold at both the mines. Operating expenses, depletion and depreciation were higher in 2013 than in 2012 due to higher production output and higher sales volumes.
The following table summarizes the Company's capital expenditure and unit costs for the years ended December 31, 2013 and December 31, 2012:
December 31, 2013
December 31, 2012
|Cerro Bayo: Cash cost per oz Ag produced net of Au byproduct credit||6.84||5.67|
|Cerro Bayo: Site all-in cost per oz Ag produced net of Au byproduct credit||12.07||10.70|
|Costerfield: Cash cost per oz Au equivalent produced||818.62||1,112.25|
|Costerfield: Site all-in cost per oz Au equivalent produced||1,062.43||1,304.63|
1Includes capitalized depreciation on equipment.
At December 31, 2013, the Company had working capital of $47,206,924 compared to $38,097,776 at December 31, 2012. The Company had cash and cash equivalents of $33,465,116 at the end of the December 31, 2013 as compared to $17,264,446 at December 31, 2012.
2013 Corporate Highlights:
The Company repurchased 3,029,800 common shares at an average price of
CDN$0.80 per share pursuant to its Normal Course Issuer Bid at a total
cost of CDN$2,452,177.
During the year, 1,647,000 financing warrants were exercised with cash
settlement of $1,339,340. There were 982,100 financing warrants
outstanding as of December 31, 2013.
- Mandalay announced an annual dividend policy pursuant to which the Company intends to pay quarterly dividends in an aggregate amount equal to 6% of the trailing quarter's gross revenue. Total dividend payments of $10,809,678 were made during the year.
2013 Actual Saleable Production vs Guidance
Mandalay exceeded its production guidance for 2013.
Total 2013 Actual
|Ag Production||3,145,537 oz||2.8 - 3.1 million oz|
|Au Production||50,240 oz||38,000 - 46,000 oz|
|Sb Production||3,275 t||2,800 - 3,000 t|
Mandalay's production guidance for 2014 remains unchanged.
|Saleable Ag Production||3.0 - 3.2 million oz||3.0 - 3.2 million oz||-|
|Saleable Au Production||60,000 - 70,000 oz||23,000 - 27,000 oz||37,000 - 43,000 oz|
|Saleable Sb Production||3,000 - 3,300 t||3,000 - 3,300 t|
|Au Eq Production||130,000 - 143,000 oz|
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 2014. 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 27, 2013, a copy of which is available under Mandalay's profile at 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, cash cost per ounce of gold equivalent produced, cash cost per saleable ounce of silver produced net of gold credits, site all-in cost per ounce of gold equivalent produced and site all-in cost per saleable ounce of silver produced net of gold credits, which are all 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. Management uses EBITDA as measures of operating performance to assist in comparing the Company's ability to generate liquidity through operating cash flow to fund future working capital needs and fund future capital expenditures and to assist in financial performance from period to period on a consistent basis. The Company believes that these measures are used by and are useful to investors and other users of the Company's financial statements in evaluating the Company's operating and cash performance because they allow for analysis of our financial results without regard to special, non-cash and other non-core items, which can vary substantially from company to company and over different periods.
The Company defines EBITDA as earnings before interest, taxes, non cash charges and finance costs. For a detailed reconciliation of net income to EBITDA, please refer to page 12 of management's discussion and analysis of the Company's financial statements for the fourth quarter and full year 2013.
Equivalent gold ounces produced is calculated by adding to gold ounces produced, the antimony tonnes produced times the average antimony price in the period divided by the average gold price in the period. The total cash operating cost associated with the production of these equivalent ounces produced in the period is then divided by the equivalent gold ounces produced to yield the cash cost per equivalent ounce produced. The cash cost excludes royalty expenses. Values for 2012 have been re‐calculated accordingly. Site all-in costs include total cash operating costs, royalty expense, depletion, depreciation, accretion and write-off of exploration and evaluation. Equivalent gold ounces produced is calculated by adding to gold ounces produced, the antimony tonnes produced times the average antimony price in the period divided by the average gold price in the period. The site all-in cost is then divided by the equivalent gold ounces produced to yield the site all-in cost per equivalent ounce produced.
The cash cost per silver ounce produced net of gold byproduct credit is calculated by deducting the gold credit (which equals ounces gold produced times the realized gold price in the period) from the cash operating costs in the period and dividing the resultant number by the silver ounces produced in the period. The cash cost excludes royalty expenses. Values for 2012 have been re‐calculated accordingly. The site all-in cost per silver ounce produced net of gold byproduct credit is calculated by adding royalty expenses, depletion, depreciation, accretion and write-off of exploration and evaluation to the cash cost net of gold byproduct credit dividing the resultant number by the silver ounces produced in the period.
SOURCE Mandalay Resources Corporation
DevOps theory promotes a culture of continuous improvement built on collaboration, empowerment, systems thinking, and feedback loops. But how do you collaborate effectively across the traditional silos? How can you make decisions without system-wide visibility? How can you see the whole system when it is spread across teams and locations? How do you close feedback loops across teams and activities delivering complex multi-tier, cloud, container, serverless, and/or API-based services?
Oct. 23, 2016 02:15 AM EDT Reads: 973
In past @ThingsExpo presentations, Joseph di Paolantonio has explored how various Internet of Things (IoT) and data management and analytics (DMA) solution spaces will come together as sensor analytics ecosystems. This year, in his session at @ThingsExpo, Joseph di Paolantonio from DataArchon, will be adding the numerous Transportation areas, from autonomous vehicles to “Uber for containers.” While IoT data in any one area of Transportation will have a huge impact in that area, combining sensor...
Oct. 23, 2016 02:15 AM EDT Reads: 523
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
Oct. 23, 2016 02:00 AM EDT Reads: 10,955
Today every business relies on software to drive the innovation necessary for a competitive edge in the Application Economy. This is why collaboration between development and operations, or DevOps, has become IT’s number one priority. Whether you are in Dev or Ops, understanding how to implement a DevOps strategy can deliver faster development cycles, improved software quality, reduced deployment times and overall better experiences for your customers.
Oct. 23, 2016 01:45 AM EDT Reads: 663
So you think you are a DevOps warrior, huh? Put your money (not really, it’s free) where your metrics are and prove it by taking The Ultimate DevOps Geek Quiz Challenge, sponsored by DevOps Summit. Battle through the set of tough questions created by industry thought leaders to earn your bragging rights and win some cool prizes.
Oct. 23, 2016 01:45 AM EDT Reads: 3,808
Cloud based infrastructure deployment is becoming more and more appealing to customers, from Fortune 500 companies to SMEs due to its pay-as-you-go model. Enterprise storage vendors are able to reach out to these customers by integrating in cloud based deployments; this needs adaptability and interoperability of the products confirming to cloud standards such as OpenStack, CloudStack, or Azure. As compared to off the shelf commodity storage, enterprise storages by its reliability, high-availabil...
Oct. 23, 2016 01:30 AM EDT Reads: 1,025
The security needs of IoT environments require a strong, proven approach to maintain security, trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vic...
Oct. 23, 2016 01:30 AM EDT Reads: 3,641
In the next forty months – just over three years – businesses will undergo extraordinary changes. The exponential growth of digitization and machine learning will see a step function change in how businesses create value, satisfy customers, and outperform their competition. In the next forty months companies will take the actions that will see them get to the next level of the game called Capitalism. Or they won’t – game over. The winners of today and tomorrow think differently, follow different...
Oct. 23, 2016 01:15 AM EDT Reads: 879
The IoT industry is now at a crossroads, between the fast-paced innovation of technologies and the pending mass adoption by global enterprises. The complexity of combining rapidly evolving technologies and the need to establish practices for market acceleration pose a strong challenge to global enterprises as well as IoT vendors. In his session at @ThingsExpo, Clark Smith, senior product manager for Numerex, will discuss how Numerex, as an experienced, established IoT provider, has embraced a ...
Oct. 23, 2016 01:15 AM EDT Reads: 982
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 7-9, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and ...
Oct. 23, 2016 12:45 AM EDT Reads: 3,519
The Internet of Things (IoT), in all its myriad manifestations, has great potential. Much of that potential comes from the evolving data management and analytic (DMA) technologies and processes that allow us to gain insight from all of the IoT data that can be generated and gathered. This potential may never be met as those data sets are tied to specific industry verticals and single markets, with no clear way to use IoT data and sensor analytics to fulfill the hype being given the IoT today.
Oct. 23, 2016 12:15 AM EDT Reads: 2,428
The Open Connectivity Foundation (OCF), sponsor of the IoTivity open source project, and AllSeen Alliance, which provides the AllJoyn® open source IoT framework, today announced that the two organizations’ boards have approved a merger under the OCF name and bylaws. This merger will advance interoperability between connected devices from both groups, enabling the full operating potential of IoT and representing a significant step towards a connected ecosystem.
Oct. 23, 2016 12:00 AM EDT Reads: 1,188
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will discuss how customers are able to achieve a level of transparency that e...
Oct. 23, 2016 12:00 AM EDT Reads: 797
Donna Yasay, President of HomeGrid Forum, today discussed with a panel of technology peers how certification programs are at the forefront of interoperability, and the answer for vendors looking to keep up with today's growing industry for smart home innovation. "To ensure multi-vendor interoperability, accredited industry certification programs should be used for every product to provide credibility and quality assurance for retail and carrier based customers looking to add ever increasing num...
Oct. 23, 2016 12:00 AM EDT Reads: 430
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
Oct. 23, 2016 12:00 AM EDT Reads: 1,821