Agnico-Eagle Mines Back In Black, Lifts Dividend 10%

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Agnico-Eagle Mines Limited (AEM, AEM.TO) today reported a quarterly profit of US$82.8 million, or $0.48 per share for the fourth quarter of 2012. In the fourth quarter of 2011, it reported net quarterly loss of $601.4 million (loss of $3.53 per share) as it booked a US$900 million impairment charge on its Meadowbank mine. Its quarterly dividend is up 10% to $0.22 per share.

The latest result includes a $16.5 million ($0.10 per share) gain on the sale of Queenston Mining Inc. shares and a non-cash foreign currency translation gain of $4.5 million ($0.03 per share). These items were partly offset by stock option expense of $7.1 million ($0.04 per share) and a $1.1 million ($0.01 per share) partial write-down of the Creston Mascota heap leach pad. Excluding these items would result in normalized net income of $69.9 million ($0.41 per share) for the fourth quarter of 2012. In the fourth quarter of 2011, it reported net quarterly loss of $601.4 million (loss of $3.53 per share).

Fourth quarter 2012 cash provided by operating activities was $106.0 million ($175.0 million before changes in non-cash components of working capital), down from cash provided by operating activities of $132.0 million in the fourth quarter of 2011 ($179.2 million before changes in non-cash components of working capital), primarily due to larger increases in working capital related to inventory and accounts payable in 2012.



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