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UPDATE: Yamana Gold Announces First Quarter Results; Shrs Down Further 2%

By: MT Newswires
Posted: 5/2/2012 11:33:00 AM
Referenced Stocks: GEO

YAMANA GOLD INC. (YRI.TO) is down 2% near midday, to touch $14.24, on volume 1.9 million shares.

YRI is down 30 cents since yesterday, when it announced its financial and operating results for the first quarter 2012.

HIGHLIGHTS FOR THE FIRST QUARTER 2012

- Production of 278,832 gold equivalent ounces ( GEO ), at cash costs of $292 per GEO

- Gold production of 234,532 ounces.

- Silver production of 2.2 million ounces.

- Generated cash margin of US$1,404 per ounce.

- Significant financial and operational results over the first quarter 2011.

- Production increased 4% to 278,832 GEO

- Revenue increased 18% to $560 million

- Net earnings increased 15% to $170 million, $0.23 per share

- Adjusted earnings(2) increased 21% to $184 million, $0.25 per share

- Cash flow generated from operations of $220 million, $0.30 per share

- Cash and cash equivalents were $868 million .