Thompson Creek Metals (TCM.TO), which closed Monday at a year low of $6.94, is up 9% at $7.55 today after overnight announcing financial results for the three months ended June 30, 2011. All dollar amounts are in United States dollars unless otherwise indicated.
Financial Highlights:
- Revenue for the second quarter of 2011 was $190.9 million, up 28.6% from $148.4 million in the second quarter of 2010. Sales volumes for the second quarter of 2011 were 10.8 million pounds, up 25% from 8.6 million pounds in the second quarter of 2010.
- Net Income for the second quarter of 2011 was $116.8 million, or $0.70 per basic and $0.68 per diluted share, down 7.7% from $126.5 million, or $0.90 per basic and $0.87 per diluted share for the second quarter of 2010. Net income for the second quarter of 2011 included a non-cash unrealized gain on common share purchase warrants of $60.4 million, or $0.36 per basic share and $0.35 per diluted share. Net income for the second quarter of 2010 included a non-cash unrealized gain on common share purchase warrants of $74.8 million, or $0.54 per basic and $0.51 per diluted share.
- Non-GAAP Adjusted Net Income for the second quarter of 2011 (excluding the non-cash unrealized gain on the warrants) was $56.4 million, or $0.34 per basic and $0.33 per diluted share, up 9.1% from $51.7 million, or $0.37 per basic and $0.36 per diluted share for the second quarter of 2010.
- The company's net income continues to be affected by the previously disclosed requirements under US GAAP to account for the company's outstanding common stock warrants as a derivative liability, with changes in the fair market value recorded in net income.
- Molybdenum Production for the second quarter of 2011 was 10.0 million pounds, up 42.3% from 7.0 million pounds in the second quarter of 2010.
- Non-GAAP Average Cash Cost Per Pound Produced for the second quarter of 2011 was $5.74 per pound, down 18.7% from $7.06 per pound for the second quarter of 2010.
- Cash Flow From Operations for the second quarter of 2011 was $53.6 million, up 30% from $41.2 million in the second quarter of 2010.
- Capital Costs incurred for the first six months of 2011 were $294.5 million, comprised of $153.7 million for the development of Mt. Milligan, $113.5 million for the mill expansion project at the Endako mine (75% share) and $27.3 million for the mines, the Langeloth facility and corporate.
- Total Cash and Cash Equivalents as of June 30, 2011 were $560.4 million, compared to $316.0 million as of December 31, 2010. Total debt as of June 30, 2011 was $369.2 million, compared to $22.0 million as of December 31, 2010.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
