YAMANA GOLD REPORTS RECORD THIRD QUARTER 2010 RESULTS
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RECORD REVENUE, RECORD OPERATING EARNINGS AND RECORD CASH FLOW
TORONTO, Nov. 3 /CNW/ - YAMANA GOLD INC. (TSX:YRI; NYSE:AUY; LSE:YAU) today announced its financial and operating results for the third quarter ended September 30, 2010. All dollar amounts are expressed in United States dollars unless otherwise specified.
Financial and Operating Highlights
Highlights for the three and nine month periods include:
(Percentage comparisons versus comparable 2009 period)
<< - Revenue increased by 36% to $454.0 million and increased 45% to $1.2 billion, for the quarter and year to date respectively - Mine operating earnings increased 48% to $201.2 million and increased 68% to $476.6 million, for the quarter and year to date respectively - Cash flows increased 24% to $208.8 million or $0.28 per share and increased 42% to $485.3 million or $0.65 per share(1), for the quarter and year to date respectively - Net earnings increased 98% to $120.7 million or $0.17 per share, and increased 85% to $291.0 million or $0.39 per share, for the quarter and year to date respectively - Adjusted earnings(1) increased 35% to $118.9 million or $0.16 per share, and increased 12% to $277.9 million or $0.38 per share(1), for the quarter and year to date respectively - Production of 267,409 gold equivalent ounces (GEO) and 760,509 GEO, for the quarter and year-to-date respectively - Cash costs(1) of $104 per GEO and $154 per GEO, for the quarter and year to date respectively - Substantial increase in cash balances to $280 million and reduction in long-term debt of $45 million >>
<<
Yamana reiterates annual production guidance in the range of 1.030-
1.145M GEO and lowers annual by-product cash costs to less than $175 per
GEO from less than $200 per GEO as previously stated.
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TORONTO, Nov. 3 /CNW/ - YAMANA GOLD INC. (TSX:YRI; NYSE:AUY; LSE:YAU) announced today that its Board of Directors has approved an increase to the annualized dividend to US$0.12 per share, or US$0.03 per share quarterly. This represents a 50% increase to the US$0.08 annual dividend announced last quarter and a 200% increase over the 2009 annualized dividend. This quarterly dividend is effective for the fourth quarter and will be payable on January 14, 2011, to shareholders of record at the close of business on December 31, 2010.
The Board of Directors also declared a special dividend of US$0.01 per share. This special dividend will top up the previously declared third quarter dividend and is payable on November 26, 2010 to shareholders of record at the close of business on November 12, 2010.
"This third increase to our annual dividend this year and the special dividend is a reflection of our robust and growing cash flows and cash balances. Our approach to paying dividends demonstrates our confidence in the commodity price environment and our ability to execute on our future growth and growing cash flows," commented Peter Marrone, Chairman and Chief Executive Officer. "We have a track record of paying dividends, we have done so for 17 consecutive quarters. We see this as an important additional way to deliver value to our shareholders."
Both of these dividends are an "eligible dividend" for Canadian tax purposes.
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