COEUR d’ALENE – Coeur d’Alene Mines Corporation on Monday announced its best fourth quarter in the company’s history, leading to record quarterly and full-year performance.
“Coeur’s very strong fourth quarter performance demonstrates the powerful combination of our three new long-life silver and gold operations with exceptionally strong precious metals prices. The company materially outperformed the prior quarter and year during the fourth quarter and 2010,” Dennis E. Wheeler, chairman, president and chief executive officer, said in a press release.
Fourth quarter highlights:
75 percent increase in metal sales to record $208 million.
186 percent increase in operating cash flow to record $99.4 million.
Adjusted earnings of $49.9 million, or 56 cents per share.
12 percent increase in total silver production and 28 percent increase in total gold production.
28 percent drop in total capital expenditures to $26.5 million.
Cash and equivalents doubled from prior quarter-end to more than $66 million.
2010 Full-Year Highlights:
72 percent increase in metal sales to record $515 million.
199 percent jump in annual operating cash flow to record $183.9 million.
Adjusted earnings of $34.3 million, or $0.39 per share.
29 percent decline in capital expenditures to $156.0 million.
118 percent increase in gold production to 157,062 ounces.
Coeur is expecting a solid performance this year with the precious metals market expected to remain strong.
It’s calling for silver production of 20 million ounces and gold production of 250,000 ounces and its Rochester expansion is on-track for additional silver and gold production in the fourth quarter.
Gold and silver were leading price performers in 2010, up 29 percent and 83 percent, respectively. In the fourth quarter alone, the silver price rose 42 percent and gold increased 10 percent.
“We remain bullish on both metals given continued robust investment and monetary demand for both silver and gold, along with growing industrial demand,” Wheeler said.
