Financials releasedNorth American Palladium Announces Second Quarter 2011 Results
8/10/2011 6:54:04 PM - Market Wire
TORONTO, ONTARIO, Aug 10, 2011 (MARKETWIRE via COMTEX News Network) --
All figures are in Canadian dollars except where noted.
North American Palladium Ltd. ("NAP" or the "Company") (TSX: PDL)(NYSE Amex: PAL) today announced financial results and operational updates for the second quarter ended June 30, 2011.
Q2 Highlights
-- Production of 46,971 ounces of payable palladium at a cash cost(1) of
US$335 per ounce;
-- Realized palladium price of US$751 per ounce, giving an operating margin
of US$416 per ounce, and total operating margin of US$20 million for the
palladium produced;
-- Revenue of $51.4 million;
-- Adjusted EBITDA of $15.4 million;
-- Net income of $5.4 million, or
.03 per share; and
-- Increase in credit facility with the Bank of Nova Scotia, from $30
million to $60 million.
"Lac des Iles ("LDI") achieved improved results in the second quarter, allowing us to benefit from higher palladium prices," said William J. Biggar, President and Chief Executive Officer. "Compared to the first quarter, we had increased tonnage, lower cash costs and higher operating profit."
Mr. Biggar added: "We believe that the solid results at LDI will be further enhanced following the completion of our mine expansion, which will ultimately transform LDI into a high-volume, low-cost operation. The development work remains on schedule for commercial production from the shaft in the fourth quarter of 2012."