TORONTO, March 22/PRNewswire-FirstCall/ - Harry Winston Diamond Corporation (TSX: HW)(NYSE: HWD) (the "Company") today announced its fourth quarter andyear-end results for the period ending January 31, 2011.
Fourth Quarter Highlights:
- Consolidated sales increased 61% to $215.4 million from
$133.7 million in the comparable quarter of the prior year.
- For the mining segment, rough diamond sales for the fourth quarter
were 30% higher at $82.7 million compared to $63.5 million for the
fourth quarter last year. This increase resulted primarily from a 23%
increase in the Company's achieved rough diamond prices.
- Rough diamond production during the calendar quarter from the Diavik
Diamond Mine was 1.54 million carats, compared to 1.53 million carats
for the fourth calendar quarter of last year (on a 100% basis).
- Luxury brand segment sales for the fourth quarter increased 89% to
$132.7 million from $70.2 million for the comparable quarter of the
prior year.
- Consolidated net earnings attributable to shareholders for the fourth
quarter were $9.9 million or
.12 per share compared to a
consolidated net loss attributable to shareholders of $3.4 million or
.04 per share in the fourth quarter of the prior year. Included in
consolidated net earnings attributable to shareholders for the
quarter was a net foreign exchange loss of $3.0 million or
.04 per
share primarily on future income tax liabilities compared to a net
foreign exchange loss of $2.0 million or
.03 per share in the
comparable quarter of the prior year.
Robert Gannicott, Chairman andChief Executive Officer stated: "This past year we have seen rapidgrowth in diamond demand, which has had a positive effect on bothsegments of our business. New customers in emerging markets, especially Asia,have replaced demand from the traditional markets such as Americaduring the financial crisis. As recovery in America and development inthe BRIC economies continues, the outlook for rough diamond prices, ledby jewelry sales, is expected to be robust."
He continued, "Our operating earnings improved by $86 million versus the prior year as we swung decisively from loss to profitability on the back of strongly improved revenues."