DestinRealtor
08-07-2008, 08:34 PM
This may be a good pop for tomorrow. Earnings just in.
Thompson Creek announces second-quarter 2008 financial results
Aug 7, 2008 18:50:00 (ET)
TORONTO, Aug 07, 2008 /PRNewswire-FirstCall via COMTEX/ -- NYSE: TC
TSX: TCM, TCM.WT
Frankfurt: A6R
Overview (all in U.S. dollars):
- Operations at both the Thompson Creek Mine and Endako Mine continued to perform well during the second quarter of 2008 with overall production volumes higher and unit costs lower than management's expectations. - Molybdenum production rose 10.7% to 6.2 million pounds in the second quarter from 5.6 million pounds in the first quarter of 2008. Second-quarter production was up 37.7% from 4.5 million pounds in the second quarter of 2007. - The Company remains on track to achieve its previously announced production guidance of between 23 and 24.5 million pounds in 2008 and in excess of 34 million pounds in 2009. - Net income in the second quarter rose 29.1% to $60.4 million from $46.8 million in the first quarter and it was above the $56.8 million achieved in the second quarter of 2007. - The Company experienced an inventory buildup of approximately one million pounds during the second quarter related to scheduled maintenance shutdowns of the Langeloth and Endako roasters. The Company expects this inventory to be reduced during the third quarter. - Net income in the second quarter was reduced by $11.5 million due to certain expenses not incurred in the first quarter related to the early repayment of the First Lien Credit Facility in June 2008, additional general and administrative expenses accrued for staff incentive and relocation programs, and additional stock-based compensation. - Net income per share in the second quarter was $0.52 per basic and $0.45 per diluted common share, compared with $0.41 per basic and $0.37 per diluted common share in the first quarter and $0.51 per basic and $0.45 per diluted share in the second quarter of 2007. - In the first half of 2008, net income was $107.2 million or $0.93 per basic and $0.82 per diluted common share. - Cash balances were $79.3 million on June 30, 2008. The Company used proceeds from an equity financing during the second quarter to pay off all debt except for $5.4 million in equipment loans. - Average realized price on molybdenum sales was $32.68 per pound in the second quarter, compared with $32.69 per pound in the first quarter and $29.59 per pound in the second quarter of 2007. - The weighted-average cash operating expense related to all molybdenum product line sales recorded in the second quarter was $7.49 per pound, compared with $10.54 per pound in the first quarter of 2008 and $5.66 in the second quarter of 2007. - Cash costs for the production of molybdenum oxide are better than or on track with previous guidance of $6.00 to $6.50 per pound at the Thompson Creek Mine and $9.50 to $10.25 per pound at the Endako Mine.
Thompson Creek announces second-quarter 2008 financial results
Aug 7, 2008 18:50:00 (ET)
TORONTO, Aug 07, 2008 /PRNewswire-FirstCall via COMTEX/ -- NYSE: TC
TSX: TCM, TCM.WT
Frankfurt: A6R
Overview (all in U.S. dollars):
- Operations at both the Thompson Creek Mine and Endako Mine continued to perform well during the second quarter of 2008 with overall production volumes higher and unit costs lower than management's expectations. - Molybdenum production rose 10.7% to 6.2 million pounds in the second quarter from 5.6 million pounds in the first quarter of 2008. Second-quarter production was up 37.7% from 4.5 million pounds in the second quarter of 2007. - The Company remains on track to achieve its previously announced production guidance of between 23 and 24.5 million pounds in 2008 and in excess of 34 million pounds in 2009. - Net income in the second quarter rose 29.1% to $60.4 million from $46.8 million in the first quarter and it was above the $56.8 million achieved in the second quarter of 2007. - The Company experienced an inventory buildup of approximately one million pounds during the second quarter related to scheduled maintenance shutdowns of the Langeloth and Endako roasters. The Company expects this inventory to be reduced during the third quarter. - Net income in the second quarter was reduced by $11.5 million due to certain expenses not incurred in the first quarter related to the early repayment of the First Lien Credit Facility in June 2008, additional general and administrative expenses accrued for staff incentive and relocation programs, and additional stock-based compensation. - Net income per share in the second quarter was $0.52 per basic and $0.45 per diluted common share, compared with $0.41 per basic and $0.37 per diluted common share in the first quarter and $0.51 per basic and $0.45 per diluted share in the second quarter of 2007. - In the first half of 2008, net income was $107.2 million or $0.93 per basic and $0.82 per diluted common share. - Cash balances were $79.3 million on June 30, 2008. The Company used proceeds from an equity financing during the second quarter to pay off all debt except for $5.4 million in equipment loans. - Average realized price on molybdenum sales was $32.68 per pound in the second quarter, compared with $32.69 per pound in the first quarter and $29.59 per pound in the second quarter of 2007. - The weighted-average cash operating expense related to all molybdenum product line sales recorded in the second quarter was $7.49 per pound, compared with $10.54 per pound in the first quarter of 2008 and $5.66 in the second quarter of 2007. - Cash costs for the production of molybdenum oxide are better than or on track with previous guidance of $6.00 to $6.50 per pound at the Thompson Creek Mine and $9.50 to $10.25 per pound at the Endako Mine.