Owner
Post by Franko10 ™ on Oct 7, 2004 11:08:42 GMT -5
FOURTH QUARTER REPORT
For The Year Ended December 31, 2000
Claude Profitable before Non-recurring Charges
Higher gold production, improved oil and gas revenues and stable operating costs enabled Claude Resources to record net earnings from operations of $2.4 million ($.06 per share) for the year 2000 before a one-time $51.1 million ($1.31 per share) write-down of assets. Claude had net earnings of $2.3 million ($0.07 per share) in 1999.
The Company generated $7.5 million ($0.19 per share) in cash flow from operations for the year compared to $6.7 million ($0.21 per share) in 1999.
Given the existing US $265 per ounce gold price the Company has decided to reduce the recorded value of its non-producing exploration assets and to modestly reduce the carrying value of the Seabee operating mine to reflect the current economic environment of the gold mining industry.
This write-down has no impact on Claude’s cash flow or future production potential nor does it negatively reflect the potential of the Company’s exploration properties. This adjustment is consistent with management’s conservative approach to financial reporting.
Claude reported net earnings of $1.2 million ($0.03 per share) for the fourth quarter (net loss of $49.9 million or $1.27 per share after write-down) compared to net earnings of $.9 million ($0.03 per share) for the corresponding quarter in 1999. Cash flow from operations of $2.5 million ($0.06 per share) in the quarter compare to $1.6 million ($0.05 per share) for the fourth quarter of 1999.
Gold production of 16,600 ounces in the fourth quarter resulted in a total of 58,300 ounces of production in 2000, an increase of 4,200 ounces or 8% over last year. The Company realized a gold price of US $264 per ounce in the quarter, down from US $273 for the previous year. For 2000, the average realized price was US $279 (CDN $414) per ounce relatively unchanged from the US $278 (CDN $413) in 1999.
Total cash costs were US $171 per ounce in the fourth quarter, down slightly from US $172 per ounce in the comparative quarter of 1999. For 2000, total cash costs averaged US $190 per ounce versus US $193 for fiscal year 1999.
The Company’s working capital position of $9.1 million is down $2.0 million from last year. Claude’s balance sheet remains free of any fixed term debt obligations and the Company has no exposure to hedging contracts.
For further information please contact:
Neil McMillan, President
(306) 668-7505
For The Year Ended December 31, 2000
Claude Profitable before Non-recurring Charges
Higher gold production, improved oil and gas revenues and stable operating costs enabled Claude Resources to record net earnings from operations of $2.4 million ($.06 per share) for the year 2000 before a one-time $51.1 million ($1.31 per share) write-down of assets. Claude had net earnings of $2.3 million ($0.07 per share) in 1999.
The Company generated $7.5 million ($0.19 per share) in cash flow from operations for the year compared to $6.7 million ($0.21 per share) in 1999.
Given the existing US $265 per ounce gold price the Company has decided to reduce the recorded value of its non-producing exploration assets and to modestly reduce the carrying value of the Seabee operating mine to reflect the current economic environment of the gold mining industry.
This write-down has no impact on Claude’s cash flow or future production potential nor does it negatively reflect the potential of the Company’s exploration properties. This adjustment is consistent with management’s conservative approach to financial reporting.
Claude reported net earnings of $1.2 million ($0.03 per share) for the fourth quarter (net loss of $49.9 million or $1.27 per share after write-down) compared to net earnings of $.9 million ($0.03 per share) for the corresponding quarter in 1999. Cash flow from operations of $2.5 million ($0.06 per share) in the quarter compare to $1.6 million ($0.05 per share) for the fourth quarter of 1999.
Gold production of 16,600 ounces in the fourth quarter resulted in a total of 58,300 ounces of production in 2000, an increase of 4,200 ounces or 8% over last year. The Company realized a gold price of US $264 per ounce in the quarter, down from US $273 for the previous year. For 2000, the average realized price was US $279 (CDN $414) per ounce relatively unchanged from the US $278 (CDN $413) in 1999.
Total cash costs were US $171 per ounce in the fourth quarter, down slightly from US $172 per ounce in the comparative quarter of 1999. For 2000, total cash costs averaged US $190 per ounce versus US $193 for fiscal year 1999.
The Company’s working capital position of $9.1 million is down $2.0 million from last year. Claude’s balance sheet remains free of any fixed term debt obligations and the Company has no exposure to hedging contracts.
For further information please contact:
Neil McMillan, President
(306) 668-7505
