Richmont Mines, Inc. (RIC) Posts Q4 EPS of C$0.02

Richmont Mines, Inc. (NYSE: RIC) reported Q4 EPS of C$0.02 (US$0.01 per share). Revenue for the quarter came in at C$44.2 million.

Fourth Quarter and Annual Highlights

• Company-wide production for the quarter was 29,505 ounces of gold (27,759 ounces sold), a 32% increase over Q4 2015, which contributed to record annual production of 104,050 ounces of gold (102,660 ounces sold), a 6% increase over 2015, achieving the high end of revised production guidance for the year.
• The solid performance was driven by production from the cornerstone Island Gold Mine of 24,086 ounces of gold (22,422 ounces sold) for the quarter, a 70% increase over Q4 2015, and 83,323 ounces of gold (82,273 ounces sold) for 2016, a 51% increase over 2015, exceeding revised production guidance for the year.
• Richmont reported fourth quarter revenues of $44.2 million (US$33.1 million), a 39% increase over Q4 2015 and record annual revenues of $168.7 million (US$127.3 million), a 17% increase over 2015.
• Company-wide cash costs[1] for the quarter were $952 per ounce (US$714 per ounce), a 7% decrease over Q4 2015 and $908 per ounce (US$685 per ounce) for 2016, a 7% decrease over 2015 and in-line with revised cash cost guidance for the year.
• Cash costs for the Island Gold Mine were $826 per ounce (US$619 per ounce) for the quarter, a 19% decrease over Q4 2015 and $779 per ounce (US$587 per ounce) for 2016, a 24% decrease over 2015 and below revised guidance for the year.
• Company-wide All-In-Sustaining-Costs1 ("AISC") for the quarter were $1,229 per ounce (US$922 per ounce), a 26% decrease over Q4 2015 and $1,272 per ounce (US$960 per ounce) for 2016, a 7% decrease over 2015 and in-line with revised AISC guidance for the year.
• AISC for the Island Gold Mine were $912 per ounce (US$683 per ounce) for the quarter, a 42% decrease over Q4 2015 and $988 per ounce (US$745 per ounce) for 2016, a 32% decrease over 2015 and below revised guidance for the year.
• Earnings for the quarter were $1.1 million (US$0.8 million), or $0.02 per share (US$0.01 per share), a $5.2 million improvement over the Q4 2015 loss of $4.1 million. Earnings for 2016 were $12.5 million (US$9.4 million), or $0.20 per share (US$0.15 per share), an 84% increase over 2015.
• Operating cash flow2 for the quarter was $12.6 million (US$9.5 million), or $0.20 per share (US$0.15 per share), an 86% increase over Q4 2015. Operating cash flow for 2016 was $48.2 million (US$36.4 million), or $0.79 per share (US$0.60 per share), a 14% increase over 2015.
• Richmont ended the year with a strong cash balance of $75.1 million (US$55.9 million) that is expected to fully support the Corporation's organic growth strategy.

For earnings history and earnings-related data on Richmont Mines, Inc. (RIC) click here.

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