Coeur d’Alene Mines Corporation (NYSE: CDE) reported record fourth-quarter results, attributable primarily to significant contribution from its three new precious metals mines.
The company�s reported fourth-quarter metal sales jumped $89 million to a record $207.6 million, up 75% compared to the prior quarter, primarily due to the significant rise in silver production from the Palmarejo mine, increased gold production at the Kensington mine, and from a substantially higher average realized silver and gold prices. The sales of silver contributed 72% of the company�s total fourth-quarter metal sales and 69% of 2010 metal sales.
The quarterly adjusted earnings increased to $49.9 million or $0.56 per share from $2.5 million in the fourth quarter of last year. The net income (loss) was ($9.9) million in the fourth quarter, which included $59.9 million of non-cash adjustments and deferred taxes. The quarterly operating income increased 505% to $63.4 million in the fourth quarter as compared to $10.5 million during the third quarter. The company�s average realized silver and gold prices during the fourth quarter were $26.83 and $1,357 per ounce, respectively, representing increases of 42% and 10% over the third quarter. This quarter, the company produced 4.8 million ounces of silver and 60,640 ounces of gold as compared to 4.3 million and 47,514 ounces of silver and gold, respectively, in the third quarter.
The full-year 2010 adjusted earnings totaled $34.3 million, or $0.39 per share, compared to an adjusted loss of $23.5 million in 2009. 2010 net income/(loss) was ($91.3) million which included $117.5 million of non-cash adjustments and deferred taxes. The operating income totaled $74.9 million as compared to $8.9 million operating loss in 2009. The company realized $20.99 per ounce of silver sold and $1,237 per ounce of gold sold, representing increases of 42% and 23%, respectively. This year, the company produced 16.8 million silver ounces and 157,061 gold ounces compared to 16.9 million silver ounces and 72,112 gold ounces in 2009. The 2010 silver production was lower at San Bartolom� and Martha compared to 2009.
Coeur d’Alene Mines stock is currently trading at $32.12. The stock is up 1.94% from its previous close. Coeur d’Alene Mines Corporation shares touched the high of $33.20 and lowest price in today�s session is $31.90.
The company stock traded in the range of $13.96 and $33.20 during the past 52 weeks. The company�s market cap is $2.86 billion.
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