Record-setting Quarterly Revenue Performance Contributes to Strong Cash flow Generation
- Revenue increases 68% to $349.1 million
- Operating cash flow(1) nearly doubles to $142.5 million
- Cash of $517.8 million at March 31, 2007
- Earnings before tax increases 91% to $117.5 million
- Significant tax pools continue to shelter cash income taxes
- Net earnings of $63.1 million versus $76.0 million in Q1 2006
- 2007 $45.2 million exploration program well underway
- Overall production on plan for quarter; Balmat achieves commercial production Jan. 1, 2007
- Balmat operations certified to ISO 14001:2004 and OHSAS 18001:1999
- Cash cost per pound of zinc sold, net of by-product credits "negative" US$0.33
WINNIPEG, MANITOBA--(CCNMatthews - May 9, 2007) - HudBay Minerals Inc. (TSX:HBM) (HudBay or the Company) today announced a 68% increase in revenue to $349.1 million, compared to the first quarter of 2006 (Q1 2006), contributing to earnings of $63.1 million or $0.50 per share while operating cash flow increased by 83% to $142.5 million, for the quarter ended March 31, 2007 (Q1 2007).
FINANCIAL HIGHLIGHTS --------------------------------------------------------------------------- Three months ended March 31 ($000's except per share amounts) -------------------------------- 2007 2006 --------------------------------------------------------------------------- Revenue 349,142 207,963 --------------------------------------------------------------------------- Earnings before tax 117,515 61,643 --------------------------------------------------------------------------- Net Earnings 63,076 75,986 --------------------------------------------------------------------------- Basic EPS(2) 0.50 0.89 --------------------------------------------------------------------------- EBITDA(3) 144,770 77,727 --------------------------------------------------------------------------- Operating cash flow before changes in working capital 142,500 77,973 --------------------------------------------------------------------------- Cash and cash equivalents 517,772 127,364 --------------------------------------------------------------------------- Total assets(4) 1,391,841 1,318,515 ---------------------------------------------------------------------------
(1) Operating cash flow excluding changes in non-cash working capital. (2) Earnings per share (3) Earnings before interest, taxes, depreciation and amortization, loss/gain on derivative instruments, interest and other income and other. (4) 2007 at March 31st ; 2006 at December 31st.
The bracketed values that follow denote the comparative figures for Q1 2006.
Results for Q1 were firmly in line with our expectations, said Peter Jones, President & CEO. Production was on plan and higher metal prices and solid sales grew revenue by 68% and operating cash flow by 83% to $142.5 million, compared to Q1 last year.
OPERATING HIGHLIGHTS
--------------------------------------------------------------------------- ($000's except per share amounts) Three months ended March 31 --------------------------------------------------------------------------- Production 2007 2006 --------------------------------------------------------------------------- Zinc(5) tonnes 31,408 29,906 --------------------------------------------------------------------------- Copper tonnes 21,724 23,686 --------------------------------------------------------------------------- Gold troy oz. 24,213 26,511 --------------------------------------------------------------------------- Silver troy oz. 352,447 390,230 --------------------------------------------------------------------------- Metal Sold(6) --------------------------------------------------------------------------- Zinc, including sales to Zochem(7) tonnes 31,857 30,172 --------------------------------------------------------------------------- Copper tonnes 24,662 18,932 --------------------------------------------------------------------------- Gold troy oz. 29,716 14,846 --------------------------------------------------------------------------- Sliver troy oz. 383,919 232,456 ---------------------------------------------------------------------------
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