Yamana Gold Post Higher 1Q Rev; Boosts Div >AUY
Last Update: 5/7/2008 5:00:34 PM
DOW JONES NEWSWIRES
Yamana Gold Inc. (AUY) increased its annual dividend to 12 cents a share from 4
cents, reflecting higher revenue and earnings in the first quarter.
The Toronto gold company earned $63.1 million in the latest quarter, up from
$27.4 million a year earlier. It didn’t provide per-share figures.
Adjusted earnings, which exclude stock-based compensation, foreign exchange
losses, derivative losses, and future income tax expenses, rose to $134.7 million
or 20 cents a share from $47.3 million or 13 cents a year earlier.
The Thomson Reuters mean earnings estimate for Yamana’s first quarter was 13
cents a share.
Revenue rose to $356.1 million from $145.1 million on a 97% increase in
production to 237,495 gold equivalent ounces in the first quarter.
Yamana’s board has modified its dividend policy, moving to a monthly dividend of
1 cent a share from its previous quarterly dividend of 1 cent a share. It will
pay a 3-cent-a-share dividend for the latest quarter on July 14 to holders of
record June 30, and will subsequently pay a dividend of 1 cent a share each month
thereafter.
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