Callinan Royalties Releases Q4 and Year End
Financial Statements & Announces Quarterly Dividend Payment Date
Callinan Royalties Corporation ("Callinan"
or "the Company") reports strong financial performance in the fourth
fiscal quarter and for the fiscal year ended June 30, 2012.
The
Company's Net income after taxes for the year is $20,108,190 or $0.40 per share
compared to net income of $18,977,388 for fiscal 2011. Net income for the
current year includes a recovery of deferred income taxes attributable to the
spin out of the exploration properties to Callinex
Mines as approved by the shareholders during fiscal 2011, while revenues for
fiscal 2011 included a one-time payment of $6,264,000 from Hudbay
Minerals Inc. for an error in the calculation of Callinan's
Net Profits Interest in the 777 Mine.
A
summary of the financial results is shown below:
FINANCIAL HIGHLIGHTS
|
Three Months
June 2012
|
Three Months
June 2011
|
Twelve Months
June 2012
|
Twelve Months
June 2011
|
Operating
summary
|
Revenue
|
$
5, 157,144
|
$
6, 173,749
|
$
23,825,134
|
$
29,839,219
|
Net
earnings
|
2,696,080
|
2,750,935
|
20,108,190
|
18,977,388
|
Diluted Earnings Per Share
|
$
0.06
|
$
0.05
|
$
0.40
|
$
0.39
|
Net Cash Flow from Operating Activities
|
1,623,325
|
1,197,051
|
(805,131)
|
16,786,276
|
During the
fiscal year,
- $2,941,313
was paid out in dividends to the shareholders.
- $8,000,000
in cash was transferred to Callinex Mines Inc.
pursuant to the spin out, and
- $6,667,772
was paid to purchase 2,487,900 if its common shares which was subsequently
cancelled.
- Cash
balance at fiscal year-end was $29 million.
Additional
information on the Company's financial performance are included in the
Company's MD&A and Financial Statements which have been filed on SEDAR and
are also available on the Company's website.
The
Company currently has over $32 million in cash, no debt and just over 42
million shares outstanding.
The
independent audit by Grant Thornton of the NPI calculations continues towards
completion. Once this phase of work has been completed Grant Thornton will
report to the Board of Directors of Callinan and the
next steps will be determined.
Additionally,
the board of directors of Callinan Royalties
Corporation has declared a quarterly cash dividend for the quarter ending
September 30, 2012 on its common shares of two cents per common share to all
shareholders of record at the close of business on September 28, 2012. The
ex-dividend date will be September 26, 2012 and it is expected that the
dividend will be paid on or about October 15, 2012.
It is
anticipated that future quarterly dividends will be payable approximately 15
days following each fiscal quarter. The declaration, timing, and payment of
future dividends will largely depend on the Company's financial results as well
as other factors. Dividends paid by Callinan
Royalties Corporation are eligible dividends for Canadian income tax purposes
unless otherwise stated.
Callinan will hold its annual general meeting on November 30,
2012. The place and time of the meeting will be announced at a later date.
On
Behalf of the Board of Directors,
Roland Butler
Roland Butler, CEO