Crombie Real Estate Investment Trust reported its results for the second quarter ended June 30, 2011. Highlights included: property revenue for the quarter ended June 30, 2011 of $56.3-million, an increase of $5.4-million over the quarter ended June 30, 2010; same-asset cash net operating income for the quarter ended June 30, 2011 of $30.3-million, an increase of $0.2-million compared to $30.1-million for the quarter ended June 30, 2010.
It said property occupancy was a “solid” 94.9 per cent at June 30, 2011 compared with 95.3 per cent at March 31, 2011, and 95.5 per cent at June 30, 2010. Funds from operations for the quarter ended June 30, 2011 was $0.28 per unit (payout ratio 80.6 per cent) compared to $0.26 per unit (payout ratio 85.4 per cent) for the same period in 2010.
Adjusted funds from operations for the quarter ended June 30, 2011 was $0.20 per unit (payout ratio 110.5 per cent) compared to $0.21 per unit (payout ratio 104.6 per cent) for the same period in 2010. Excluding the $1.7-million impact of settling Crombie's remaining forward rate interest rate swap in the second quarter, AFFO per unit would have been $0.23 per unit and the AFFO payout ratio would have been 97.9 per cent for the quarter ended June 30, 2011, it said.
Donald E. Clow, president and chief executive officer, said, “We are encouraged by the continued improvement in year-over-year FFO per unit results and the AFFO payout ratio achieved in the second quarter of 2011. Our AFFO was impacted in the quarter as Crombie settled, for $1.7-million, the last of its delayed start interest rate swap agreements. Excluding the impact of this settlement, AFFO per unit of $0.23 and an AFFO payout ratio of 97.9 per cent shows continued improvement.”
Forest Gate Energy Inc. has soared away from near year lows after reporting that its mineral exploration group has intersected significant iron grades in the banded iron formation at its 100 per cent-owned Pershing gold property located near Val D'Or, Quebec. Forest Gate said it sampled magnetite-rich intervals within a banded iron formation (BIF) unit that was intersected with drill hole FG11-03. These magnetite intervals on average were found to contain 29.3 per cent iron. The company considers these average grades to be high. Forest Gate said it believes that the discovery is of such importance that it decided to release the news in advance of releasing the results of its gold assays. The company says its expects to have a news release relating to the gold assays to the market within the next 24 hours.
The Brick Ltd. last night announced its second quarter results for the three months ended June 30, 2011.
Second quarter highlights include: EBITDA of $24.6-million up 19.7 per cent or $4.1-million over second quarter 2010; $9.8-million pre-tax net income in second quarter 2011 or $4.4-million higher than second quarter 2010's net income of $5.4-million, before taxes, charges related to a change in the fair value of warrants and the reversal of certain impairments, as a result of the adoption of IFRS; $100.2-million cash and cash equivalents at June 30, 2011 compared to $69.8-million at December 31, 2010 and $24.1-million at June 30, 2010; a gross margin rate increase of 210 basis points in quarter two 2011 to 44.3 per cent as compared to 42.2 per cent in quarter two 2010; same store sales decreased 1.5 per cent for the quarter, compared to second quarter 2010's same store sales growth of 26.4 per cent over second quarter 2009.
Danier Leather Inc. today announced its consolidated financial results for the fourth quarter and fiscal year ended June 25, 2011. Fiscal 2011 full year highlights included: a basic earnings per share increase by 25 per cent to $1.63 from $1.30 last year; gross profit margin increase by 180 basis points to 54.7 per cent; accessory sales representing 27 per cent of total sales compared with 25 per cent of total sales last year.
TAG Oil Ltd. reported that strong test results confirm new oil and gas discoveries in the Sidewinder-2 well and the Cheal-C1 well, both located in the Taranaki Basin, New Zealand.
Jaguar Mining Inc. jumped to $5.40 early Thursday after last night reporting a net income of $15.6-million or $0.18 per basic and fully diluted share for the quarter ended June 30, 2011. The income was generated from gold sales of $60.6-million, a quarterly record for the company. Cash generated from operating activities during the quarter totalled $21.7-million or $0.26 per basic and diluted share. It said these results compare favourably to gold sales of $36.9-million, a net loss of $14.2-million and cash generated from operating activities of $2.0-million as reported in second quarter 2010.
SEMAFO Inc. last night reported its second quarter financial and operating results for the three-month period ended June 30, 2011. Second quarter 2011 highlights included: gold production of 63,800 ounces; record gold sales of $100.4-million, an increase of 15 per cent year over year; record operating income of $40.6-million, an increase of 11 per cent year over year; record net income of $32.9-million an increase of seven per cent year over year; net income attributable to equity shareholders of $30.6-million or $0.11 per share compared to $29.9-million or $0.12 per share for the same period last year; record cash flow from operating activities of $43.2-million or $0.16 per share; record throughput and production at Mana.
North American Palladium Ltd. touched $3.63 early Thursday after last night announcing financial results and operational updates for the second quarter ended June 30, 2011. Second quarter highlights included: production of 46,971 ounces of payable palladium at a cash cost of $335 (U.S.) per ounce; realized palladium price of $751 (U.S.) per ounce, giving an operating margin of $416 (U.S.) per ounce, and total operating margin of $20-million (U.S.) for the palladium produced; revenue of $51.4-million; adjusted EBITDA of $15.4-million; net income of $5.4-million, or $0.03 per share. “Lac des Iles achieved improved results in the second quarter, allowing us to benefit from higher palladium prices. Compared to the first quarter, we had increased tonnage, lower cash costs and higher operating profit,” William J. Biggar, president and chief executive officer, said in a statement. “We believe that the solid results at LDI will be further enhanced following the completion of our mine expansion, which will ultimately transform LDI into a high-volume, low-cost operation. The development work remains on schedule for commercial production from the shaft in the fourth quarter of 2012.”
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