IAMGOLD Reports Strong Second Quarter Net Earnings and Operating Cash Flow; and Increases Gold Production Outlook
Net earnings and operating cash flow increased 169%(1) and 219%, respectively
TORONTO, ONTARIO--(Marketwire - Aug. 8, 2008) - IAMGOLD Corporation (TSX:IMG)(NYSE:IAG)(BOTSWANA:IAMGOLD) -
For a full explanation of results, the unaudited interim Consolidated Financial Statements, Management Discussion & Analysis, and mine statistics, please see the Company's website,
www.iamgold.com"We continue to deliver growth in revenues, net earnings and cash flow as reported during the current quarter. Our cash costs and increased production guidance demonstrate our focus on cost improvement and production initiatives," stated Joseph Conway, President & CEO.
All amounts are expressed in US dollars, unless otherwise indicated.
HIGHLIGHTS
- Net earnings increased by 169%(1) to $33.3 million or $0.11 per share in the second quarter of 2008 compared to adjusted net earnings of $12.4 million or $0.04 per share in the second quarter of 2007.(2)
- Significant increase in the operating cash flow to $44.9 million in the second quarter of 2008, compared to $14.1 million in the second quarter of 2007.
- Gold production in the second quarter of 2008 was 255,000 ounces at an average cash cost(2) of $472 per ounce.
- Production outlook for 2008 increased to 950,000 ounces of gold and at a revised cash cost of $485-$495 per ounce.
- Exploration and development expenditures were $17.4 million during the second quarter of 2008.
- Cash and gold bullion position of $295.7 million (valuing gold bullion at market) continues to be strong.
- Continued growth in operating performance and contribution of the Niobec mine.
(1) Increase was calculated by comparing the current quarter net earnings to adjusted net earnings for the second quarter of 2007 which exclude the $93.7 million impairment charge related to the Mupane mine.
(2) Adjusted net earnings, and Cash cost are non-GAAP measures. Please refer to the Supplemental information attached to the MD&A for reconciliation to GAAP.
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