Iberian Minerals Corporation announced financial and operating results for the Q2 ended June 30th 2010 with comparative figures for the Q2 ended June 30th 2009.
The Q2 2010 interim consolidated financial statements and related notes and Management Discussion and Analysis may be found on www.sedar.com. Unless stated otherwise, all reported figures are in US dollars. The Company reported net income of USD 90.5 million for Q2 2010 representing USD 0.27 per share and net income of USD 80.6 million for the 6 months ended June 30th 2010.
Effective April 1st 2010, Iberian changed its reporting currency to US dollars. All comparative figures have been restated from Canadian dollars to US dollars using prevailing exchange rates in the comparative periods.
Summarized results for the 3 and 6 months ended June 30th 2010:
Three months ended June 30th 2010;
1. Recorded net income of USD 90.52 million or USD 0.27 per registered share which included:
2. Sales of USD 51.70 million and gross margin of USD 13.72 million;
3. A realized loss of USD 24.39 million on commodity hedges in the period included in sales;
3. An unrealized non cash gain of USD 131.11 million on derivative financial instruments outstanding, as a result of the reduction of metal prices over the period.
4. Cash flow provided by operations before changes in non-cash working capital was USD 1.49 million. Cash flow used in operations after changes in non cash working capital was USD 16.59 million.
Six months ended June 30th 2010;
1. Recorded net income of USD 80.61 million or USD 0.24 per registered share which included:
2. Sales of USD 107.49 million and gross margin of USD million;
3. A realized loss of USD 45.23 million on commodity hedges in the period;
4. An unrealized non cash gain of USD 118.96 million on derivative financial instruments outstanding, as a result of the reduction of metal prices over the period.
5. Cash flow from operations before changes in non cash working capital was USD 12.56 million. Cash flow used in operations after changes in non cash working capital was USD 15.77 million.
