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Royal Gold Reports Record Results for First Quarter Fiscal Year 2013



  Royal Gold Reports Record Results for First Quarter Fiscal Year 2013

  * Record royalty revenue of $77.9 million, a 21% increase year-over-year
  * Record Adjusted EBITDA ^1 of $71.0 million, a 23% increase year-over-year
  * Record cash flow from operations of $53.5 million, a 16% increase
    year-over-year

Business Wire

DENVER -- November 01, 2012

Royal Gold, Inc. (NASDAQ:RGLD) (TSX:RGL) today announced net income
attributable to Royal Gold stockholders of $24.8 million, or $0.42  per basic
share, on record royalty revenue of $77.9 million for the first quarter of
fiscal 2013. This compares to net income attributable to Royal Gold
stockholders of $22.5 million, or $0.41 per basic share, on royalty revenue of
$64.5 million for the first quarter of fiscal 2012.

Adjusted EBITDA ^ for the first quarter of fiscal 2013 was a record $71.0
million representing 91% of revenue, an increase of 23% compared to Adjusted
EBITDA of $57.6 million or 89% of revenue for the prior year period. Cash flow
from operations for the quarter was $53.5 million compared with $46.2 million
for the first quarter of fiscal 2012.

The 21% increase in revenue for the quarter was largely driven by increased
production at Andacollo, Peñasquito, and Voisey’s Bay, the Company’s
cornerstone assets, in addition to production growth at Mulatos, Las Cruces,
Holt, Wolverine, and Canadian Malartic. These increases were partially offset
during the period by production declines at Cortez and Leeville and lower
average metal prices. The average price of gold for the quarter was $1,652 per
ounce compared with $1,702 per ounce for the comparable period, a decrease of
3%.

As of September 30, 2012, the Company had a working capital surplus of $352.5
million. Current assets were $371.8 million (including $302 million in cash
and equivalents), compared to current liabilities of $19.3 million, resulting
in a current ratio of approximately 19 to 1. In addition to available working
capital, the Company had $350 million available under its revolving line of
credit.

In October 2012, Royal Gold completed an offering of 5.25 million shares of
common stock. Proceeds from the offering were $472.5 million before expenses.
The Company intends to use the proceeds from this offering for the acquisition
of additional royalty or similar interests and general corporate purposes.

Tony Jensen, President and CEO, commented, “Our assets continue to deliver
strong financial results and it is particularly gratifying to see several
properties have success in ramping up production towards design capacities. We
anticipate further incremental production increases from Andacollo,
Peñasquito, and Canadian Malartic in the coming quarters. This is also an
important time for Royal Gold to have sufficient resources to respond to new
business opportunities. Our offering in October, coupled with cash on hand and
our undrawn credit facility, puts us in a strong position, with over $1.0
billion of liquidity to further expand our portfolio.”

PROPERTY HIGHLIGHTS

Highlights at certain of the Company’s principal producing and development
properties during the quarter ended September 30, 2012 are listed below:

Producing Properties

Andacollo – Teck reported record production during the quarter primarily due
to increased mill throughput as a result of the commissioning of the
pre-crushing circuit. The plant began to reach design capacity during the end
of the quarter with throughput of just over 54,000 tonnes per day in September
versus design capacity of 55,000 tonnes per day.

Canadian Malartic – Osisko reported record gold production during the quarter.
The mill processed ore at an average rate of 40,834 tonnes per day and, post
quarter end, the mill achieved throughput rates consistently above 50,000
tonnes per day. Osisko reported that the second pebble crusher is scheduled to
be installed and commissioned in the fourth quarter and that they expect the
operation to move towards the design rate of 55,000 tonnes per day at that
point.

Cortez – Barrick continued to prioritize production from their higher grade
Cortez Hills operations that is not covered by our royalty interest. As a
result, production decreased during the period. Royal Gold expects production
to remain at these lower levels until Barrick returns to steady state mining
at the Pipeline Complex.

Dolores – Pan American reported that they continue to finalize construction of
a new heap leach pad, complete a new reserve model and life of mine plan, and
evaluate mill options to improve recoveries and increase production.

Holt – St Andrew Goldfields reported strong production for the quarter,
largely driven by higher grades, and that production was sustained at design
capacity for the entire period.

Las Cruces – Strong mill performance at Las Cruces resulted in increased
production for the quarter. Las Cruces is approaching its designed mill
capacity of 6,000 tonnes per day.

Leeville – A portion of the mine production at Leeville was derived from an
area outside of our royalty interest resulting in a decrease in royalty
revenue over the prior period.

Mulatos – Alamos reported that they achieved record quarterly crusher
throughput, averaging 15,200 tonnes per day despite the rainy season. The
significantly higher gold production during the quarter versus the comparable
period was primarily due to new production from the gravity mill.

Peñasquito –  Goldcorp reported that record production of gold and other
metals during the quarter was driven by strong grades in the deeper portion of
the current phase of mining. However, mill throughput continued to be limited
at an average rate of about 102,000 tonnes per day due to water shortages,
compared to the design capacity is 130,000 tonnes per day. Work continues on
the drilling of additional water wells and optimization of tailings operations
to sustain the necessary water supply. Goldcorp stated that water availability
is expected to be sufficient to achieve their annual guidance of between
370,000 and 390,000 ounces of gold for 2012.

Voisey’s Bay – Increased metal sales reflected higher shipments of copper
concentrate during the quarter. The variability in Vale’s shipping schedule
will continue to result in uneven metal sales quarter-over-quarter. Vale
reported that the Long Harbour hydrometallurgical facility is 75% complete.

Wolverine –  Yukon Zinc stated that production increased during the quarter
with an average output of 1,300 tonnes per day, compared to the design
capacity of 1,700 tonnes per day. Work is also continuing on integrating new
mining equipment, increasing mill concentrate grade and recoveries, and
completing construction of the tailings dam to reach its ultimate height.

Development Properties

Mt. Milligan – Thompson Creek reported that, as of September 30, 2012,
construction progress on the Mt. Milligan project was 65% complete with
overall progress 79% complete. They also reiterated that the overall project
remains on schedule, with commencement of commercial production expected in
the fourth quarter of calendar 2013.

Pascua-Lama – Barrick reported that they have taken actions to strengthen the
Pascua-Lama project management and mitigate cost pressures as a combination of
factors has increased the project capital cost and extended the construction
schedule. At the end of the July 2012 quarter, pre-stripping was underway, the
ore transfer tunnel was 40% complete, the power line in Chile was 50%
complete, the plant concrete placement and steel erection was underway, and
the camp was being expanded to handle peak construction activity. Initial gold
production is now expected in mid-2014.

Additional Property Information

First quarter fiscal 2013 production and revenue for the Company’s principal
royalty interests are shown in Table 1 and historical production data is shown
in Table 2. For more detailed information about each of our principal royalty
properties, please refer to the Company’s most recent Annual Report on Form
10-K, our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed
with the SEC and available on the SEC’s website located at www.sec.gov, or our
website located at www.royalgold.com.

CORPORATE PROFILE

Royal Gold is a precious metals royalty company engaged in the acquisition and
management of precious metals royalties and similar interests. The Company
owns royalties on 201 properties on six continents, including royalties on 39
producing mines and 26 development stage projects. Royal Gold is publicly
traded on the NASDAQ Global Select Market under the symbol “RGLD,” and on the
Toronto Stock Exchange under the symbol “RGL.” The Company’s website is
located at www.royalgold.com.

Note: Management’s conference call reviewing the first quarter results will be
held today  at 10:00 a.m. Mountain Time (noon Eastern Time) and will be
available by calling (800) 603-2779 (North America) or (973) 200-3960 
(international), access #42043945. The call will be simultaneously broadcast
on the Company’s website at www.royalgold.com under the “Presentations”
section. A replay of this webcast will be available on the Company’s website
approximately two hours after the call ends.

Cautionary “Safe Harbor” Statement Under the Private Securities Litigation
Reform Act of 1995: With the exception of historical matters, the matters
discussed in this press release are forward-looking statements that involve
risks and uncertainties that could cause actual results to differ materially
from projections or estimates contained herein. Such forward-looking
statements include statements about the Company’s assets continuing to deliver
strong financial results; properties reaching full-design capacity; further
production increases at Andacollo, Peñasquito and Canadian Malartic;
sufficient resources to respond to new business opportunities; use of proceeds
of the recent common stock offering, and the operators’ expectation of
construction, ramp up, production, throughput, mine life, water availability
and other developments at various mines. Factors that could cause actual
results to differ materially from the projections include, among others,
precious metals, copper and nickel prices; performance of and production at
the Company's royalty properties; decisions and activities of the operators of
the Company's various properties; unanticipated grade, geological,
metallurgical, processing or other problems the operators of the mining
properties may encounter; delays in the operators securing or their inability
to secure necessary governmental permits; changes in operator’s project
parameters as plans continue to be refined; economic and market conditions;
the ability of the various operators to bring projects into production as
expected; and other subsequent events; as well as other factors described in
the Company's Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and
other filings with the Securities and Exchange Commission. Most of these
factors are beyond the Company’s ability to predict or control. The Company
disclaims any obligation to update any forward-looking statement made herein.
Readers are cautioned not to put undue reliance on forward-looking statements.

^1 The Company defines Adjusted EBITDA, a non-GAAP financial measure, as net
income plus depreciation, depletion and amortization, non-cash charges, income
tax expense, interest and other expense, and any impairment of mining assets,
less non-controlling interests in operating income from consolidated
subsidiaries, interest and other income, and any royalty portfolio
restructuring gains or losses (see Schedule A).

 
TABLE 1
First Quarter Fiscal 2013
Royalty Production and Revenue for Principal Royalty Interests
 
                                                 THREE MONTHS ENDED       THREE MONTHS ENDED
                                                 SEPTEMBER 30, 2012       SEPTEMBER 30, 2011
PROPERTY     ROYALTY     OPERATOR     METAL(S)   Royalty     Reported     Royalty     Reported
                                                 Revenue     Production   Revenue     Production
                                                 ($          ^1           ($          ^1
                                                 millions)                millions)
Andacollo    75% NSR     Teck         Gold       19.70       15,937 oz.   16.84       13,286 oz.
^2,3
                                      Gold                   131,239                  48,621 oz.
Peñasquito                            Silver                 oz.                      3.9M oz.
^3           2.0% NSR    Goldcorp     Lead       11.15       7.4M oz.     5.83        29.2M lbs.
                                      Zinc                   41.7M lbs.               67.4M lbs.
                                                             96.6M lbs.
Voisey's     2.7% NSR    Vale         Nickel     9.20        33.9M lbs.   7.23        22.7M lbs.
Bay ^3                                Copper                 43.6M lbs.               16.0M lbs.
             0.00013 x
             quarterly   St Andrew
Holt         average     Goldfields   Gold       4.56        12,870 oz.   3.59        9,397 oz.
             gold
             price
Robinson ^   3.0% NSR    KGHM         Gold       3.75        9,072 oz.    3.69        8,972 oz.
3                                     Copper                 36.9M lbs.               27.9M lbs.
Mulatos ^4   1.0% to     Alamos       Gold       3.50        42,310 oz.   2.40        29,476 oz.
             5.0% NSR
             GSR1 and
Cortez ^5    GSR2        Barrick      Gold       2.78        25,751 oz.   5.11        42,855 oz.
             GSR3
             NVR1
Las Cruces   1.5% NSR    Inmet        Copper     2.46        46.2M lbs.   1.31        23.8 M
^3                                                                                    lbs.
Canadian     1.0% to
Malartic     1.5% NSR    Osisko       Gold       2.14        91,737 oz.   1.31        60,826 oz.
^6
Leeville     1.8% NSR    Newmont      Gold       2.07        68,026 oz.   3.07        101,240
                                                                                      oz.
Wolverine    0.0% to                  Gold                   1,200 oz.
^3,7         9.445%      Yukon Zinc   Silver     1.29        494,496      - ^8        - ^8
             NSR                                             oz.
             3.25% NSR   Pan          Gold                   13,244 oz.               15,945 oz.
Dolores      2.0% NSR    American     Silver     1.14        773,369      1.42        693,531
                         Silver                              oz.                      oz.
Other
Royalty                               Various    14.12       N/A          12.67       N/A
Properties
^9
Total Royalty Revenue                            77.86                    64.47        
                                                                                     

                                  FOOTNOTES

     Reported production relates to the amount of metal sales that are subject
^1   to our royalty interests for the periods ended September 30, 2012 and
     September 30, 2011, as reported to us by the operators of the mines.
      
     The royalty rate is 75% until 910,000 payable ounces of gold have been
^2   produced – 50% thereafter. There have been approximately 114,000
     cumulative payable ounces produced as of September 30, 2012. Gold is
     produced as a by-product of copper.
      
^3   Revenues consist of provisional payments for concentrates produced during
     the current period and final settlements for prior production periods.
      
     The Company’s royalty is subject to a 2.0 million ounce cap on gold
     production. There have been approximately 943,000 ounces of cumulative
^4   production, as of September 30, 2012. NSR sliding-scale schedule (price
     of gold per ounce – royalty rate): $0.00 to $299.99 – 1.0%; $300 to
     $324.99 – 1.50%; $325 to $349.99 – 2.0%; $350 to $374.99 – 3.0%; $375 to
     $399.99 – 4.0%; $400 or higher – 5.0%.
      
^5   Royalty percentages: GSR1 and GSR2 – 0.40 to 5.0% (sliding-scale); GSR3 –
     0.71%; NVR1 – 0.39%.
      
^6   NSR sliding-scale schedule (price of gold per ounce – royalty rate):
     $0.00 to $350 – 1.0%; above $350 – 1.5%.
      
     Gold royalty rate is based on the price of silver per ounce. NSR
^7   sliding-scale schedule (price of silver per ounce – royalty rate): Below
     $5.00 – 0.0%; $5.00 to $7.50 – 3.778%; >$7.50 – 9.445%.
      
^8   Royalty revenue did not commence until the quarter ended December 31,
     2011 at the Wolverine mine.
      
     “Other” includes all of the Company’s non-principal producing royalties
^9   for the periods ended September 30, 2012 and 2011. Individually, no
     royalty included within “Other” contributed greater than 5% of our total
     royalty revenue for any of the periods.
      

 
TABLE 2
Historical Production
 
                                                 REPORTED PRODUCTION ^1
PROPERTY                                         FOR THE QUARTER ENDED
^2           ROYALTY     OPERATOR     METAL(S)   June      March     December   September
                                                 30,       31,       31,        30,
                                                 2012      2012      2011       2011
Andacollo    75% NSR     Teck         Gold       11,908    13,174    13,070     13,286
                                                 oz.       oz.       oz.        oz.
                                                 90,554    87,517    67,827     48,621
                                                 oz.       oz.       oz.        oz.
                                      Gold       6.0M      6.6M      5.0M oz.   3.9M oz.
Peñasquito   2.0% NSR    Goldcorp     Silver     oz.       oz.       40.2M      29.2M
                                      Lead       42.2M     52.4M     lbs.       lbs.
                                      Zinc       lbs.      lbs.      78.4M      67.4M
                                                 90.8M     75.9M     lbs.       lbs.
                                                 lbs.      lbs.
                                                 30.6M     50.9M     27.4M      22.7M
Voisey's     2.7% NSR    Vale         Nickel     lbs.      lbs.      lbs.       lbs.
Bay                                   Copper     2.9M      9.7M      78.6M      16.0M
                                                 lbs.      lbs.      lbs.       lbs.
             0.00013 x
             quarterly   St Andrew               11,469    8,839     11,461
Holt         average     Goldfields   Gold       oz.       oz.       oz.        9,397 oz.
             gold
             price
                                                 9,191     5,673     7,193      8,972 oz.
Robinson     3.0% NSR    KGHM         Gold       oz.       oz.       oz.        27.9M
                                      Copper     32.5M     23.8M     21.1M      lbs.
                                                 lbs.      lbs.      lbs.
Mulatos      1.0% to     Alamos       Gold       46,077    50,493    43,223     29,476
             5.0% NSR                            oz.       oz.       oz.        oz.
             GSR1 and
Cortez       GSR2        Barrick      Gold       26,845    23,362    23,609     42,855
             GSR3                                oz.       oz.       oz.        oz.
             NVR1
Las Cruces   1.5% NSR    Inmet        Copper     37.3M     29.9M     28.1M      23.8M
                                                 lbs.      lbs.      lbs.       lbs.
Canadian     1.0% to     Osisko       Gold       91,734    90,845    54,141     60,826
Malartic     1.5% NSR                            oz.       oz.       oz.        oz.
Leeville     1.8% NSR    Newmont      Gold       36,582    64,291    102,946    101,240
                                                 oz.       oz.       oz.        oz.
             0.0% to                  Gold       842 oz.   393 oz.   294 oz.
Wolverine    9.445%      Yukon Zinc   Silver     338,736   326,017   366,922    -
             NSR                                 oz.       oz.       oz.
                         Pan                     10,085    14,510    20,663     15,945
Dolores      3.25% NSR   American     Gold       oz.       oz.       oz.        oz.
             2.0% NSR    Silver       Silver     643,972   858,600   887,007    693,531
                                                 oz.       oz.       oz.        oz.

     Reported production relates to the amount of metal sales that are subject
^1   to our royalty interests for the stated period, as reported to us by the
     operators of the mines.
      
^2   See individual property footnotes on page 6.
      

ROYAL GOLD, INC.
Consolidated Balance Sheets
(Unaudited, in thousands except share data)
                                                                
                                                 September 30,   June 30,
                                                 2012            2012
ASSETS
Cash and equivalents                             $ 302,037       $ 375,456
Royalty receivables                                64,735          53,946
Income tax receivable                              -               11,046
Prepaid expenses and other current assets          5,075           4,760      
Total current assets                               371,847         445,208
                                                                  
Royalty interests in mineral properties, net       1,989,692       1,890,988
Available for sale securities                      20,044          15,015
Other assets                                       21,776          21,834     
Total assets                                     $ 2,403,359     $ 2,373,045  
                                                                  
LIABILITIES
Accounts payable                                 $ 3,087         $ 2,615
Dividends payable                                  8,966           8,947
Income tax payable                                 1,702           -
Other current liabilities                          5,572           3,647      
Total current liabilities                          19,327          15,209
                                                                  
Debt                                               295,440         293,248
Net deferred tax liabilities                       179,769         178,716
Uncertain tax positions                            20,095          19,469
Other long-term liabilities                        2,674           2,974      
Total liabilities                                  517,305         509,616    
                                                                  
Commitments and contingencies
                                                                  
EQUITY
Preferred stock, $.01 par value, 10,000,000        -               -
shares authorized; and 0 shares issued
Common stock, $.01 par value, 100,000,000
shares authorized; and 58,755,634 and              588             586
58,614,221 shares outstanding, respectively
Exchangeable shares, no par value, 1,806,649
shares issued, less 1,042,823 and 1,007,823        33,616          35,156
redeemed shares, respectively
Additional paid-in capital                         1,660,001       1,656,357
Accumulated other comprehensive (loss) income      (8,716    )     (13,763   )
Accumulated earnings                               175,925         160,123    
Total Royal Gold stockholders’ equity              1,861,414       1,838,459
Non-controlling interests                          24,640          24,970     
Total equity                                       1,886,054       1,863,429  
Total liabilities and equity                     $ 2,403,359     $ 2,373,045  
                                                                              

ROYAL GOLD, INC.
Consolidated Statements of Operations and Comprehensive Income
(Unaudited, in thousands except share data)
                                                               
                                               For The Three Months Ended
                                               September 30,    September 30,
                                               2012             2011
Royalty revenues                               $ 77,862         $ 64,465
                                                                 
Costs and expenses
General and administrative                       6,070            6,298
Production taxes                                 2,478            2,150
Depreciation, depletion and amortization         21,500           17,221
Restructuring on royalty interests in            -                1,328       
mineral properties
Total costs and expenses                         30,048           26,997      
                                                                 
Operating income                                 47,814           37,468
                                                                 
Interest and other income                        110              2,833
Interest and other expense                       (6,169     )     (1,779     )
Income before income taxes                       41,755           38,522
                                                                 
Income tax expense                               (16,461    )     (12,381    )
Net income                                       25,294           26,141
Net income attributable to non-controlling       (523       )     (3,646     )
interests
Net income attributable to Royal Gold          $ 24,771         $ 22,495      
stockholders
                                                                 
Net income                                     $ 25,294         $ 26,141
Adjustments to comprehensive income, net of
tax
Unrealized change in market value of             5,046            (5,304     )
available for sale securities
Comprehensive income                             30,340           20,837
Comprehensive income attributable to             (523       )     (3,646     )
non-controlling interests
Comprehensive income attributable to Royal     $ 29,817         $ 17,191      
Gold stockholders
                                                                 
Net income per share available to Royal Gold
common stockholders:
Basic earnings per share                       $ 0.42           $ 0.41        
Basic weighted average shares outstanding        59,435,867       55,183,719  
Diluted earnings per share                     $ 0.41           $ 0.40        
Diluted weighted average shares outstanding      59,679,807       55,491,354  
Cash dividends declared per common share       $ 0.15           $ 0.11        
                                                                              

ROYAL GOLD, INC.

Consolidated Statements of Cash Flows

(Unaudited, in thousands)
                                                                
                                                 For The Three Months Ended
                                                 September 30,   September 30,
                                                 2012            2011
Cash flows from operating activities:
Net income                                       $  25,294       $  26,141
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation, depletion and amortization            21,500          17,221
Gain on distribution to non-controlling             (88      )      (3,018   )
interest
Non-cash stock-based compensation expense           2,095           2,198
Tax benefit of stock-based compensation             (773     )      (1,567   )
exercises
Restructuring on royalty interests in mineral       -               1,328
properties
Deferred tax expense                                1,746           508
Amortization of debt discount                       2,192           -
Changes in assets and liabilities:
Royalty receivables                                 (10,789  )      (5,950   )
Prepaid expenses and other assets                   (249     )      197
Accounts payable                                    53              70
Income taxes payable                                10,309          9,762
Other liabilities                                   2,252           (716     )
Net cash provided by operating activities        $  53,542       $  46,174    
Cash flows from investing activities:
Acquisition of royalty interests in mineral         (120,035 )      -
properties
Proceeds on sale of Inventory - restricted          118             4,455
Other                                               (17      )      (111     )
Net cash (used in) provided by investing         $  (119,934 )   $  4,344     
activities
Cash flows from financing activities:
Repayment of debt                                   -               (33,900  )
Common stock dividends                              (8,949   )      (6,095   )
Distribution to non-controlling interests           (562     )      (5,380   )
Proceeds from the issuance of common stock          1,711           2,536
Tax benefit of stock-based compensation             773             1,567     
exercises
Net cash used in financing activities            $  (7,027   )   $  (41,272  )
Net increase (decrease) in cash and                 (73,419  )      9,246     
equivalents
Cash and equivalents at beginning of period         375,456         114,155   
Cash and equivalents at end of period            $  302,037      $  123,401   
                                                                              

                                  SCHEDULE A

Non-GAAP Financial Measures

The Company computes and discloses Adjusted EBITDA. Adjusted EBITDA is a
non-GAAP financial measure. Adjusted EBITDA is defined by the Company as net
income plus depreciation, depletion and amortization, non-cash charges, income
tax expense, interest and other expense, and any impairment of mining assets,
less non-controlling interests in operating income of consolidated
subsidiaries, interest and other income, and any royalty portfolio
restructuring gains or losses. Other companies may define and calculate this
measure differently. Management believes that Adjusted EBITDA is a useful
measure of the performance of our royalty portfolio. Adjusted EBITDA
identifies the cash generated in a given period that will be available to fund
the Company's future operations, growth opportunities, shareholder dividends
and to service the Company's debt obligations. This information differs from
measures of performance determined in accordance with U.S. generally accepted
accounting principles (“GAAP”) and should not be considered in isolation or as
a substitute for measures of performance determined in accordance with U.S.
GAAP. Below is a reconciliation of net income to Adjusted EBITDA:

Royal Gold, Inc.
Adjusted EBITDA Reconciliation
                                                   
                                                    For The Three Months Ended
                                                    September 30,
                                                    (Unaudited, in thousands)
                                                    2012            2011
                                                                     
Net income                                          $  25,294       $ 26,141
Depreciation, depletion and amortization               21,500         17,221
Non-cash employee stock compensation                   2,095          2,198
Restructuring on royalty interests in mineral          -              1,328
properties
Interest and other income                              (110    )      (2,833 )
Interest and other expense                             6,169          1,779
Income tax expense                                     16,461         12,381
Non-controlling interests in operating income of       (435    )      (628   )
consolidated subsidiaries
Adjusted EBITDA                                     $  70,974       $ 57,587  

Contact:

Royal Gold, Inc.
Karen Gross, 303-575-6504
Vice President and Corporate Secretary
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