Royal Gold (RGLD) - resultados anuais

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Royal Gold Announces Year End Results and Record Revenues, Earnings and Free Cash Flow

Thursday August 18, 8:30 am ET 
- Revenues increased 18% year-over-year for fiscal 2005
- Earnings of $0.55 per share for fiscal 2005 mark a 28% increase over fiscal 2004
- Fiscal 2005 free cash flow totaled 71% of revenue


DENVER, Aug. 18 /PRNewswire-FirstCall/ -- ROYAL GOLD, INC. (Nasdaq: RGLD - News; TSX: RGL - News) today announced record revenues of $25.3 million for fiscal 2005 (ended June 30, 2005), an 18% increase over revenues of $21.4 million in fiscal 2004. The Company reported net income of $11.5 million, or $0.55 per basic share, for fiscal 2005 compared to net income of $8.9 million, or $0.43 per basic share, for fiscal 2004. Fiscal 2005 results included non-cash charges for deferred tax expense of $1.1 million, or $0.05 per basic share.

Free cash flow for fiscal 2005 was approximately $18.1 million, or 71% of revenues, compared to $15.5 million or 73% of revenues in fiscal 2004. The Company defines free cash flow, a non-GAAP financial measure, as operating income plus depreciation, depletion and amortization, non-cash charges, and any impairment of mining assets. For a reconciliation of free cash flow to the most directly comparable GAAP financial measure, see Schedule A - Reconciliation.

For the fourth quarter ended June 30, 2005, royalty revenue was $7.5 million, a 23% increase over royalty revenue of $6.1 million for the same period in fiscal 2004. The Company reported fourth quarter 2005 net income of $3.6 million, or $0.17 per basic share, as compared to net income of $2.3 million, or $0.11 per basic share for the fourth quarter of fiscal 2004. Free cash flow for the fourth quarter was approximately $5.8 million, or 77% of revenues. As of June 30, 2005, the Company had working capital (current assets minus current liabilities) of $53.3 million. Current assets were $56.2 million, compared to current liabilities of $2.9 million, yielding a current ratio of 19 to 1.

Stanley Dempsey, Chairman and Chief Executive Officer stated, "We are extremely pleased with the strength of our year-end position and the overall performance of our royalty portfolio. Over the past year, we have generated significant revenue and cash flow growth due to continued improvement in the gold price and our sliding-scale royalties. We also expanded our royalty portfolio during fiscal year 2005 through an innovative financing transaction with Revett Minerals, Inc. We intend to continue growing our portfolio through similar innovative financing transactions that exhibit strong potential to become new royalty streams. At the same time, the Company will continue to pursue the opportunistic acquisition of existing royalties."