Yamana Gold Q4 Adj. Profit, Production Down; Declares Q1 Dividend - Quick Facts

(RTTNews) - Yamana Gold Inc. (AUY, YRI.TO) reported that its adjusted earnings for the fourth quarter declined to $36.72 million or $0.05 per share from $197.37 million $0.26 per share last year. Lower adjusted earnings were attributed to lower realized metal prices, lower volume of metal sales, higher cash costs and an equity loss from the company's 12.5% of interest in Alumbrera.

On average, fourteen analysts expected the company to earn $0.07 per share for the quarter. Analysts' estimate typically excludes one-time items.

Net loss for the quarter was $583.94 million or $0.78 per share, compared to a profit of $169.16 million or $0.23 per share a year ago. The company stated that the net loss for the quarter includes an impairment charge of 535.8 million, net of taxes in respect to certain mineral properties.

Yamana Gold's revenues for the quarter were $420.66 million, down from $629.51 million in the corresponding quarter last year. Three analysts had a consensus revenue estimate of $483.93 million for the quarter.

Mine operating earnings were $70.1 million, dropped from $322.1 million in the previous year.

Lower revenues and mine operating earnings were primarily due to lower metal prices in addition to lower volume of gold and copper sales.

Total production for the quarter owas 303,768 GEO, a decrease of 6% from the 322,990 GEO produced a year ago. Total fourth quarter production consisted of 260,187 ounces of gold and 2.2 million ounces of silver, compared to 276,373 ounces of gold and 2.3 million ounces of silver produced in the same quarter of 2012. Total production included the Company's attributable production from Alumbrera of 11,319 ounces of gold and production during commissioning from Ernesto/Pau-a-Pique, C1 Santa Luz and Pilar of 26,321 ounces of gold

Yamana Gold also declared first quarter dividend of $0.0375 per share, to shareholders of record at the close of business on March 31, 2014, payable on April 14, 2014.