Gold sales up 29 percent; Cash Flow $0.38 per share; Earnings $0.26 per share. Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation, is pleased to report on the Company’s financial results for the fourth quarter and for the year ended December 31, 2009. Eldorado reported net income of $33.3 million or $0.08 per share for the quarter and for the year net income of $102.4 million or $0.26 per share. Eldorado reported cash generated from operating activities before changes in non-cash working capital of $56.6 million or $0.13 per share for the quarter and for the year of $146.9 million or $0.38 per share.
“This was a very successful quarter and year for Eldorado,” stated Paul Wright. “We had record quarterly production with strong performance from both our Kisladag and Tanjianshan gold mines. And with the successful completion of our acquisition of Sino Gold and the continued development of our projects in Turkey, China and Greece, we are solidifying our position as one of the world’s lowest cost gold producers. Our gold sales revenue increased by 29 percent to $358.5 million as we benefited from increased production and gold prices. Looking ahead, we anticipate 2010 production of 550,000 to 600,000 ounces of gold at a cash operating cost of between $385 and $400 per ounce.”
Q4 2009 Highlights
- Produced 107,904 ounces of gold at our Tanjianshan and Kisladag mines at an average cash operating cost of $308 per ounce;
- Sold 131,068 ounces of gold at a realized average price of $1,103 per ounce;
- Reported earnings of $0.08 per share; and
- Completed our acquisition of Sino Gold Mining by purchasing all of Sino Gold’s issued and outstanding shares – a transaction that values Sino Gold at approximately CDN$1.7 billion.
Financial Results
Eldorado’s consolidated net income for the fourth quarter of 2009 was $33.3 million or $0.08 per share, compared with $28.2 million or $0.08 per share (excluding the gain on the sale of Sao Bento mine) in the fourth quarter of 2008. Net income for the twelve-month period ended December 31, 2009 was $102.4 million or $0.26 per share, compared to $163.7 million or $0.46 per share in 2008. Net income in 2008 included a gain on the sale of Sao Bento of $72.5 million or $0.20 per share. Eldorado cash generated from operating activities before changes in non-cash working capital for the fourth quarter of 2009 was $56.6 million or $0.13 per share compared with $27.3 million or $0.07 per share in the fourth quarter of 2008. Cash generated from operating activities before changes in non-cash working capital for the twelve month period ended December 31, 2009 was $146.9 million or $0.38 per share compared to $125.9 million or $0.35 per share in 2008.
Over the quarter, we sold 64 per cent more ounces of gold at a 38 percent increase in price as compared to the same period in 2008. In Q4 2009 we sold 131,068 ounces of gold at an average price of $1,103 per ounce, compared to 79,965 ounces at an average price of $800 per ounce in the fourth quarter of 2008.
Complete this financial report at : money.cnn.com
Contacts:
Eldorado Gold Corporation
Nancy Woo
VP Investor Relations
604.601-6650 or 1.888.353.8166
604.687.4026 (FAX)
nancyw@eldoradogold.com
www.eldoradogold.com
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