TSXV: CAA
VANCOUVER, Sept. 26, 2013 /CNW/ - Callinan Royalties
Corporation ('Callinan', the 'Company') (TSXV: CAA) announces its
financial results for the fourth fiscal quarter and for the fiscal
year ended June 30, 2013. The audited
financial statements and Management Discussion and Analysis are
available on Callinan's website (www.callinan.com) and on SEDAR
(www.sedar.com).
The Company's Net income for the year ended
June 30, 2013 is $8,851,153 compared to $20,108,190 for fiscal 2012. Income per
share for basic and fully diluted is $0.18 compared to $0.41 for basic and $0.40 for fully diluted in fiscal 2012.
A summary of the financial information is
included in the following table:
|
3 months
June 30, 2013 |
3 months
June 30, 2012 |
12 months
June 30, 2013 |
12 months
June 30, 2012 |
Income |
$3.51 million |
$5.16 million |
$16.80 million |
$23.83 million |
Net Income |
$1.62 million |
$2.70 million |
$8.85 million |
$20.11 million |
Net Income /
Share Fully Diluted |
$0.03 |
$0.05 |
$0.18 |
$0.40 |
Cash Flow from
Operation |
$0.96 million |
$1.62 million |
$9.19 million |
$15.24 million |
The following are key highlights for the fiscal
year:
- The annual royalty income for the year ended June 30, 2013 was $15.7
million compared to $23.5
million last year. The royalty income was impacted by lower
commodity prices over the period as well as the lower grades and
higher mining and processing costs over the period.
- $3.9 million was paid out in
dividends to shareholders.
- Cash on hand at June 30, 2013 was
$24,883,295 (compared to $29,464,334 million at June 30, 2012).
- Five transactions were completed and two exploration alliances
were created.
- The 2012-2013 Annual Information Form has been prepared and is
available for viewing on SEDAR and the Callinan website.
Roland Butler,
CEO commented "Though annual royalty income is lower due to several
coinciding factors, Callinan remains a profitable, dividend-paying
royalty company with no debt and a healthy treasury. The
Company is in strong financial condition as it pursues attractive
investment opportunities that have become available in the current
market."
On Behalf of the Board of Directors,
Roland
Butler
Roland Butler,
CEO
About Callinan Royalties
Callinan Royalties is a Canadian company that
creates and acquires mineral royalties. The company uses its
royalty income to provide alternative financing options to mineral
exploration and development companies with attractive
projects. Callinan's strategy is to create shareholder value
over the long term by generating a portfolio of profitable mineral
royalties.
The Corporation currently has two producing
royalties. Callinan holds a 6⅔% net profits interest royalty and a
$0.25 per ton production royalty on
lands that include the 777 mine and 777 North mine owned by Hudbay
Minerals Inc. located in Flin Flon,
Manitoba, Canada. Callinan also holds the 777 Deeps
(War Baby) property and an associated royalty option on the
property, which is located adjacent to the 777 mine.
Callinan is a dividend paying Tier 1 company
listed on the TSX Venture Exchange under the symbol CAA. The
Corporation has a strong financial position with no debt,
approximately $27 million in cash and
approximately 49.4 million shares outstanding.
Cautionary Statement on Forward-Looking Information
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. Certain of the
information presented in this News Release may constitute
"forward-looking statements" or "forward-looking information"
within the meaning of Canadian securities legislation (together
referred to as "forward-looking statements"). The forward-looking
statements are subject to risks, uncertainties and other factors
that may cause actual results to be materially different from those
expressed or implied by such forward-looking statements, including
any delays in the receipt of consents or approvals. Although
Callinan Royalties has attempted to identify important factors that
could cause actual actions, events or results to differ materially
from those described in forward-looking statements, there may be
other factors that cause actions, events or results not to be as
anticipated, estimated or intended. There can be no assurance that
such statements will prove to be accurate as actual results and
future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking statements contained in this News
Release and in any document referred to in this News Release.
Forward-looking statements are made based on management's beliefs,
estimates and opinions on the date the statements are made and
Callinan Royalties undertakes no obligation to update
forward-looking statements if these beliefs, estimates and opinions
or other circumstances should change, except as required by
applicable law.
SOURCE Callinan Royalties Corporation