Well if the just released record earnings for Agnico-Eagle is any indication of what we can expect tomorrow, we could be in for a nice end to the week.
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TORONTO, Feb 20, 2008 /PRNewswire-FirstCall via COMTEX/ -- Agnico-Eagle Mines Limited ("Agnico-Eagle" or the "Company") today reported record quarterly net income of $65.2 million, or $0.46 per share for the fourth quarter of 2007. This result includes a gain of $29.8 million, or $0.21 per share, on the reduction of income tax rates. In the fourth quarter of 2006, the Company reported net income of $41.9 million, or $0.35 per share. Earnings per share in the fourth quarter of 2007 were diluted by the issuance of approximately 6.9 million common shares on the exercise of the Company's outstanding warrants and the issuance of 13.8 million shares earlier in the year in connection with the acquisition of Cumberland Resources Ltd.
Fourth quarter cash provided by operating activities decreased to $43.3 million from $84.5 million in the fourth quarter of 2006, due to lower byproduct metal prices and working capital movements.
"Record financial results were achieved this quarter as we prepare to open the first of our five new gold mines in April," said Sean Boyd, Vice-Chairman and Chief Executive Officer. "In addition, with our Kittila mine in Finland set to open this September, our gold output in 2008 is expected to rise more than 50% from the 2007 level," added Mr. Boyd.
