Tahoe Resources Inc. (TSX:THO,NYSE:TAHO) released its financial and operational results for Q4 2015, as well as the year as a whole. For the full 2015 year, the company recorded a net loss of $71.9 million, for both basic and diluted losses per share of $0.35.
Other key points are as follows:
- Adjusted net earnings for 2015 were $98.9 million, resulting in both basic and diluted adjusted earnings per share of $0.48. Adjusted net earnings for the fourth quarter were $51.0 million, or $0.22 per share, for both basic and diluted shares.
- Cash flow provided by operating activities before changes in working capital was $226.3 million for 2015, or $1.09 per share, and $96.8 million and $0.43 per share for the fourth quarter.
- The Company returned $49.7 million to shareholders through its monthly dividend during 2015 compared to $3.0 million during 2014.
- Silver produced in concentrate at the Escobal mine was 5.5 million ounces during the fourth quarter and 20.4 million ounces for the year ended December 31, 2015.
- Gold produced at the La Arena mine amounted to 174,073 ounces in dore for Tahoe’s three calendar quarters of ownership following the Rio Alto merger, and 230,483 ounces for the full year mine production.
- Total cash costs net of byproduct credits for 2015 were $6.16 per silver ounce produced and $551 per gold ounce produced compared to $6.37 per silver ounce and no gold production in 2014.
- All-in sustaining costs net of byproduct credits for 2015 were $9.11 per silver ounce produced and $733 per gold ounce produced compared to $9.15 and no gold production in 2014.
- Net cash provided by operating activities was $54.2 million and $166.7 million for the fourth quarter and year ended December 31, 2015, respectively.
Kevin McArthur, CEO and executive chair of Tahoe, commented:
2015 was a tremendous year for Tahoe as both the Escobal and La Arena mines achieved record production and the Shahuindo mine phase 1 construction was completed on time and on budget. We paid off $50 million in debt, established a $150 million revolving credit facility and returned $49.7 million to shareholders in dividends.
While low year-end metal prices created a non-cash impairment situation, our adjusted earnings per share are outstanding, and reflect our many accomplishments this year. I am very proud of our team’s work.
We are cognizant of the relative underperformance of our shares over the last twelve months, much of which occurred due to extraneous and/or non-recurring circumstances. We expect our latest initiatives will enhance our track record of long-term shareholder value.
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