Thursday, March 16, 2017

Altius Minerals reports third quarter earnings

Altius Minerals website:

Altius Minerals Corporation (“Altius” or the “Corporation”) reports attributable revenue(1) for the three months ended January 31, 2017 of $14,535,000 or $0.34 per share and adjusted EBITDA(2) of $11,262,000 or $0.26 per share compared to attributable revenue of $7,301,000 or $0.18 per share and adjusted EBITDA of $6,273,000 or $0.16 per share for the prior year comparable period.

 This represents a new quarterly attributable revenue record and is a 46% increase over the second quarter ended October 31, 2016 and 99% over last year’s comparable quarter ended January 31, 2016.
Year to date, the Corporation has recorded attributable revenue of $32,911,000 (2016 - $25,620,000) and adjusted EBITDA of $24,451,000 (2016 – $18,843,000).

The company had a loss of  $67,293,000. The higher quarterly and annual net losses result largely from the previously reported recognition of a non-cash impairment charge of $72,001,000 for the Corporation’s Genesee royalty interest during the quarter. This decision was made in response to policy changes in the province of Alberta that are intended to phase out coal fired electrical
generation by 2030. 

So this company is now bearing fruit from all of the acquisitions that were made during the last commodity bear market. The non-cash charge to write down the Genesee royalty due to a change in the government policy will not affect current cashflow.

Based on these results the company has the ability to raise the dividend and/or buy back shares.

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