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Lucara Diamond's 1Q Revenue Flat, Profit -18%

May 8, 2014 5:36 PM   By Jeff Miller
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RAPAPORT... Lucara Diamond Corporation reported revenue of $32.8 million in the first quarter that ended on March 31, which was unchanged from one year earlier. However, the average price per carat for the rough diamonds sold rose 35.6 percent year on year to $305. Company profit fell 17.7 percent to $5.1 million or 1 cent per share. 

Lucara noted that proceeds of $750,000 from rough diamond sales were received after the quarter closed and the figure will be added to second quarter results.  At an average operating expense of $118 per carat, Lucara's  cash operating margin during the quarter was $187 per carat. The company's cash balance on March 31 was $56.8 million compared with a net debt position of $26.2 million one year earlier.

Lucara's board of directors declared the company's  first semi-annual dividend of 2 cents per share, which will be paid on June 19  to holders of record of common shares at the close of business on June 6.

William Lamb, Lucara's president,  said, "Lucara has had a strong start to the year with continued production performance from the mining team and two successful tenders during the first quarter generating revenue in excess of $30 million. We have brought forward our second exceptional stone tender to early in the third quarter due to the sustainable recovery of large stones with more than 330 special stones (10.8 carats or larger) recovered to date. This follows very strong results from our first exceptional stone tender in 2014, which was held in early April for proceeds of $50 million."


Tags: diamonds, financial results, Jeff Miller, Lucara Diamond, mining
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