Callinan Royalties Releases Q4 and Year End Financial Statements
11.10.2014 | CNW
VANCOUVER, Oct. 10, 2014 /CNW/ - Callinan Royalties Corp. ('Callinan', the 'Company') (TSXV: CAA) announces its financial results for the fourth fiscal quarter and for the fiscal year ended June 30, 2014. 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, 2014 is $6,091,942 compared to $8,851,153 for fiscal 2013. Income per share for basic and fully diluted is $0.12 compared to $0.18 for basic and fully diluted in fiscal 2013. All amounts are in Canadian dollars.
A summary of the financial information is included in the following table:
| 3 months June 30, 2014 | 3 months June 30, 2013 | 12 months June 30, 2014 | 12 months June 30, 2013 | |
| Income | $3.34 million | $3.51 million | $11.93 million | $16.80 million |
| Net Income | $1.90 million | $1.62 million | $6.09 million | $8.85 million |
| Net Income / Share Fully Diluted | $0.04 | $0.03 | $0.12 | $0.18 |
| Cash Flow from | $0.97 million | $0.96 million | $10.34 million | $9.19 million |
The following are key highlights for the fiscal year:
- The annual royalty income for the year ended June 30, 2014 was $10.7 million compared to $15.7 million last year.
- $3.98 million was paid out in dividends to shareholders.
- Cash on hand at June 30, 2014 was $24,057,672 (compared to $24,883,295 at June 30, 2013).
- Callinan completed a staged royalty investment with Excelsior Mining and exercised the first royalty option. In total, Callinan has acquired a 1% Gross Revenue Royalty ("GRR") on the Gunnison Copper Project in Arizona and holds options for the right to increase its royalty to a 3% GRR in return for additional payments following completion of additional key project milestones.
- Callinan announced the creation of two separate exploration alliances. As part of these alliances, Callinan has agreed to fund exploration programs totalling $150,000 on the Alvito project in Portugal with Avrupa Minerals and the same amount on the Golden Shears project in Nevada with Renaissance Gold in exchange for a 1.5% net smelter returns royalty on each project.
The 2013-2014 Annual Information Form has been prepared and is available for viewing on SEDAR and the Callinan website.
Roland Butler, CEO commented "Through this prolonged downturn across the minerals sector, Callinan remains a profitable, dividend-paying royalty company with no debt and a healthy treasury. We continue to seek and evaluate compelling investment royalty opportunities and have initiated our own project generation activities to create additional value and new royalty interests at a time when competition is minimal. The Company is in strong financial condition and well positioned to advance 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 6?% net profits interest royalty and a production royalty CAD $0.25 per ton of ore milled 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 $24 million in cash and approximately 49.2 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.
Contact
please visit www.callinan.com or contact:
Roland Butler, CEO
Callinan Royalties Corp.
+1 709 535 3433
shareholder@callinan.com
Tamara Edwards, CFO
Callinan Royalties Corp.
+1 604 424 8639
shareholder@callinan.com
Corporate Office:
770 - 475 West Georgia Street
Vancouver, BC, Canada, V6B 4M9