Royal Gold Reports Second Quarter 2018 Results



(together with its subsidiaries, “Royal Gold” or the “Company,” “we” or “our”) reports a net loss of $15 million, or ($0.23) per share, on revenue of $114 million in its fiscal second quarter ended December 31, 2017 (“second quarter”). Second quarter reported earnings reflected the impact of recently enacted U.S. tax legislation and a non-cash functional currency election. Absent these impacts, adjusted net income1 was $28 million, or $0.41 per share, up 16% from the prior year quarter.


An expense of $26.4 million, or $0.40 per share related to U.S. tax legislation was recorded during the second quarter. As a United States domiciled company, we expect that the U.S. tax legislation will have a positive long-term impact on Royal Gold’s future financial results through the reduction in the U.S. corporate tax rate from 35% to 21% and by allowing us to efficiently repatriate future foreign earnings.


We also recorded an expense of $15.9 million, or $0.24 per share, related to a non-cash functional currency election to file certain Canadian income tax returns in U.S. dollars. This election is intended to reduce the volatility of Royal Gold’s effective tax rate due to quarterly mark-to-market adjustments.


Second Quarter Highlights Compared to Prior Year Quarter:


·Revenue of $114 million, an increase of 7%
·Operating cash flow of $76 million, an increase of 8%
·Volume of 89,700 GEOs,2 an increase of 2%
·Dividends paid of $16 million, an increase of 5%
·Repaid an additional $50 million on revolving credit facility
·Average gold price of $1,275, an increase of 4%



1Adjusted Net Income is a non-GAAP measure. Please see page 17 for reconciliation.

2Gold Equivalent Ounces, (“GEOs”) are calculated as revenue divided by the average gold price for the same period. GEOs net of stream payments were 74,100 in the second quarter, compared to 69,100 in the prior year quarter.


The following information was filed by Royal Gold Inc (RGLD) on Thursday, February 8, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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