Dallas, Texas 08/13/2014 (FINANCIALSTRENDS) – Results of second quarter ending June 30th 2014 has been announced for North American Palladium Ltd (USA) (NYSEMKT:PAL). The company has realized revenue of $50.5 million in main and $14.1 million as by-product revenue, as compared to $33.2 million as the main revenue for Q2 2013. A net loss of $10 million was posted by the company that calculates to loss of $0.03 earnings per share. This is a tad better than last year’s loss of $0.15 EPS and projects that the company is in the right track. Further an adjusted EBITDA of $10.4 million indicate the positive trend and the efficient management of the company. The decrease in losses is mainly attributed to better revenues and increased foreign exchange rates.
Operational Details Of Palladium Sales
The forward looking statements of the last quarter were fulfilled when ore handling system was upgraded but North American Palladium Ltd (USA) (NYSEMKT:PAL) averagely mined around 2.9k tonnes of the metal per day which was lower than the expected 5k tonnes, mainly hampered by unavailable machinery and adverse environmental conditions. Palladium was sold as per the regulations of $806 per ounce with a margin of $296 per ounce. Apart from the incoming revenues, the company had announced an additional $6 million to continue its exploration activities at variable depths for potential future mining projects. Close to the end of the quarter, the management had also announced that the interest rate of its senior secured term loan has been reduced by extending its credit till July 2015.
Forward Guidance Is Stable With Reachable Targets
Jim Gallagher, Chief Operating Officer of North American Palladium Ltd (USA) (NYSEMKT:PAL) stated that he was very happy about the company’s performance and is looking forward for the various developmental activities and revenue-increasing projects that have been lined up for future. He also hopes to complete their equipment enhancement program of both ground and surface as soon as possible in order to achieve their average of 5k tonnes of metal per day.