Stillwater Mining Company (NYSE:SWC,TSX:SWC.U) today reported earnings results for the second quarter of 2014. Highlights included a rise of total cash and investments to $501.9 million during the quarter and the reduction of corporate overhead down 50 percent year on year.
As quoted in the press release:
Stillwater Mining Company (the Company) today reported second quarter 2014 consolidated net income attributable to common stockholders of $17.9 million or $0.14 per diluted share, compared to second quarter 2013 consolidated net loss attributable to common stockholders of $5.3 million or $0.04 per share. Second quarter 2014 results include $5.6 million of pre-tax reorganization costs. The second quarter of 2013 included proxy contest expenses of $1.5 million and non-cash accelerated equity-based compensation of $9.1 million.
Stillwater Mining CEO, Mick McMullen, said:
I am very pleased to report another excellent quarter at Stillwater Mining Company. Earnings attributable to common stockholders of $17.9 million were a strong result that included a $5.6 million pre-tax charge for reorganization costs. We also benefited during the quarter from reprocessing and selling some PGM ounces from inventories that had accumulated over the past year. The drive to produce profitable ounces is evidenced by the $27.6 million increase in our net cash position, which is pleasing considering recycling gross working capital also increased by $9.8 million over the quarter.