Harry Winston Reports Net Income of $3.4 Million for Q3

Harry Winston Diamond Corp. (TSX:HW,NYSE:HWD) announced its fiscal 2013 third-quarter results for the quarter ended October 31, 2012, commenting that its net income totaled $3.4 million ($0.04 per share) compared to a net loss of $4.7 million ($0.06 per share) in the year-ago quarter.

As quoted in the press release:

• Consolidated sales increased 51% to $180.4 million for the third quarter compared to $119.7 million for the comparable quarter of the prior year.  Operating profit was $10.3 million compared to an operating loss of $2.0 million in the comparable quarter of the prior year.  (Included in the prior year’s operating loss was a$13.0 million paste plant de-recognition charge for the mining segment.)  EBITDA increased 64% to $34.8 million compared to $21.2 million in the comparable quarter of the prior year.
• Consolidated net profit attributable to shareholders for the third quarter was $3.4 million or $0.04 per share compared to net loss attributable to shareholders of$4.7 million or $0.06 per share in the comparable quarter of the prior year.  Included in the prior year period net loss was a $8.4 million (or $0.10 per share) after-tax paste plant de-recognition charge.

Click here to read the full Harry Winston Diamond Corp. (TSX:HW,NYSE:HWD) press release.