Rockwell Diamonds Sees 39-percent Increase in Revenue

Rockwell Diamonds Inc. (TSX:RDI) announced yesterday its results for the year ended February 28, 2014, commenting that its revenue came to $45.2 million, a 39-percent increase from the previous year.

Meanwhile, it recorded a net loss of $10.4 million “after non cash charges of $10.1 million for foreign exchange and depreciation.” That’s lower than than its $13.8-million net loss the year prior.

Other highlights include:

• Seventh successive quarter of dollar denominated revenue growth reported in fourth quarter.
• Overall volume of gravel processed and carat production from all Company-owned properties up 28% and 27% year-on-year, respectively.
• Operating profit before amortization and depreciation of $6.0 million, up from $1.1 million in prior year.
• General and administration expenses declined 29% to $4.4 million.
• Cash and cash equivalents of $1.3 million after capital investments of $8.7 million in new processing capacity.
• Net cash flow from operating activities of $2.6 million, before investment in new plant.
• Inventory of 2,752 carats carried forward (includes 1,181 carats on royalty mining contracts).
• The current ‘beneficiation pipeline’ of more than 6,000 carats provides additional future revenue potential.
• Returns from royalty mining contracts deliver net royalties of $1.2 million from five Tirisano contracts and Zwemkuil contract (ceased in third quarter).

Click here to read the full Rockwell Diamonds Inc. (TSX:RDI) press release.