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Crocodile Gold Corp. (TSX:CRK,OTCQX:CROCF) announced its financial results for Q4 2014 as well as 2014 as a whole, noting that for the quarter its net income was $10.7 million, up from a net loss of $23.3 million in the year-ago period.
Crocodile Gold Corp. (TSX:CRK,OTCQX:CROCF) announced its financial results for Q4 2014 as well as 2014 as a whole, noting that for the quarter its net income was $10.7 million, up from a net loss of $23.3 million in the year-ago period. For the year its net income was $19.9 million, up from a net loss of $92.8 million in 2013.
Other highlights include:
Rodney Lamond, president and CEO of Crocodile Gold, commented:
2014 was a successful and transformational year for Crocodile Gold. We established consistent production from our current operating assets at a higher sustainable level and reduced operating cash costs year-over-year by 12% enabling the Company to generate record operating cash flows of $74.2 million. We implemented controls and procedures for the disciplined allocation of sustaining capital that decreased all-in sustaining cash costs year-over-year by 11%. The year was highlighted by the agreement to terminate the net free cash flow sharing arrangement with AuRico Gold Inc. (‘AuRico’) which allows the Company to fully benefit from the strong cash flows we currently generate from our Fosterville and Stawell Gold Mines. Our strong fourth quarter performance resulted in a solid cash balance at year end that enabled us to fund a one-time payment as part of the consideration to close the termination agreement without the addition of debt.
Click here to read the full Crocodile Gold Corp. (TSX:CRK,OTCQX:CROCF) press release.