Yamana Gold Records 2013 Net Loss of $446.2 Million

Yamana Gold Inc. (TSX:YRI,NYSE:AUY) announced its financial and operating results for the fourth quarter of 2013, as well as for 2013 as a whole, commenting that for the full year it saw a net loss of $446.2 million, or $0.59 per common share. The decline came on the back of a $574.2-million impairment charge and is a significant break from net earnings of $442.1 million the previous year.

On a different note, the company produced 1.2 million gold equivalent ounces for the year, the same amount it put out in 2012. That consists of 1.03 million ounces of gold and 8.4 million ounces of silver.

Other financial highlights include:

• Revenue for the fourth quarter of $420.7 million and $1.84 billion for full year.
• Adjusted earnings(1) of $273.4 million or $0.36 per share for full year after adjusting for one time and non-cash items of $719.6 million; net loss(2) for full year of $446.2 million or $0.59 per share.
• Adjusted earnings of $36.7 million or $0.05 per share for the fourth quarter after adjusting for one time and non-cash items of $620.7 million; net loss(2) for the fourth quarter of $583.9 million or $0.78 per share.
• Cash flows from operating activities before changes in non-cash working capital(1) of $0.22 per share for the fourth quarter or $165.3 million and $0.94 per share for the full year or $707.9 million.
• Cash flows from operating activities after changes in non-cash working capital of $0.25 per share for the fourth quarter or $184.8 million and $0.87 per share for the full year or $653.1 million.
• General and administrative expenses of $135.3 million, a decrease of 7% year over year.

Click here to read the full Yamana Gold Inc. (TSX:YRI,NYSE:AUY) press release.