North American Palladium Announces Financial Results

North American Palladium Ltd. (TSX:PDL,NYSE:PAL) announced financial and operational results for the first quarter of 2012.

As quoted in the press release:

Revenue for the first quarter was $44.6 million compared to $36.7 million in the first quarter the prior year. Revenue was $41.6 million from LDI, and $3.0 million from Sleeping Giant. During the quarter, the Company realized a palladium selling price of US$661 per ounce and a gold price of US$1,719 per ounce.

Net loss for the quarter was $0.9 million or $0.01 per share compared to a net loss of $10.3 million or $0.06 per share in the same quarter last year. Adjusted net income⁽¹⁾ (which excludes exploration costs and mine closure costs) was $4.2 million in the first quarter, compared to negative $6.5 million in the same quarter last year.

NAP’s President and CEO, William J. Biggar said:

Our solid operational results in the first quarter drove improved financial performance for the Company. I am also very pleased with the steady progression of our LDI expansion project as we continued to achieve a number of development milestones during the quarter.

Click here to read the North American Palladium Ltd. (TSX:PDL) press release.