67
MANAGEMENT’S DISCUSSION AND ANALYSIS
DRIVING GROWTH FROM WITHIN
Consolidated Statements of Net Income (Loss)
FOR THE YEARS ENDED DECEMBER 31,
(Expressed in thousands of US Dollars, except for share and per share amounts)
Notes
2014
2013
Sales
17
$ 174,006
$ 137,394
Cost of sales
18
113,753
95,619
Mine operating earnings
60,253
41,775
Other expenses
Selling, general and administrative expenses
9 a), 9 b), 19
25,225
19,783
Exploration and evaluation costs
20
–
418
Loss on disposal of mineral properties, plant and equipment
66
78
Restructuring and severance costs
21
1,091
493
Write-off of mineral properties, plant and equipment
7 b)
–
570
Impairment of mineral properties, plant and equipment
7 d)
–
30,000
Impairment of inventories
6
121
62
Operating income (loss)
33,750
(9,629)
Finance items
Interest income
281
591
Interest expense
(1,152)
(932)
Net finance expense
22
(871)
(341)
Income (loss) before tax
32,879
(9,970)
Income taxes
12
17,277
9,130
Net income (loss) for the year
$ 15,602
$ (19,100)
Earnings (loss) per share – Basic
13 e) i
$
0.12
$
(0.15)
Earnings (loss) per share – Diluted
13 e) ii
$
0.12
$
(0.15)
Weighted average number of shares outstanding – Basic
13 e) i
126,786,921 125,552,597
Weighted average number of shares outstanding – Diluted
13 e) ii
128,142,977 126,547,754
The accompanying notes are an integral part of these consolidated financial statements.
