Features of Fiscal 2014:
- Revenue increased 39% year-on-year to $45.2 million, comprising $41.1 million from diamond sales and beneficiation income of $4.1 million.
- 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).
- Net loss for the year narrowed to $10.4 million compared to a loss of $13.8 million in the prior year, after non cash charges of $10.1 million for foreign exchange and depreciation.
Read the SENS announcement