Agnico-Eagle reports Q1 2010 results; Record quarterly revenue and gold production; Meadowbank Mine achieves commercial production.
Agnico-Eagle Mines Limited ("Agnico-Eagle" or the "Company") today reported quarterly net income of $22.3 million, or $0.14 per share, for the first quarter of 2010. This result includes a non-cash foreign currency translation loss of $8.9 million, or $0.06 per share, as well as a non-cash stock-based compensation expense of $17.3 million, or $0.11 per share. In the first quarter of 2009, the Company reported net income of $54.3 million, or $0.35 per share. A 105% increase in gold production and a similar increase in gross mine profit were more than offset by non-cash foreign currency translation losses, increased depreciation, non-cash stock-based compensation and the deferred tax provision.