Kirkland Lake Gold Reports Solid Earnings and Cash Flow in First Quarter 2018, Announces Dividend Increase (May 02, 2018)

 

http://www.klgold.com/

TORONTO, May 02, 2018 (GLOBE NEWSWIRE) — Kirkland Lake Gold Ltd. (“Kirkland Lake Gold” or the “Company”) (TSX:KL) (NYSE:KL) (ASX:KLA) today announced the Company’s financial and operating results for the first quarter of 2018 (“Q1 2018”). The Company’s full financial statements and management discussion & analysis are available on SEDAR at www.sedar.com and on the Company’s website at www.klgold.com.

The Company also announced today an increase to its quarterly dividend to C$0.03 per share from C$0.02 per share, with the increase to commence with the second quarter 2018 (“Q2 2018”) dividend, payable in July 2018. All dollar amounts in this News Release are expressed in U.S. dollars, unless otherwise noted.

Key highlights of the Q1 2018 results include:

-Net earnings increase year over year to $53.8 million ($0.25/share) compared to $13.1 million ($0.06/share) in Q1 2017 and $41.0 million ($0.20/share) in Q4 2017. Adjusted net earnings1,3 totaled $52.6 million ($0.25/share) versus $17.5 million ($0.09/share) in Q1 2017 and $71.2 million ($0.34/share) in Q4 2017.

-Record quarterly EBITDA1,2,3 of $105.9 million versus $66.9 million in Q1 2017 and $103.9 million in Q4 2017.

-Solid cash flow from operating activities1 totaling $89.6 million versus $67.9 million in Q1 2017 and a quarterly record of $103.4 million in Q4 2017

-Strong year-over-year growth in free cash flow3 to $50.2 million compared to $38.5 million and $64.5 million, respectively, in Q1 2017 and Q4 2017.

-Cash increased $43.7 million or 19% to $275.3 million at March 31, 2018 from $231.6 million at the end of 2017.

-Low unit costs with operating cash cost/ounce sold3 averaging $447 (based on production costs of $66.1 million), in line with 2018 guidance and compared to $564 in Q1 2017 and $412 in Q4 2017. All-in sustaining cost (“AISC”)/ounce sold3 averaged $833 versus $873 in Q1 2017 and $816 in Q4 2017. AISC/ounce to improve as quarterly sales volumes increase.

For the rest of this news release: http://www.klgold.com/news-and-media/news-releases/press-release-details/2018/Kirkland-Lake-Gold-Reports-Solid-Earnings-and-Cash-Flow-in-First-Quarter-2018-Announces-Dividend-Increase/default.aspx

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