Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - GOLD RESOURCE CORP | d439841d8k.htm |
Exhibit 99.1
| FOR IMMEDIATE RELEASE November 15, 2012 |
NEWS NYSE MKT: GORO |
GOLD RESOURCE CORPORATION REPORTS THIRD QUARTER 2012 RESULTS;
INCREASES PRODUCTION BY 54% OVER PRIOR QUARTER
COLORADO SPRINGS – November 15, 2012 – Gold Resource Corporation (NYSE MKT: GORO) (the Company) today announced results for its third quarter ending September 30, 2012. Gold Resource Corporation is a low-cost gold producer with operations in the southern state of Oaxaca, Mexico.
2012 Q3 HIGHLIGHTS
| • | 22,336 ounces precious metal gold equivalent (AuEq) produced |
| • | 18,059 ounces (AuEq) sold |
| • | 54% AuEq production increase over prior quarter |
| • | $23.8 million mine gross profit generated |
| • | $13.1 million pretax income, or $0.26 per share |
| • | $7.3 million net income, or $0.14 per share |
| • | $9.5 million dividend distribution, or $0.18 per share |
| • | $6.6 million physical gold and silver in treasury |
| • | Continued physical gold and silver dividend program |
Overview of Third Quarter 2012 Results from El Aguila Project
Gold Resource Corporation’s El Aguila Project produced 22,336 ounces (AuEq) before payable metal deductions. The Company sold 18,059 ounces precious metal gold equivalent (AuEq) at a total cash cost of $459 per ounce AuEq in the third quarter. Average prices realized on sales during the quarter were $1,769 per ounce gold and $32 per ounce silver. Mine gross profit generated was $23.8 million. The Company paid $9.5 million to shareholders in dividends. The Company continued its physical dividend program where shareholders have the option to convert their cash dividends to physical gold and/or silver.
“Our 54% increase in third quarter production was the result of overcoming many challenges including increasing water, increasing CO2 gas and mine development hurdles,” stated Gold Resource Corporation’s President, Mr. Jason Reid. “We continued to upgrade our management team which I believe was in large part the reason behind the increase in production. The positive takeaway from the quarter should include increased production, continued profitability, lowered total cash costs, and returning $9.5 million in dividends to the owners of the Company,” stated Mr. Reid.
The Company will host a conference call at 11:00 a.m. EDT on Thursday, November 15. Conference call details can be found on the Company website at www.goldresourcecorp.com.
Below is a table of the key production statistics for our El Aguila Project during the three and nine months ended September 30, 2012:
| Production and Sales Statistics |
||||||||||||||||
| La Arista Underground Mine | La Arista Underground Mine | |||||||||||||||
| Three Months Ended September 30, |
Three Months Ended September 30, |
Nine Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| Production Summary |
||||||||||||||||
| Milled: |
||||||||||||||||
| Tonnes Milled |
76,786 | 57,156 | 211,792 | 112,372 | ||||||||||||
| Tonnes Milled per Day |
835 | 621 | 773 | 621 | ||||||||||||
| Grade: |
||||||||||||||||
| Average Gold Grade (g/t) |
4.17 | 3.89 | 4.08 | 3.02 | ||||||||||||
| Average Silver Grade (g/t) |
320 | 491 | 365 | 438 | ||||||||||||
| Average Copper Grade (%) |
0.43 | 0.47 | 0.44 | 0.44 | ||||||||||||
| Average Lead Grade (%) |
2.14 | 1.30 | 1.88 | 1.18 | ||||||||||||
| Average Zinc Grade (%) |
4.43 | 2.91 | 4.01 | 2.58 | ||||||||||||
| Recoveries: |
||||||||||||||||
| Average Gold Recovery (%) |
88 | 89 | 89 | 90 | ||||||||||||
| Average Silver Recovery (%) |
94 | 93 | 93 | 93 | ||||||||||||
| Average Copper Recovery (%) |
75 | 78 | 74 | 75 | ||||||||||||
| Average Lead Recovery (%) |
64 | 77 | 69 | 78 | ||||||||||||
| Average Zinc Recovery (%) |
80 | 77 | 77 | 73 | ||||||||||||
| Mill production (before payable metal deductions)(2) |
|
|||||||||||||||
| Gold (ozs.) |
9,047 | 6,371 | 24,611 | 9,855 | ||||||||||||
| Silver (ozs.) |
739,576 | 841,820 | 2,317,110 | 1,472,486 | ||||||||||||
| Copper (tonnes) |
245 | 211 | 687 | 369 | ||||||||||||
| Lead (tonnes) |
1,051 | 569 | 2,734 | 1,027 | ||||||||||||
| Zinc (tonnes) |
2,705 | 1,281 | 6,567 | 2,117 | ||||||||||||
| Payable metal sold(2) |
||||||||||||||||
| Gold (ozs.) |
7,287 | 5,605 | 20,317 | 13,219 | ||||||||||||
| Silver (ozs.) |
599,501 | 780,317 | 1,982,868 | 1,356,806 | ||||||||||||
| Copper (tonnes) |
214 | 189 | 596 | 270 | ||||||||||||
| Lead (tonnes) |
869 | 497 | 2,231 | 888 | ||||||||||||
| Zinc (tonnes) |
1,993 | 938 | 5,003 | 1,422 | ||||||||||||
| Average metal prices realized |
||||||||||||||||
| Gold (oz.) |
$ | 1,769 | $ | 1,702 | $ | 1,690 | $ | 1,553 | ||||||||
| Silver (oz.) |
$ | 32 | $ | 38 | $ | 31 | $ | 37 | ||||||||
| Copper ( tonne) |
$ | 8,161 | $ | 8,835 | $ | 8,162 | $ | 8,869 | ||||||||
| Lead (tonne) |
$ | 2,107 | $ | 2,346 | $ | 2,080 | $ | 2,402 | ||||||||
| Zinc ( tonne) |
$ | 1,999 | $ | 2,182 | $ | 1,997 | $ | 2,185 | ||||||||
| Gold equivalent ounces produced (mill production)(2) |
| |||||||||||||||
| Gold Ounces |
9,047 | 6,371 | 24,611 | 9,397 | ||||||||||||
| Gold Equivalent Ounces from Silver |
13,289 | 18,918 | 42,038 | 31,270 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Gold Equivalent Ounces |
22,336 | 25,289 | 66,649 | 40,667 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Gold equivalent ounces sold(2) |
| |||||||||||||||
| Gold Ounces |
7,287 | 5,605 | 20,317 | 13,219 | ||||||||||||
| Gold Equivalent Ounces from Silver |
10,772 | 17,535 | 35,974 | 32,651 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Gold Equivalent Ounces |
18,059 | 23,140 | 56,291 | 45,870 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Cash Cost per Gold Equivalent Ounce(1) |
$ | 459 | $ | 260 | $ | 396 | $ | — | ||||||||
| (1) | A reconciliation of this non-GAAP measure to mine cost of sales, the most comparable GAAP measure, can be found below in Non-GAAP Measures. Total cash cost per gold equivalent ounce sold for the combined La Arista underground mine and the El Aguila open pit mine for the for the nine months ended September 30, 2011, can be found in the Non-GAAP Measures in the Form 10-Q for the period ended September 30, 2012. |
| (2) | Mill production represents metal contained in concentrates produced at the mill, which is before payable metal deductions are levied by the buyer of the Company’s concentrates. In addition, mill production quantities fort the nine months ended September 30, 2012 do not reflect any deduction for 757 gold ounces and 43,435 silver ounces (approximately 1,800 gold equivalent ounces) resulting from the settlement agreement with the buyer of the Company’s concentrates as discussed in Note 13 of the Consolidated Financial Statements in the Form 10-Q for the period ended September 30, 2012. Gold equivalent ounces sold for the nine months ended September 30, 2012 have been reduced by approximately 1,800 gold equivalent ounces as a result of the settlement. |
| Production and Sales Statistics |
||||
| El Aguila Open Pit Mine |
||||
| Nine Months Ended September 30, |
||||
| 2011 (1) | ||||
| Production Summary |
||||
| Milled: |
||||
| Tonnes Milled |
46,409 | |||
| Tonnes Milled per Day |
829 | |||
| Grade: |
||||
| Average Gold Grade (g/t) |
4.18 | |||
| Average Silver Grade (g/t) |
53 | |||
| Recoveries: |
||||
| Average Gold Recovery (%) |
89 | |||
| Average Silver Recovery (%) |
75 | |||
| Mill production (before payable metal deductions) |
||||
| Gold (ozs.) |
5,559 | |||
| Silver (ozs.) |
58,309 | |||
| Payable metal sold |
||||
| Gold (ozs.) |
3,917 | |||
| Silver (ozs.) |
43,605 | |||
| Average metal prices realized |
||||
| Gold (oz.) |
$ | 1,383 | ||
| Silver (oz.) |
$ | 34 | ||
| Gold equivalent ounces produced (mill production) |
||||
| Gold Ounces |
5,559 | |||
| Gold Equivalent Ounces from Silver (2) |
— | |||
|
|
|
|||
| Total Gold Equivalent Ounces |
5,559 | |||
|
|
|
|||
| Gold equivalent ounces sold |
||||
| Gold Ounces |
3,917 | |||
| Gold Equivalent Ounces from Silver (2) |
— | |||
|
|
|
|||
| Total Gold Equivalent Ounces |
3,917 | |||
|
|
|
|||
| (1) | No activity for the three months ended September 30, 2011. |
| (2) | Silver ounces were considered a by-product in arriving at the total cash cost per ounce equivalent. |
| (3) | Total cash cost per gold equivalent ounce sold for the combined La Arista underground mine and the El Aguila open pit mine for the for the nine months ended September 30, 2011 can be found in the Non-GAAP Measures in the Form 10-Q for the period ended September 30, 2012. |
About GRC:
Gold Resource Corporation is a mining company focused on production and pursuing development of gold and silver projects that feature low operating costs and produce high returns on capital. The Company has 100% interest in six potential high-grade gold and silver properties in Mexico’s southern state of Oaxaca. The Company has 52,679,369 shares outstanding, no warrants and no debt. Gold Resource Corporation is the only Company to offer its shareholders a dividend option to obtain physical gold or silver in addition to cash. For more information, please visit GRC’s website, located at www.Goldresourcecorp.com and read the Company’s 10-K for an understanding of the risk factors involved.
Cautionary Statements:
This press release contains forward-looking statements that involve risks and uncertainties. The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. When used in this press release, the words “plan”, “target”, “anticipate,” “believe,” “estimate,” “intend” and “expect” and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, the statements regarding Gold Resource Corporation’s strategy, future plans for production, future expenses and costs, future liquidity and capital resources, and estimates of mineralized material. All forward-looking statements in this press release are based upon information available to Gold Resource Corporation on the date of this press release, and the company assumes no obligation to update any such forward-looking statements. Forward looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. The Company’s actual results could differ materially from those discussed in this press release. In particular, there can be no assurance that production will continue at any specific rate. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the Company’s 10-K filed with the SEC.
Contacts:
Corporate Development
Greg Patterson
303-320-7708
www.Goldresourcecorp.com
See Accompanying Tables
The following information summarizes the results of operations for Gold Resource Corporation for the three months and nine months ended September 30, 2012 and 2011, its financial condition at September 30, 2012 and December 31, 2011 and its cash flows for the three months and nine months ended September 30, 2012 and 2011. The summary data for the three and nine months ended September 30, 2012 and 2011 is unaudited; the summary data for the year ended December 31, 2011 is derived from our audited financial statements contained in our annual report on Form 10-K for the year ended December 31, 2011, but do not include the footnotes and other information that is included in the complete financial statements. Readers are urged to review the Company’s Form 10-K in its entirety, which can be found on the SEC’s website at www.sec.gov.
The calculation of our cash cost per ounce contained in this press release is a non-GAAP financial measure. Please see “Management’s Discussion and Analysis and Results of Operation” contained in the Company’s most recent Form 10-Q and Form 10-K.
GOLD RESOURCE CORPORATION
(An Exploration Stage Company)
CONSOLIDATED STATEMENTS OF OPERATIONS
for the three and nine months ended September 30, 2012 and 2011
(U.S. dollars in thousands, except shares and per share amounts)
(Unaudited)
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| Sales of metals concentrate, net |
$ | 36,490 | $ | 37,781 | $ | 103,399 | $ | 69,725 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Mine cost of sales: |
||||||||||||||||
| Production costs |
12,141 | 7,690 | 31,838 | 16,967 | ||||||||||||
| Depreciation and amortization |
556 | 184 | 940 | 327 | ||||||||||||
| Accretion |
20 | 20 | 60 | 63 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total mine cost of sales |
12,717 | 7,894 | 32,838 | 17,357 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Mine gross profit |
23,773 | 29,887 | 70,561 | 52,368 | ||||||||||||
| Costs and expenses: |
||||||||||||||||
| General and administrative expenses |
2,933 | 1,812 | 8,922 | 4,790 | ||||||||||||
| Exploration expenses |
1,882 | 1,735 | 5,466 | 3,271 | ||||||||||||
| Construction and development |
5,394 | 4,467 | 13,492 | 13,557 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total costs and expenses |
10,209 | 8,014 | 27,880 | 21,618 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Operating income |
13,564 | 21,873 | 42,681 | 30,750 | ||||||||||||
| Other income (expense) |
(485 | ) | 2,476 | (1,782 | ) | 2,333 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Income before income taxes |
13,079 | 24,349 | 40,899 | 33,083 | ||||||||||||
| Provision for income taxes |
5,782 | 9,131 | 16,398 | 10,937 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income before extraordinary item |
7,297 | 15,218 | 24,501 | 22,146 | ||||||||||||
| Extraordinary items: |
||||||||||||||||
| Flood loss, net of income tax benefit of $750 |
— | — | — | (1,756 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income |
$ | 7,297 | $ | 15,218 | $ | 24,501 | $ | 20,390 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Other comprehensive (loss) income: |
||||||||||||||||
| Currency translation gain (loss) |
2,168 | (4,227 | ) | 1,943 | (3,844 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net comprehensive income |
$ | 9,465 | $ | 10,991 | $ | 26,444 | $ | 16,546 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income per common share: |
||||||||||||||||
| Basic: |
||||||||||||||||
| Before extraordinary item |
$ | 0.14 | $ | 0.29 | $ | 0.46 | $ | 0.41 | ||||||||
| Extraordinary item |
$ | — | $ | — | $ | — | $ | (0.03 | ) | |||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income |
$ | 0.14 | $ | 0.29 | $ | 0.46 | $ | 0.38 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Diluted: |
||||||||||||||||
| Before extraordinary item |
$ | 0.13 | $ | 0.27 | $ | 0.43 | $ | 0.39 | ||||||||
| Extraordinary item |
$ | — | $ | — | $ | — | $ | (0.03 | ) | |||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income |
$ | 0.13 | $ | 0.27 | $ | 0.43 | $ | 0.36 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Weighted average shares outstanding: |
||||||||||||||||
| Basic |
52,848,586 | 52,997,194 | 52,885,640 | 52,997,929 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Diluted |
56,254,632 | 56,357,096 | 56,365,316 | 56,475,441 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
The accompanying notes are an integral part of these consolidated financial statements.
GOLD RESOURCE CORPORATION
(An Exploration Stage Company)
CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands, except shares)
| September 30, 2012 |
December 31, 2011 |
|||||||
| (unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: |
||||||||
| Cash and cash equivalents |
$ | 36,242 | $ | 51,960 | ||||
| Gold and silver bullion |
6,560 | 2,549 | ||||||
| Accounts receivable |
16,090 | 14,281 | ||||||
| Inventories |
5,086 | 4,243 | ||||||
| Deferred tax assets |
11,118 | 11,118 | ||||||
| Prepaid expenses and other assets |
701 | 957 | ||||||
|
|
|
|
|
|||||
| Total current assets |
75,797 | 85,108 | ||||||
| Land and mineral rights |
227 | 227 | ||||||
| Property and equipment - net |
12,959 | 10,318 | ||||||
| Inventories |
890 | — | ||||||
| Deferred tax assets |
19,517 | 19,517 | ||||||
|
|
|
|
|
|||||
| Total assets |
$ | 109,390 | $ | 115,170 | ||||
|
|
|
|
|
|||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities: |
||||||||
| Accounts payable |
$ | 2,437 | $ | 1,691 | ||||
| Accrued expenses |
4,314 | 4,879 | ||||||
| IVA taxes payable |
3,191 | 559 | ||||||
| Income taxes payable |
1,990 | 15,987 | ||||||
| Dividends payable |
3,170 | 2,645 | ||||||
|
|
|
|
|
|||||
| Total current liabilities |
15,102 | 25,761 | ||||||
| Asset retirement obligation |
2,539 | 2,281 | ||||||
|
|
|
|
|
|||||
| Total liabilities |
17,641 | 28,042 | ||||||
| Shareholders’ equity: |
||||||||
| Preferred stock - $0.001 par value, 5,000,000 shares authorized: |
||||||||
| no shares issued and outstanding |
— | — | ||||||
| Common stock - $0.001 par value, 100,000,000 shares authorized: |
||||||||
| 53,015,767 and 52,998,303 shares issued and outstanding, respectively |
53 | 53 | ||||||
| Additional paid-in capital |
112,201 | 132,529 | ||||||
| (Deficit) accumulated during the exploration stage |
(15,021 | ) | (39,522 | ) | ||||
| Treasury stock at cost, 186,991 shares |
(3,449 | ) | (1,954 | ) | ||||
| Other comprehensive (loss) - currency translation adjustment |
(2,035 | ) | (3,978 | ) | ||||
|
|
|
|
|
|||||
| Total shareholders’ equity |
91,749 | 87,128 | ||||||
|
|
|
|
|
|||||
| Total liabilities and shareholders’ equity |
$ | 109,390 | $ | 115,170 | ||||
|
|
|
|
|
|||||
|
The accompanying notes are an integral part of these consolidated financial statements. |
| |||||||
GOLD RESOURCE CORPORATION
(An Exploration Stage Company)
CONSOLIDATED STATEMENTS OF CASH FLOWS
for the three and nine months ended September 30, 2012 and 2011
(U.S. dollars in thousands)
(Unaudited)
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| Cash flows from operating activities: |
||||||||||||||||
| Net income |
$ | 7,297 | $ | 15,218 | $ | 24,501 | $ | 20,390 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
||||||||||||||||
| Depreciation and amortization |
600 | 181 | 1,117 | 511 | ||||||||||||
| Accretion |
20 | 21 | 60 | 63 | ||||||||||||
| Stock-based compensation |
1,980 | 1,771 | 6,640 | 4,670 | ||||||||||||
| Currency translation gain (loss) |
2,168 | (4,227 | ) | 1,943 | (3,843 | ) | ||||||||||
| Unrealized (gain) loss from gold and silver bullion held |
(1,073 | ) | 287 | (744 | ) | 287 | ||||||||||
| Realized loss from gold and silver bullion converted |
19 | — | 109 | — | ||||||||||||
| Other |
6 | — | 6 | — | ||||||||||||
| Changes in operating assets and liabilities: |
||||||||||||||||
| Accounts receivable |
(11,504 | ) | (12,137 | ) | (1,809 | ) | (13,549 | ) | ||||||||
| Inventories |
(689 | ) | 1,033 | (1,733 | ) | (1,477 | ) | |||||||||
| Income tax receivable |
712 | — | — | — | ||||||||||||
| Prepaid expenses and other assets |
168 | (797 | ) | 256 | (1,180 | ) | ||||||||||
| Accounts payable |
1,851 | 348 | 746 | 1,549 | ||||||||||||
| Accrued expenses |
102 | 638 | (565 | ) | 116 | |||||||||||
| IVA taxes payable |
(485 | ) | 3,621 | 2,632 | 5,451 | |||||||||||
| Income taxes payable |
1,990 | 9,131 | (13,997 | ) | 10,187 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total adjustments |
(4,135 | ) | (130 | ) | (5,339 | ) | 2,785 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net cash provided by operating activities |
3,162 | 15,088 | 19,162 | 23,175 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Cash flows from investing activities: |
||||||||||||||||
| Capital expenditures |
(814 | ) | (1,955 | ) | (3,763 | ) | (5,044 | ) | ||||||||
| Purchases of gold and silver bullion |
(525 | ) | (2,012 | ) | (4,707 | ) | (2,012 | ) | ||||||||
| Proceeds from conversion of gold and silver bullion |
536 | — | 1,331 | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net cash used in investing activities |
(803 | ) | (3,967 | ) | (7,139 | ) | (7,056 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Cash flows from financing activities: |
||||||||||||||||
| Dividends paid |
(9,514 | ) | (6,890 | ) | (26,444 | ) | (17,490 | ) | ||||||||
| Treasury stock purchases |
(1,495 | ) | (972 | ) | (1,495 | ) | (972 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net cash (used in) financing activities |
(11,009 | ) | (7,862 | ) | (27,939 | ) | (18,462 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Effect of exchange rates on cash and equivalents |
114 | (343 | ) | 198 | (225 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in cash and cash equivalents |
(8,536 | ) | 2,916 | (15,718 | ) | (2,568 | ) | |||||||||
| Cash and equivalents at beginning of period |
44,778 | 42,098 | 51,960 | 47,582 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Cash and equivalents at end of period |
$ | 36,242 | $ | 45,014 | $ | 36,242 | $ | 45,014 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Supplemental Cash Flow Information |
||||||||||||||||
| Income taxes paid |
$ | 2,003 | $ | — | $ | 30,395 | $ | — | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
The accompanying notes are an integral part of these consolidated financial statements.