Stillwater Mining Posts Loss In Q4

(RTTNews) - Stillwater Mining Co. (SWC), a palladium and platinum producer, Monday reported net loss for the fourth quarter, compared with profit in the same period last year, despite a growth in revenues, chiefly as the company recorded a significant impairment charge on its Marathon properties in Canada.

For the fourth quarter, the company reported net loss of $77.99 million or $0.65 per share, compared with a profit of $16.87 million or $0.13 per share reported for the corresponding period last year.

During the fourth quarter, the company recorded a $171.4 million pre-tax impairment of its Marathon properties in Canada, reducing the carrying value of Marathon to estimated fair market value of $57.2 million.

Revenues, however, rose to $242.36 million from $203.37 million in fourth quarter of last year.

In the 3-month period, Stillwater Mine produced 98,700 ounces of palladium and platinum, up from 97,500 ounces produced in the fourth quarter of 2012. Production at the East Boulder Mine increased to 42,400 ounces from 35,000 ounces a year earlier.

For the full-year 2013, net loss was $270.21 million or $2.28 per share, compared with a profit of $55.04 million or $0.46 per share in 2012. Annual revenues rose to $1.04 billion from $800.2 million a year earlier, reflecting higher year-over-year PGM prices, increased mine sales volumes and significantly higher volume of recycled material .

For 2014, the company expects mined production of 520,000 to 535,000, cash cost per Mined ounce of $540 to $590, and capital expenditures of $145 million to $155 million.