29 April 2021
Agnico Eagle Mines Limited today reported quarterly net income of $136.1 million, or net income of $0.56 per share, for the first quarter of 2021. This result includes gains of $10.0 million ($0.04 per share) on the sale of certain non-core European properties, derivative gains on financial instruments of $6.8 million ($0.03 per share), non-cash foreign currency translation gains of $3.1 million ($0.01 per share), non-cash mark-to-market losses on warrants of $27.7 million ($0.11 per share), foreign currency translation losses on deferred tax liabilities of $11.2 million ($0.05 per share), a multi-year health care donation of $5.0 million (net of tax, pre-tax amount of $8.0 million) ($0.02 per share) and various other adjustment losses of $2.8 million ($0.01 per share). Excluding these items would result in adjusted net income1of $162.9 million or $0.67 per share for the first quarter of 2021. For the first quarter of 2020, the Company reported a net loss of $21.6 million or a net loss of $0.09 per share.
Included in the first quarter of 2021 net income, and not adjusted above, are non-cash stock option expense of $8.8 million ($0.04 per share) and workforce costs of employees affected by the COVID-19 pandemic (primarily Nunavut-based) of $2.6 million ($0.01 per share).Agnico Eagle Mines Limited today reported quarterly net income of $136.1 million, or net income of $0.56 per share, for the first quarter of 2021. This result includes gains of $10.0 million ($0.04 per share) on the sale of certain non-core European properties, derivative gains on financial instruments of $6.8 million ($0.03 per share), non-cash foreign currency translation gains of $3.1 million ($0.01 per share), non-cash mark-to-market losses on warrants of $27.7 million ($0.11 per share), foreign currency translation losses on deferred tax liabilities of $11.2 million ($0.05 per share), a multi-year health care donation of $5.0 million (net of tax, pre-tax amount of $8.0 million) ($0.02 per share) and various other adjustment losses of $2.8 million ($0.01 per share). Excluding these items would result in adjusted net income1of $162.9 million or $0.67 per share for the first quarter of 2021. For the first quarter of 2020, the Company reported a net loss of $21.6 million or a net loss of $0.09 per share.
Included in the first quarter of 2021 net income, and not adjusted above, are non-cash stock option expense of $8.8 million ($0.04 per share) and workforce costs of employees affected by the COVID-19 pandemic (primarily Nunavut-based) of $2.6 million ($0.01 per share).