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Royal Gold's FY'17 net income back in black on higher revenue

Royal Gold Inc. posted record net income attributable to shareholders for its full fiscal 2017 of US$101.5 million, or US$1.55 per share, swinging from a year-ago loss of US$77.1 million, or US$1.18 per share, on the back of record earnings.

The results for fiscal 2016 also included a US$98.6 million impairment charge, while no impairment was recorded in fiscal 2017, according to an Aug. 9 release.

Revenue for the company jumped 23% year over year to US$440.8 million, including stream revenue of US$314.0 million and royalty revenue of US$126.8 million.

The increase in revenue was realized on the back of higher production volumes across the portfolio, with increased gold output at Andacollo in Chile and higher gold and silver output at Pueblo Viejo in the Dominican Republic.

The company's inventory stood at about 14,100 ounces of gold and 536,800 ounces of silver June 30, 2017, compared to 19,800 ounces of gold and 323,700 ounces of silver June 30, 2016.

Fiscal 2017 cost of sales increased to about US$87.3 million, compared to US$70.9 million in fiscal 2016, due to the increase in gold production and silver stream production at Pueblo Viejo.

Full fiscal year cash flow from operations was also a record at US$266 million, increasing 57% year over year.

The company declared a dividend of 95 U.S. cents per share for the full year, compared to a full-year dividend of 91 cents apiece in fiscal 2016.

In the fourth quarter of the year, Royal Gold's net income attributable to shareholders slid slightly to US$20 million, or 31 cents per share, from US$20.4 million, or 32 cents per share, a year ago.

Fourth-quarter net income included higher noncash compensation costs and mark-to-market adjustments on warrants and Canadian deferred tax liabilities, as well as higher exploration and legal costs, the company said.

Revenue in the three-month period increased 16% year over year to US$108.9 million, and operating income rose to US$34.6 million, from US$28.5 million in the year-ago quarter.

The company declared a dividend of 24 cents per share in the fourth quarter, compared to a dividend of 23 cents per share for the same prior-year quarter.