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Message: Lucara Q1 EPS of $0.00 Meets Expectations - But Revenues Half of Comparable Quarter

 

2017-05-03 08:17:00 AM ET (MT Newswires)
   
   

08:17 AM EDT05/03/2017 (MT Newswires) -- Lucara Diamond Corp. (LUC.TOWednesday reported that it had revenues of $26.1 million, or $405 per carat, compared with $50.6 million and $649 per carat for the same period last year. The company's EPS was nil, meeting analysts' expectations.

The decrease in revenues in Q1 2017 compared to Q1 2016 was "due to a lower volume of carats being sold and a decrease in the carat weight of specials sold. A larger volume of +10.8ct specials were sold in Q1 2016 (6,936 carats) compared to Q1 2017 (2,379 carats), which reflected the above average recoveries of specials during Q4 2015. The average prices in the Q1 2017 tender are amongst the top three in terms of $/carat achieved over the 30 Lucara regular tenders held to date. The decrease in overall carats sold in Q1 2017 compared to the prior year reflects the processing of lower grade stockpiles during a transition of mining contractors at Karowe.

 

Capital expenditure in 2017 is forecast at between $33 million-$35 million.

Lucara's shares closed Tuesday's session up 1.6% at $3.18 apiece. Over the past 52-weeks they have traded in the 52-week range of $2.62 - $4.39.

Price: 3.18, Change: 0, Percent Change: 0

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