Aurizon Mines Ltd. reported adjusted net income of $4.4 million, or $0.03 per share, in the second quarter ending 6/30/2010. The company earned adjusted net income of $3.9 million, or $0.02 per share, in the second quarter of 2009.
Aurizon Mines Ltd. revises its income statement every quarter from the standard GAAP presentation and reports adjusted earnings. The adjustment excludes non-cash unrealized derivative gains and losses, which are considered not representative of the company’s operating performance.
Aurizon Mines Ltd. reported after tax unrealized derivative gains of $0.9 million in the second quarter of 2010, and $9.7 million in the second quarter of 2009. Sales in the most recent quarter were reported at $50.5 million, compared to $45.2 million in the second quarter of 2009.
Aurizon Mines Ltd. sold 39,964 ounces of gold in the second quarter of 2010 at an average U.S. dollar price of $1,082 per ounce. The company sold 42,042 ounces of gold in the second quarter of 2009 at an average U.S. dollar price of $897 per ounce.
Aurizon Mines Ltd. produces gold from the company’s operations at Casa Berardi, located in Quebec, Canada. The company is also prospecting for gold at the Joanna project in Canada.
For more information on the company, go to www.aurizon.com