Harry Winston Diamond Corporation reports fiscal 2012 first quarter results

First Quarter Highlights:

• Consolidated sales were $143.9 million, an increase of 26% versus the prior year (22% at constant exchange rates). Mining sales were $62.0 million, an increase of 27% versus last year primarily due to higher rough diamond pricing versus the comparable prior year period. Luxury brand sales were $81.9 million, an increase of 26% versus the prior year (20% at constant exchange rates), primarily driven by stronger high jewelry sales in the United States and higher timepiece sales.
• Rough diamond production for the calendar quarter ended March 31, 2011 was 0.5 million carats compared to 0.6 million carats in the calendar quarter of the prior year.
• Consolidated EBITDA (earnings before interest taxes depreciation and amortization) in the first quarter of Fiscal 2012 increased 51% versus a year ago to $25.0 million showing strength in both segments of the business. In the same period, Mining segment EBITDA increased 48.5% to $17.6 million and Luxury Brand segment EBITDA increased 57.3% to $7.3 million.
• Consolidated operating profit was $4.7 million or double the operating profit of $2.3 million from a year ago, with mining operating profits down $0.3 million and luxury brand profits up $2.7 million versus the prior year. Operating profit benefited from higher rough diamond prices and higher high-end jewelry and timepiece sales.
• Consolidated net profit attributable to shareholders for the first quarter was $3.6 million or $0.04 per share compared to net profit attributable to shareholders of $2.1 million or $0.03 per share in the comparable quarter of the prior year.

Read the full news release here.