"1) 2% decrease in production of Palladium Q4 2) Revenue decreased by 8% for total of -4.3 million 3) Operating Cash Flow DECREASED -1.5 million 4) Net Loss of 11.1 million for the quarter was 3.7 million increase. ( increase of -.05 ) 5) Pd sales recorded at $364 per ounce vs $322 per ounce, $42 Inrease 6) Cash cost for Pd was $223 vs $108"
Hold on, let's put (1),(2) and (5) together to see if it makes sense:
(1) Production ounces decrease 2% to 98%. (5) Metal price increased from $322/oz to $364/oz, which is an increase to 113%. (2) Revenue decreased by 8%, brings it to 92%.
How does the math work?
Value of metals produced = Ounces * Price = 98% * 113% = 1.11% an increase
Sales revenue is a decrease to 92%
Metals Produces >> Metals sold
They held back produced metals!!!! The held back metal is not in the sales revenue, but it is still on the balance sheet!
Look at the balance sheet share holder equity change, where is the quarterly loss? I don't see a loss reflected on the balance sheet!!!
Concentrate Awaiting Settlement includes processed Pd? -- Consolidated Balance Sheets
Note 3: (Page 38) The gross value of concentrate awaiting settlement represents the value of all PGMs and base metals from production shipped to and received by the third-party smelter between May and December 2007, including 125,802 ounces of palladium which was valued at the December 31, 2007 London Metal Exchange (‘‘LME’’) afternoon price fix of US$364 (2006 – including 129,496 ounces of palladium valued at US$322). The LME afternoon price fix as at March 18, 2008 was US$481.
All of the concentrate awaiting settlement is due from one domestic customer at December 31, 2007 (2006 – two domestic customers). A reserve for doubtful accounts has not been established, as in the opinion of management, the amount due will be fully realized.