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Royal Canadian Mint Reports Further Growth in 2014 First Quarter Financial Report
OTTAWA, May 28, 2014 /CNW/ - The Royal Canadian Mint has reported another strong quarter with consolidated revenues of $669.4 million in the 13 weeks ending March 29, 2014 and consolidated profit before taxes increased 49.6% to $17.0 million from $10.7 million in the same period in 2013.
"The quarter's performance reflects steadily growing demand for the Mint's diversified range of products and services in Canada, Europe, the United States, South America and Asia," said Ian E. Bennett, President and CEO of the Royal Canadian Mint. "Our employees continue to exceed our customer requirements by producing world-class products, a testament to the Mint's vision to be the best Mint in the world."
Revenue related to the management of the Canadian coinage system and production of circulation coins was $26.0 million in the quarter compared to $22.4 million in the first quarter of 2013. The number of pieces produced/sold was relatively stable at 13.9 million pieces compared to 12.9 million coins during the same period in 2013.
Sales of Silver Maple Leaf (SML) coins increased 24.2% to 8.2 million ounces from 6.6 million ounces in the same period last year while the decline in Gold Maple Leaf (GML) coin sales reflects the lack of volatility in the gold price during the fourth quarter of 2013 and first quarter of 2014 as well as continuing activity in the gold bullion secondary market. The increase in SML sales reflects continued strong demand in North America, Europe and emerging markets such as Southeast Asia.
Demand for the Mint's numismatic products continues to grow, with revenue increasing 14.8% to $47.4 million in the 13 weeks to March 29, 2014 from $41.3 million in the same period ended March 30, 2013. The Mint issued 52 new products during the quarter compared to 53 in the first quarter of 2013.
Among the most notable collector products issued during the period were a series of fine silver coins commemorating the 100th anniversary of the declaration of the First World War. Several more coins commemorating the First and Second World Wars will be released throughout 2014.
The Mint sold 1.0 billion coins and blanks to six countries in the 13 weeks ended March 29, 2014 compared to 279.8 million coins and blanks to five countries in the same period in 2013. Shipments to South America accounted for over half a billion pieces. Revenue increased 136.1% to $28.8 million in the quarter from $12.2 million in the same period in 2013.
Other notable Mint achievements in the first quarter include:
- The Mint also unveiled a prototype of its bullion DNA anti-counterfeiting technology at the World Money Fair in Berlin. Through an innovative device soon to be made available to bullion dealers and distributors, a unique security mark appearing on every GML minted from 2014 onwards can be digitally read to certify the authenticity of every coin;
- The Mint released the 2014 Lucky Loonie circulation coin as Canadian athletes headed to the Sochi 2014 Winter Games. This special circulation coin, which continues to capture the imagination of our athletes and the public, portrays the common loon from behind as it spreads its wings and the Canadian Olympic Team logo; and
- The Bank of Botswana's new multi-ply plated steel coin series consists of seven denominations. The coins were officially declared legal tender by Botswana President Seretse Khama Ian Khama at a ceremony to celebrate the nation's new coin series on February 27, 2014.
To read more of the Mint's first quarter financial report, please visit www.mint.ca.
About the Royal Canadian Mint
The Royal Canadian Mint is the Crown Corporation responsible for the minting and distribution of Canada's circulation coins. An ISO 9001-2008 certified company, the Mint is recognized as one of the largest and most versatile mints in the world, offering a wide range of specialized, high quality coinage products and related services on an international scale. For more information on the Mint, its products and services, visit www.mint.ca.
SOURCE Royal Canadian Mint
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