highlites of molycorp q1 2013 results

Mu guess is that Molycoorp continues to go up slightly because they are reporting actual production, sales and revenues. (and losses)
And their shareholders appear to be optimists.
Have to see what happens when Lynas reports quarterly results.

MOLYCORP REPORTS FIRST QUARTER 2013 RESULTS
May 9, 2013 in MCP News Releases, Featured MCP News
HIGHLIGHTS:
•The Company sold 3,274 metric tons (mt) of product at an average sales price, or ASP, of $44.71 per kilogram for the first quarter of 2013. Net revenues for the quarter were $146.4 million, up 9% from the fourth quarter of 2012.

•For the quarter, the Company reported a net loss of $0.33 per share. The Company reported a loss of $0.15 per share for the quarter on an adjusted non-GAAP basis.

•All key production assets at the Company’s new Mountain Pass Rare Earth Facility (“Molycorp Mountain Pass facility”) are operational and ramping up to the facility’s initial planned annual run rate of 19,050 mt of rare earth oxides (“REO”) equivalent by mid-year 2013.

Greenwood Village, CO (May 9, 2013, 4:01 p.m. Eastern) — Molycorp, Inc. (NYSE: MCP) (“Molycorp” or the “Company”) today announced financial and operating results for the first quarter of 2013.


FIRST QUARTER 2013 RESULTS

The Company reported consolidated net revenues of $146.4 million during the first quarter of 2013, a 9% increase over the fourth quarter of 2012.

The Company sold 3,274 mt of product at an ASP of $44.71 per kilogram and generated a gross loss of $20.5 million during the quarter, as compared to a gross loss $20.5 million during the fourth quarter of 2012.

Molycorp reported a loss attributable to common stockholders of $50.1 million, or $0.33 per share. Adjusted loss per share of $0.15 in the first quarter eliminates the effect of operational expansion items, out-of-ordinary business expenses, and certain other non-cash items.

The Company reported negative cash flows from operating activities of $36.6 million during the quarter, and had $404.8 million in cash and cash equivalents as of March 31, 2013.

During the first quarter, Molycorp’s cash capital expenditures were $181.1 million. For the remainder of 2013, the Company estimates that its cash capital expenditures will total approximately $250 million. Approximately $80 million of additional cash capital expenditures related to the Molycorp Mountain Pass facility modernization and expansion project are anticipated to be incurred in 2014, including discretionary expenditures required to expand production beyond the initial planned annual run rate of 19,050 mt, if and when market demand, product pricing, capital availability and financial returns justify such production.

The Company reiterates its expectation that its financial performance for the first half of 2013 will be weaker than the second half of 2012. This is due to typical seasonality resulting in slow rare earth sales in the first quarter, combined with the expectation that its Molycorp Mountain Pass facility will not achieve full-scale commercial production until mid-year 2013.

“Our ongoing production ramp-up at Mountain Pass remains on course, and our increasing production is allowing us to produce for end-use customers as well as provide greater feedstock to our downstream, value-added processing facilities,” said Constantine Karayannopoulos, Molycorp’s President and CEO. “On the demand side, we are beginning to see signs of a return to more normal levels of demand as the year progresses.”