ABER DIAMOND CORPORATION announces its first quarter results for the period ended April 30, 2007.
Commenting on Aber's first quarter results, Chairman and Chief Executive Officer Robert Gannicott stated, "Operationally this has been one of our strongest quarters. The Winter Road re-supply delivered the largest number of loads in its 25 year history."
"Diamond production set a new first quarter high despite a seasonally cold winter with recovered grades being 12% above ore reserve levels. Consolidated operating margins also improved over the prior year. Harry Winston has continued its solid growth in sales as it delivers on its planned store openings around the world to serve the growing population of wealthy consumers."
Thomas O'Neill, President of Aber and Chief Executive Officer of Harry Winston added, "In the First Quarter 2008 we continue our solid results with a double digit increase in sales supported by strengthening gross margins. Another new salon opened in Tokyo, Japan, while we relocated our store in Osaka to the prestigious Shinsaibashi area and expanded our store in Taipei, Taiwan."
"We now have 14 Harry Winston locations throughout the world. We continue to execute our growth strategy through new product and innovative marketing approaches together with expanding our retail store network in prime locations around the world. We plan to open four additional stores before the end of the year."
Chief Financial Officer, Alice Murphy commented that "Strong segment sales growth of 19% and 17% for mining and retail operations respectively increased consolidated quarterly earnings from operations compared to the prior year."
"Net earnings for the quarter were, however, negatively impacted by the non-cash, mark-to-market adjustment on future income taxes, resulting from the 6% strengthening of the Canadian dollar against the US dollar during the quarter. This $13.6 million mark-to-market charge to earnings compares to a future income tax recovery of $10.4 million included in our prior year's results."
marketing@alchempro.com
