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Aber Diamond 2Q sales up 24 percent

September 11, 2007

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Toronto—Consolidated sales at Aber Diamond Corp. increased 24 percent to $173.3 million during the second quarter ended July 31, compared with $140 million for the second quarter in 2006, the company has announced.

Consolidated gross margin increased 28 percent to $94.1 million for the period, compared with $71.5 million for the same period last year, and earnings from operations increased 27 percent to $56.2 million, compared with $34.3 million.

Sales from the mining segment increased 15 percent to $105.1 million in the second quarter, compared with $91.5 million for the second quarter in 2006. Earnings from mining operations increased 21 percent to $53 million.

Retail sales for the second quarter increased 41 percent to $68.2 million. Earnings from retail operations were $3.2 million for the period, compared with $0.5 million for the same period last year. Both quarters were negatively impacted by certain acquisition-related costs attributable to the Harry Winston purchase, totaling $2.3 million in the current quarter and $1.4 million in the corresponding quarter of the prior year.

Aber's share of diamonds recovered from the Diavik Mine was 1.3 million carats for the three months ended June 30, an increase of 21 percent, compared with 1.1 million carats for the same period last year.

"We are pleased with our strong results this quarter that have delivered a 24 percent increase in sales and a 27 percent increase in earnings from operations with both segments of our business contributing to the record results," Aber Diamond Corp. Chairman and Chief Executive Officer Robert Gannicott said in a statement. "Rough-diamond production increased 21 percent in the quarter as a result of grade enhancements from improvements to the diamond recovery process. In our Harry Winston business, the demand for premier jewelry and watches continued to grow in our new and existing salons worldwide."
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Business | Company Activities and Information | Corporate Reporting | Earnings and Loss Announcements | Earnings and Losses

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