Royal Gold, Inc. (NASDAQ:RGLD) Q2 2019 Earnings Conference Call Transcript
Feb 07, 2019 • 12:00 pm ET
Good day, ladies and gentlemen, and welcome to the Royal Gold's Fiscal 2019 Second Quarter Conference Call. All participants will be in listen-only mode. After today's presentation, there will be an opportunity to ask questions. (Operator Instructions) Please note this event is being recorded.
At this time, I would like to turn the conference over to Alistair Baker, Director of Business Development. Please go ahead.
Thank you, operator. Good morning, and welcome to our discussion of Royal Gold's second quarter 2019 results. This event is being webcast live and you'll be able to access a replay of this call on our website. Participating on the call today are Tony Jensen, President and CEO; Bill Heissenbuttel, CFO and Vice President Strategy; Mark Isto, Vice President, Operations; and Bruce Kirchhoff, Vice President, General Counsel and Secretary.
This discussion falls under the Safe Harbor provision of the Private Securities Litigation Reform Act. A discussion of the Company's current risks and uncertainties is included in the Safe Harbor and Cautionary Statement in today's press release and slide presentation and is presented in greater detail in our filings with the SEC.
Tony will give you an overview of the quarter, followed by Mark with that update on our operating results. Bill will then provide a financial update and Tony will close out the call with some commentary on the current market environment. We'll then open the lines for a Q&A session.
Now, I will turn the call over to Tony.
Tony A. Jensen
Thanks, Alistair. Good morning, everyone and thank you for joining the call. I'll begin on slide four. Our revenue for the quarter was $97.6 million, down slightly from our previous September quarter of $100 million. Volumes were down slightly over the same period by about 3%, which is consistent with the guidance we provided in our last quarterly call.
Metal prices were roughly in line with the quarter -- with the last quarter, with realized gold and copper prices up 1% and silver prices down 3%. Earnings for the quarter were $0.36 per share, which included a tax benefit of approximately $6 million and a loss of $3.6 million due to the mark-to-market on the value of equity securities. Bill, will provide further details on these items in his remarks.
Operating cash flow was $59 million, which comfortably allowed the payment of another $16.4 million in dividends during the quarter. Consistent with previous years, our Board announced on November, 13, that the dividend was increased from $1 per share to $1.06 per share for the calendar quarter -- of calendar year. Paying a growing sustainable dividend is one of our key strategic objectives at Royal Gold and this increase continues our record of consistently raising our dividend since it was initially introduced in 2000. We have now returned approximately $460 million to shareholders in the form of dividends over the same period. We are also continuing to strengthen our balance sheet during the quarter with working capital of $167 million in undrawn revolving credit facility of