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CALGARY, ALBERTA -- (Marketwire) -- 03/07/13 -- Freehold Royalties Ltd. (Freehold) (TSX: FRU) today announced 2012 fourth quarter results and reserves as at December 31, 2012.
Results at a Glance
Three Months Ended Twelve Months EndedFINANCIAL HIGHLIGHTS December 31 December 31 --------------------------------------------------------($000s, except as noted) 2012 2011 Change 2012 2011 Change----------------------------------------------------------------------------Gross revenue 45,794 45,304 1% 168,134 157,910 6%Net income 13,431 16,033 -16% 46,328 55,259 -16% Per share, basic and diluted ($) 0.20 0.26 -23% 0.71 0.92 -23%Cash flow from operating activities 38,183 32,595 17% 138,132 118,370 17% Per share ($) 0.58 0.54 7% 2.13 1.97 8%Capital expenditures 7,743 10,910 -29% 36,746 25,649 43%Property and royalty acquisitions (net) 243 (195) - 60,852 7,467 -Dividends paid in cash (1) 21,060 15,262 38% 81,436 67,204 21%Dividends paid in shares (DRIP) (1) 6,672 10,232 -35% 27,414 33,490 -18% Average DRIP participation rate (%) (2) 24 40 -40% 25 33 -24%Dividends declared (3) 27,787 25,585 9% 109,568 100,968 9% Per share ($) (4) 0.42 0.42 0% 1.68 1.68 0%Long-term debt, period end 18,000 48,000 -63% 18,000 48,000 -63%Shares outstanding, period end (000s) 66,270 61,141 8% 66,270 61,141 8%Average shares outstanding (000s) (5) 66,091 60,811 9% 64,880 60,022 8%----------------------------------------------------------------------------OPERATING HIGHLIGHTSAverage daily production (boe/d) (6) (7) 9,510 7,773 22% 8,850 7,476 18%Average realized price ($/boe) (6) 51.55 61.90 -17% 51.00 56.31 -9%Operating netback ($/boe) (6) (8) 44.59 56.56 -21% 45.09 51.65 -13%--------------------------------------------------------------------------------------------------------------------------------------------------------(1) Excludes dividend declared in December and paid in January.(2) Participation in Freehold's dividend reinvestment plan (DRIP) ranged between 17% and 41% in 2012 and is subject to change monthly at the participants' discretion.(3) Includes dividend declared in December and paid in January.(4) Based on the number of shares issued and outstanding at each record date.(5) Weighted average number of shares outstanding during the period, basic.(6) See Conversion of Natural Gas to Barrels of Oil Equivalent (boe).(7) Our production mix in 2012 was approximately 36% natural gas and 64% liquids (34% light and medium oil, 25% heavy oil, and 5% NGL).(8) See Non-GAAP Financial Measures.
