Cash flows and operating margins: The Company achieved revenue of $91.3 million during the period, including $24.8 million of proceeds from its June tender.
Total revenue to September 30, 2014 was $195.0 million or $634 per carat achieving an 81% operating margin of $511 per carat. The Company's EBITDA at the end of September was $125.8 million compared to the previous year of $70.2 million.
Subsequent to the end of the third quarter, the Company concluded its third exceptional stone tender in October for proceeds of $46.4 million or $30,129 per carat. Following this sale the Company's full year-to-date proceeds were $241.4 million achieving an average sales price of $780.5 per carat.
Net cash position: The Company's quarter-end cash balance was $133.1 million compared to a cash balance of $33.6 million in September 30, 2013 and $49.4 million of cash at the end of 2013. The Company's Scotiabank $50 million credit facility remains undrawn.
Karowe operating performance: Karowe's performance was better than forecast during the period in terms of ore and waste mined and carats recovered. The plant optimization program is advancing to plan and the Company has achieved a critical milestone in commissioning the large diamond recovery circuit during the third quarter.
Adjusted Earnings per share: Adjusted earnings per share (see pages 5 and 7 Non-IRFS measures) is $0.11 per share for the three month period ended September 30, 2014 (2013: earnings per share $0.04) and $0.19 per share for year to date September 30, 2014 (2013 earnings per share $0.11). The adjusted earnings per share removes the non-cash foreign exchange impact on an intercompany loan between Corporate and Karowe in order to present the current cash distributable on an earnings per share basis (see select financial information for further detail).
Dividends: The Company has announced a special dividend of CA$ 0.04 per share to be paid on December 18, 2014 along with its CA$ 0.02 per share year-end dividend. The total dividend to be paid by the Company in 2014 is CA$ 0.08 per share (Total semi-annual dividend of CA$ 0.04 and special dividend of CA$ 0.04 per share) is equivalent to a dividend yield of 3.3% based on the TSX closing price on November 7, 2014.
Botswana Prospecting Licenses: The Company was awarded two precious stone prospecting licenses within the Orapa Kimberlite field in close proximity to the Karowe Diamond mine during the period. The Company has ordered a bulk sampling plant and will commence work programs on the two prospecting licenses during 2015.