Agnico-Eagle reports second quarter 2008 results

Attention Business/Financial Editors Stock Symbol: AEM (NYSE and TSX) (All amounts expressed in U.S. dollars unless otherwise noted) TORONTO, July 23 /CNW/ - Agnico-Eagle Mines Limited ("Agnico-Eagle" or the "Company") today reported quarterly net income of $8.3 million, or $0.06 per share for the second quarter of 2008. This result includes a non-cash foreign currency translation loss of $1.2 million, or $0.01 per share. Additionally, the non-cash stock option expense totaled $2.6 million, or $0.02 per share in the second quarter. In the second quarter of 2007, the Company reported net income of $37.8 million, or $0.28 per share. The reduction in net income was almost entirely due to the 56% decrease in the realized price of zinc, combined with a 7% decrease in zinc sales due to lower production, compared to the second... [read full story]