Mint reports Q1 2017 results

The Royal Canadian Mint recently released a report of its financial results for the 13 weeks ending April 1.

“With a wide range of appealing collector products including entry level-priced coins, the Mint’s Numismatics business is benefitting from the early success of our Canada 150 program in the First Quarter of 2017,” said Sandra L. Hanington, Mint president and CEO. “While demand in the bullion market has slowed, the Mint’s diversified model continues to drive overall profitability.”

13 weeks ended April 1, 2017 and April 2, 2016

  April 1, 2017 April 2, 2016
$ change Percentage change
REVENUE $502.8 million $588.4 million -$85.6 million 15 per cent
(before taxes)
$14.9 million $15 million -$0.1 million  /
(after taxes)
$11.1 million $11.2 million -$0.1 million  /
  April 1, 2017 Dec. 31, 2016 $ change Percentage change
CASH $80.5 million $114.2 million -$33.7 million -30 per cent
INVENTORIES $85.7 million $78.9 million $6.8 million nine per cent
CAPITAL ASSETS $180.1 million $182.5 million -$2.4 million -1 per cent
TOTAL ASSETS $418.2 million $444.1 million -$25.9 million -1 per cent
WORKING CAPITAL $118.5 million $136.1 million -$17.6 million -13 per cent


  • Consolidated profit before and after income taxes remained constant at $14.9 million and $11.1 million, respectively, for the quarter (2016 was $15 million and $11.2 million).
  • Consolidated revenue decreased to $502.8 million for the quarter (2016 was $588.4 million) as a result of lower silver bullion revenues as bullion market demand declined.
  • The Mint produced 96 million coins in first quarter of 2017 (2016 totalled 138 million) in order to replenish inventories held on behalf of the Department of Finance.
  • Shipment of 269.7 million foreign coins and blanks in the quarter (2016 was 67.3 million).
  • Softer overall bullion demand contributed to lower bullion volumes for the 13 weeks ended April 1 compared to the same period in 2016. Gold volumes were 208,300 ounces (2016 was 210,600) while silver volumes were 4.7 million ounces (2016 was 10.6 million).
  • Numismatics revenues increased $7.1 million to $46.9 million (2016 was $39.8 million) in the quarter on the strength of Canada 150 product sales.
  • Operating expenses for the quarter increased six per cent to $33.9 million (2016 was $32.1 million) due to “higher administration expenses, partially offset by lower marketing and sales expenses,” according to the Mint’s press release.
  • In the first quarter of this year, the Mint declared and paid a dividend of $29 million to the Government of Canada. This was the primary driver behind the reduction of the cash balance to $80.5 million at April 1 from $114.2 million at December 31, 2016.

For more information, visit

Leave a Reply

Canadian Coin News


Canadian Coin News is Canada's premier source of information about coins, notes and medals.

Although we cover the entire world of numismatics, the majority of our readers are Canadian, and we concentrate on the unique circumstances surrounding collecting in our native land.

Send Us Your Event

Running an event? Send it to us and we will display it on Canadian Coin News!

Submit Event →

Subscribe To 26 Issues For Just $59.99/year

Subscribe today to receive Canada's premier coin publication. Canadian Coin News is available in both paper and digital forms.

Subscribe Now

We acknowledge the financial support of the Government of Canada through the Canada Periodical Fund of the Department of Canadian Heritage.