Stornoway Diamond Corporation announced earnings results for the financial results for the first quarter ended March 31, 2017. For the quarter, the company reported sales proceeds during the quarter totaled CAD 48.492 million. This was the first quarter after the declaration of commercial production, and there were no sales in the comparable period. Sales include CAD 6.8 million of deferred revenue relating to prior payments received by the Corporation under its streaming agreement. Adjusted EBITDA was CAD 14.963 million, or 35.9% of total sales, compared with adjusted LBITDA of CAD 2.300 million a year ago. Net loss was CAD 2.975 million, or CAD 0.01 per share fully diluted, compared with CAD 22.610 million, or CAD 0.03 per share fully diluted a year ago. Income during the quarter was impacted, amongst other things, by a gain in the fair value of an embedded derivative, interest charges relating to the company's borrowings, and inventory variations relating to the accumulation of the project's ore stockpile. Net income before tax was CAD 10.455 million against net loss of CAD 22.610 million a year ago. Capital expenditures were CAD 17.083 million.

The company announced that capital expenditure is the term used to describe cash capital expenditure incurred. This measure is consistent with that used in the CAD 78.7 million capital cost estimate previously provided as guidance for the fiscal year 2017.