UPDATE: Endeavour Silver Corp. Reports Q1 Results; Shares Down Almost 4% in Early Trade
Endeavour Silver Corp. (EDR.TO) announced today its financial and operating results and unaudited financial statements for the First Quarter, 2012. Endeavour owns and operates two high-grade, underground, silver-gold mines in Mexico, the Guanacevi Mines in Durango State and the Guanajuato Mines in Guanajuato State.
The company reported record adjusted earnings (a non-IFRS measure) of $19.6 million ($0.22 per share). Net earnings (an IFRS measure) were $19.8 million and operating cash-flow was $30.0 million from revenues totaling $49.0 million. Silver sales averaged $33.10 per ounce (oz) and the cash costs of production were $6.26 per oz net of gold credits, generating a gross margin of $26.84 per oz of silver produced in Q1, 2012.
Highlights of First Quarter, 2012 (Compared to Q1, 2011)
- Adjusted Earnings rose 35% to $19.6 million ($0.22 per share) compared to $14.5 million ($0.18 per share).
- Net Earnings increased to $19.8 million ($0.23 per share) compared to $0.5 million ($0.01 per share).
- Operating Cash-Flow jumped 96% to $28.8 million.
- Mine Operating Cash-Flow climbed 30% to $32.0 million.
- Revenues escalated 39% to $49.0 million.
- Working Capital improved to $158.5 million, up 30% from $121.5 million
- Silver production up 19% to 1,072,491 ounces (oz)
- Gold production up 26% to 6,321 oz
- Silver equivalent production up 21% to 1.39 million oz (50:1 silver)(50:no base metals).
- Realized silver price fell less than 1% to $33.10 per oz sold (1.4% above average price for Q1/12).
- Realized gold price up 20% to $1,686 per oz sold (equal to average spot price for Q1/12).
Close to 50,000 shares have changed hands.
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