Silvercorp reports revenue of $61.9 million and operating cash flow of $31.6 million in the 3rd quarter of fiscal 2012

Marketwire - Mining and Metals | February 8, 2012 | 10:16 pm Base Metals Precious Metals Europe Gold Lead Silver Zinc 

VANCOUVER, BRITISH COLUMBIA–(Marketwire – Feb. 8, 2012) – Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX:SVM)(NYSE:SVM) today reported its unaudited financial and operating results for the third quarter ended December 31, 2011 (“Q3 2012”). The following financial results are expressed in US dollars (US$) unless stated otherwise.

The Company reported revenue of $61.9 million, operating cash flow of $31.6 million and net income attributable to shareholders of $20.0 million, or $0.12 per share, in the third quarter of fiscal 2012. The average net realized silver selling price, after smelter charges and value added taxes, was $25.10 per ounce.

For the nine months ended December 31, 2011, the Company recorded revenue of $193.7 million, a 55% increase from $124.9 million in the same period last year. Net income attributable to the shareholders for the same period is $64.1 million, or $0.37 per share, an increase of 15% over net income of $55.6 million, or $0.34 per share a year ago.

THIRD QUARTER HIGHLIGHTS AND SIGNIFICANT EVENTS

  • Revenue of $61.9 million, up 19% from $51.8 million in the third quarter of fiscal year 2011 (“Q3 2011”);
  • Silver production of 1.55 million ounces, a 2% increase compared to Q3 2011, gold production of 2,879 ounces, a 256% increase compared to Q3 2011. Silver and gold sales accounted for 69% of the total sales in the quarter, compared to 61% a year ago;
  • Cash flow from operations of $31.6 million, or $0.18 per share, compared to $32.2 million, or $0.19 per share in Q3 2011;
  • Income from operations increased 2% to $35.0 million from $34.3 million in Q3 2011.
  • Net income attributable to shareholders of $20.0 million, or $0.12 per share, compared to $29.1 million, or $0.17 per share, in Q3 2011;
  • Completed the acquisition of the high grade XHP silver-gold-lead-zinc mine in Henan Province, China;
  • Continued to maintain low cost producer status with a cash production cost per ounce of silver of negative $4.56; and
  • Increased quarterly dividends by 25%, from CAD$0.02 per share to CAD$0.025 per share.


Mining.com Recommends

More News