News Column

Hecla Reports Second Quarter 2014 Results

August 15, 2014



By a News Reporter-Staff News Editor at Mining & Minerals Business -- Hecla Mining Company (NYSE:HL) announced a second quarter net loss applicable to common shareholders of $14.5 million, or $0.04 per share, and a loss after adjustments applicable to common shareholders of $0.8 million, or $0.00 per share.1 Second quarter silver production was 2.5 million ounces at a cash cost, after by-product credits, per silver ounce of $5.34.2 The Company reported a 12% increase in second quarter silver production to 2.5 million ounces compared to a year ago due to the fully operational Lucky Friday silver mine. In addition, gold production increased 96% to 43,554 ounces as a result of the Casa Berardi gold mine in Quebec, which was acquired on June 1, 2013. SECOND QUARTER HIGHLIGHTS AND SIGNIFICANT ITEMS Sales of $117.5 million - a 38% increase over the second quarter of 2013.

Adjusted EBITDA of $39.8 million3 - an 18% increase over the prior year quarter.

Operating cash flow of $26.6 million - an increase of $27.7 million over the prior year quarter.

Total silver production of 2.5 million ounces, a 12% increase over 2013's comparable quarter, at a cash cost, after by-product credits, per silver ounce, of $5.34.

Gold production of 43,554 ounces, a 96% increase over 2013's comparable quarter, of which 28,623 ounces were produced at Casa Berardi at a cash cost, after by-product credits, per gold ounce of $952.2 Continued improvement at Lucky Friday with silver production increasing 17% over the first quarter, 2014 and 278% over the prior year period.

Outstanding drill results at San Sebastian, Casa Berardi, and Greens Creek.

Cash and cash equivalents of $222 million at June 30, 2014.

Lowered annual guidance for cash cost, after by-product credits, per silver ounce to $5.00.4 Declaration of $0.0025 cash dividend on common stock under the Company's dividend policy. 1 Loss after adjustments applicable to common shareholders represents a non-US Generally Accepted Accounting Principles (GAAP) measurement. A reconciliation of net income applicable to common shareholders (GAAP) to adjusted net income (loss) applicable to common shareholders can be found at the end of the release. 2 Cash cost, after by-product credits, per silver and gold ounce represents a non-GAAP measurement. A reconciliation of cash cost, after by-product credits, per ounce of silver and gold to cost of sales and other direct production costs and depreciation, depletion and amortization (GAAP) can be found at the end of the release. 3 Adjusted EBITDA is a non-GAAP measurement, a reconciliation of which to net income (GAAP) can be found at the end of the release. 4 Cash cost, after by-product credits, per silver and gold ounce represents a non-GAAP measurement. A reconciliation of historical cash cost, after by-product credits, per ounce of silver and gold to cost of sales and other direct production costs and depreciation, depletion and amortization (GAAP) can be found at the end of the release.

Keywords for this news article include: Mining and Minerals, Hecla Mining Company.

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Source: Mining & Minerals Business


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