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"Our first quarter of fiscal 2013 results were affected by not selling the 1,000 tonnes of concentrate in the EVBC inventory until early January, but overall we are pleased with our performance" said Bill Williams, President and Chief Executive Officer. "Operations continued to improve, including the production of over 6,000 ounces of gold at the EVBC Mine in December. We expect Q2 to be a strong quarter."
Overall Performance
The following table summarizes the Company's operating and financial performance for the periods set out below:
---------------------------------------------------------------------------- Q4 2012 Q1 2013 Q1 2012 2012----------------------------------------------------------------------------Operating Performance (1)Gold Production (oz) 15,155 17,759 9,937 55,929 Sales (oz) 18,604 13,035 8,276 55,052 Average realized price / oz (2) $ 1,666 $ 1,684 $ 1,588 $ 1,659Copper Production ('000 lbs) 4,058 4,384 3,231 15,366 Sales ('000 lbs) 5,259 4,078 691 14,730 Average realized price / lb (2) $ 3.50 $ 3.17 $ 3.82 $ 3.54Silver Production (oz) 277,081 233,452 82,654 716,280 Sales (oz) 289,356 244,516 9,283 669,810 Average realized price / oz (2) $ 31.06 $ 29.20 $ 10.67 $ 29.43----------------------------------------------------------------------------Financial PerformanceRevenue $ 50,608 $ 34,028 $ 15,373 $ 140,917Mining costs $ 24,738 $ 18,623 $ 12,582 $ 83,574Depreciation and amortization $ 3,958 $ 4,019 $ 2,437 $ 15,017Gross margin $ 21,912 $ 11,386 $ 354 $ 42,326Financial instruments gain (loss) $ (17,493) $ 11,748 $ (1,956) $ (26,095)Net income (loss) $ (2,007) $ 13,651 $ (4,505) $ (2,353)Net income (loss) per share (basic and diluted) $ (0.01) $ 0.10 $ (0.03) $ (0.02)Adjusted net income (loss) (3) $ 12,325 $ 4,341 $ (3,254) $ 15,474Adjusted net income (loss) per share (basic and diluted) (3) $ 0.09 $ 0.03 $ (0.02) $ 0.11Operating cash flows $ 29,617 $ 51 $ 5,290 $ 41,705Operating cash flows before non-cash working capital changes (3) $ 14,453 $ 8,189 $ (6) $ 33,276Ending cash and cash equivalents $ 13,200 $ 11,988 $ 13,763 $ 13,200Restricted cash (including long-term) $ 18,399 $ 15,954 $ 2,241 $ 18,399Capital expenditures (including primary mine development) (4) $ 12,572 $ 4,229 $ 7,694 $ 37,718----------------------------------------------------------------------------(1) Metals production and sales are from the EVBC Mine and the UMZ Mine. The UMZ Mine was not in commercial production during the first quarter of fiscal 2012.(2) Average realized metal prices are calculated by dividing gross revenue recorded for the period from sales of the particular metal, before deduction of treatment and refinement charges, by ounces of gold or silver or pounds of copper sold during the period.(3) Adjusted net income (loss), adjusted net income (loss) per share and operating cash flows before non-cash working capital changes are non- IFRS performance measures with no standard definition under IFRS. For further information and a detailed reconciliation, please see the "Other Information - Non-IFRS Measures" section of the Q1 2013 MD&A.(4) Capital expenditures for the first quarter of fiscal 2013 included capital expenditures for the EVBC Mine of $3,355 reduced by $1,578 for unpaid capital expenditures which will be paid in subsequent quarters in fiscal 2013.
