Great Panther Silver Reports First Quarter 2015 Financial Results
VANCOUVER, May 6, 2015 /CNW/ - GREAT PANTHER SILVER LIMITED (TSX: GPR; NYSE MKT: GPL; "Great Panther"; the "Company") today reported financial results for the Company's three months ended March 31, 2015. The full version of the Company's financial statements, Management's Discussion and Analysis ("MD&A") and Annual Information Form ("AIF") can be viewed on the Company's website atwww.greatpanther.com, or SEDAR at www.sedar.com. All financial information is prepared in accordance with IFRS and all dollar amounts are expressed in Canadian dollars unless otherwise indicated.
"We are pleased to report first quarter 2015 financial results reflecting significant improvements in our operating cash-flow and margins", stated Robert Archer , President and CEO. "Despite metal prices that are down significantly from the first quarter of last year, the strengthening of the US dollar, improved grades, and addition of production from San Ignacio since it commenced commercial production last June, all contributed to a significantly improved quarter. These same factors decreased our cash cost and AISC per payable silver ounce to US$8.71 and US$14.47, respectively. It should be noted that the first quarter of last year was marked by operational disruptions that also contributed to the improved comparative results. Nonetheless, there have been a number of significant achievements on the part of our team that will continue to have a positive, lasting impact on our operations."
Highlights compared to first quarter 2014 ("Q1 2014"), unless otherwise noted
- Record metal production of 987,887 Ag eq oz, representing a 48% increase and driven primarily by the addition of production from San Ignacio;
- San Ignacio production increased by 164,982 Ag eq oz, to 217,429 Ag eq oz;
- Silver production increased 61% to a new quarterly record of 597,111 silver ounces;
- Gold production increased 28% to 4,703 gold ounces;
- Cash cost per silver payable ounce decreased 35% to US$8.71;
- All-in sustaining cost per silver payable ounce ("AISC") decreased 39% to US$14.47
- Revenues increased 57% to $20.3 million;
- Net income totalled $3.6 million, compared to a net loss of $0.6 million;
- Adjusted EBITDA was $3.7 million compared to negative $0.5 million; and,
- Cash flow from operating activities, before changes in non-cash net working capital ("NCWC"), amounted to $4.8 million compared to $0.6 million.
Highlights compared to fourth quarter 2014 ("Q4 2014"), unless otherwise noted
- Metal production on a Ag eq oz basis increased 8%;
- Cash cost per silver payable ounce decreased 29% and AISC decreased 32%;
- Revenues increased 42%;
- Adjusted EBITDA increased to $3.7 million compared to negative $1.2 million;
- Cash flow from operating activities, before changes in NCWC, improved by $6.1 million;
- Cash and cash equivalents were $18.7 million at March 31, 2015 compared to $18.0 million at December 31, 2014; and,
- Net working capital increased to $36.9 million at March 31, 2015 from $32.9 million at December 31, 2014.
OPERATING AND FINANCIAL RESULTS SUMMARY
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(in CAD $000s except ounces, amounts per share and per ounce) |
Q1 2015 |
Q1 2014 |
% change |
Q4 2014 |
% change |
OPERATING |
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|
|
|
|
Tonnes milled (excluding custom milling) |
99,252 |
72,631 |
37% |
92,574 |
7% |
Silver equivalent ounces ("Ag eq oz") produced1 |
987,887 |
667,349 |
48% |
911,048 |
8% |
Silver ounce production |
597,111 |
370,668 |
61% |
550,010 |
9% |
Gold ounce production |
4,703 |
3,665 |
28% |
4,822 |
-2% |
Silver payable ounces |
622,339 |
352,288 |
77% |
534,664 |
16% |
Cost per tonne milled (USD)2 |
$ |
102.12 |
$ |
121.38 |
-16% |
$ |
111.08 |
-8% |
Cash cost per silver payable ounce (USD)2 |
$ |
8.71 |
$ |
13.49 |
-35% |
$ |
12.23 |
-29% |
AISC per silver payable ounce(USD)2 |
$ |
14.47 |
$ |
24.18 |
-40% |
$ |
21.46 |
-32% |
FINANCIAL |
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|
|
|
|
Revenue |
$ |
20,250 |
$ |
12,880 |
57% |
$ |
14,244 |
42% |
Gross profit before non-cash items2 |
$ |
6,652 |
$ |
3,271 |
103% |
$ |
2,159 |
208% |
Gross profit (loss) |
$ |
524 |
$ |
(418) |
225% |
$ |
(2,693) |
119% |
Net income (loss) |
$ |
3,588 |
$ |
(602) |
696% |
$ |
(26,948) |
113% |
Adjusted EBITDA2 |
$ |
3,688 |
$ |
(545) |
777% |
$ |
(1,211) |
394% |
Operating cash flows before changes in NCWC |
$ |
4,827 |
$ |
613 |
687% |
$ |
(1,253) |
166% |
Cash at end of period |
$ |
18,694 |
$ |
21,660 |
-14% |
$ |
17,968 |
4% |
Net working capital at end of period |
$ |
36,904 |
$ |
36,886 |
0% |
$ |
32,907 |
12% |
Average realized silver price (USD)3 |
$ |
16.99 |
$ |
20.22 |
-16% |
$ |
15.78 |
8% |
PER SHARE AMOUNTS |
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Earnings (loss) per share � basic |
$ |
0.03 |
$ |
(0.00) |
|
$ |
(0.19) |
|
Earnings (loss) per share � diluted |
$ |
0.03 |
$ |
(0.00) |
|
$ |
(0.19) |
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1
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Silver equivalent ounces are referred to throughout this document. For 2015, Aq eq oz are calculated using a 65:1 Ag:Au ratio, and ratios of 1:0.050 and 1:0.056 for the US dollar price/ounce of silver to lead and zinc price/pound, and applied to the relevant metal content of the concentrates produced, expected to be produced, or sold from operations. Comparatively, in 2014 Aq eq oz was established using prices of US$18.50 per oz, US$1,110 per oz (60:1 ratio), US$0.90 per lb., and US$0.85 per lb. for silver, gold, lead and zinc, respectively. |
2 |
The Company has included the non-IFRS performance measures cost per tonne milled, cash cost per silver payable ounce, all-in cost per silver payable ounce ("AIC"), all-in sustaining cost per silver payable ounce ("AISC"), gross profit before non-cash items, cost of sales before non-cash items and adjusted EBITDA throughout this document. Refer to the "Non-IFRS Measures" section of the Company's MD&A for an explanation of these measures and reconciliation to the Company's reported financial results in accordance with IFRS. As these are not standardized measures, they may not be directly comparable to similarly titled measures used by others. |
3 |
Average realized silver price is prior to smelting and refining charges. |
Please click the links below to access the complete news release in your preferred format:
Spiros Cacos, Director, Investor Relations
Toll free: 1 888 355 1766, Tel: 1 604 638 8955
scacos@greatpanther.com
www.greatpanther.com
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