First Majestic Reports First Quarter Earnings of $26.5 million on Revenues of $67.1 million

About this update from First Majestic Silver Corp.

[{"type":"text","content":"\n\n\n\n\n\nNYSE - AG\nTSX - FR\nFrankfurt - FMV\n\n\nVANCOUVER, May 15, 2013 /CNW/ - FIRST MAJESTIC SILVER CORP. (AG: NYSE; FR: TSX) (the \"Company\" or \"First Majestic\") is pleased to\n announce the unaudited condensed interim consolidated financial results\n for the Company for the first quarter ending March 31, 2013. The full\n version of the financial statements and the management discussion and\n analysis can be viewed on the Company's web site at www.firstmajestic.com or on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.\n\n\n2013 FIRST Quarter Highlights\n\n\n\nSilver ounces produced increased by 33% to 2,437,664 ounces compared to\n 1,826,803 ounces in Q1 2012\n\n\nSilver equivalent ounces produced increased by 36% to 2,731,792 ounces\n compared to 2,007,219 ounces in Q1 2012\n\n\nNet Earnings after Taxes amounted to $26.5 million, a 1% increase from\n Q1 2012\n\n\nEarnings per Share (basic) amounted to $0.23, representing a 9% decrease\n from Q1 2012\n\n\nCash Flow per share (non-GAAP) of $0.38, representing a 9% increase from\n Q1 2012\n\n\nAdjusted Earnings per Share (non-GAAP) amounted to $0.21 after excluding\n non-cash and non-recurring items\n\n\nRevenues increased 16% to $67.1 million, compared to Q1 2012\n\n\nMine Operating Earnings amounted to $34.6 million, a decrease of 3% from\n Q1 2012\n\n\nTotal Production Cost per Tonne was $31.79, an increase of 9% from Q1\n 2012\n\n\nTotal Cash Cost, net of by-product credits, was $9.49 per ounce, up 6%\n compared to Q1 2012\n\n\nAverage revenue per ounce was $29.63 a decrease of 10% from $32.79\n compared to Q1 of 2012\n\n\nSubstantial budget cuts have been made for 2013 including a 49%\n reduction in exploration to $12.5 million and a 21% reduction in mine\n development to $68.2 million equaling a total reduction to capital\n expenditures of 16% to $162.3 million\n\n\nAt the end of the quarter, Cash and Cash Equivalents stood at $110.1\n million and Working Capital of $108.3 million\n\n\n\n\n\n\n\n\n\n2013 FIRST QUARTER HIGHLIGHTS TABLE\n\n\n\n\n \n\n\n \n\n\n \n\n\nFirst Quarter\n2013\n\n\n \n\n\n \n\n\nFirst Quarter\n2012\n\n\n \n\n\n \n\n\nChange\n\n\n\n\nOperating \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nSilver Equivalent Ounces Produced&#xA0...

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