Business
First Majestic Reports Second Quarter Financial Results
NYSE - AG TSX – FR Frankfurt – FMV VANCOUVER , Aug. 13, 2014 /CNW/ -&#x...
About this update from First Majestic Silver Corp.
[{"type":"text","content":"\n\nNYSE - AGTSX – FRFrankfurt – FMV\n\n\n\nVANCOUVER, Aug. 13, 2014 /CNW/ - FIRST MAJESTIC SILVER CORP. (AG: NYSE; FR: TSX) (the \"Company\" or \"First Majestic\") is pleased to announce the unaudited interim consolidated financial results of the Company for the second quarter ended June 30, 2014. The full version of the financial statements and the management discussion and 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. All amounts are in U.S. dollars unless stated otherwise.\n\nKeith Neumeyer, CEO and President of First Majestic, stated: \"Production in the second quarter, marking another record, increased for the ninth consecutive quarter. Costs continue to improve and remain a primary focus. The bulk of our capital intensive projects are winding down; some by design and some by choice in order to preserve cash during these challenging times.\" \n\n\"Looking forward over the coming quarters, we anticipate a continued steady pace of growth with a focus on increasing efficiencies through automation and reduction of input costs throughout our operations.\"\n\nSecond Quarter 2014 FINANCIAL Highlights\n\n\nGenerated revenues of $66.9 million, a 3% increase compared to the previous quarter. \nNet earnings after taxes amounted to $7.6 million or earning per share of $0.06. \nAdjusted earnings per share (non-GAAP measure) of $0.02, after excluding non-cash and non-recurring items. \nCash flow per share (non-GAAP) of $0.16, representing a 27% decrease from the prior quarter. \nMine operating earnings amounted to $9.5 million, a decrease of 43% from Q1 2014, primarily due to the decrease in the silver price and higher depreciation, depletion and amortization expense at Del Toro, and a non-cash write-down of inventories at La Encantada.  \nTotal cash cost, net of by-product credits, was $9.63 per ounce, down 3% from the prior quarter.  \nAll-in sustaining cost (\"AISC\") was $18.18 per payable silver ounce, down 3% from the prior quarter. \nAverage realized silver price per ounce was $19.59, a decrease of 6% compared to the prior quarter. \nCash and cash equivalents of $66.7 million held at the end of the quarter. \nRepurchased 40,000 common shares at an average price of CDN$9.96 on TSX under its Normal Course Issuer Bid.&#...