Business
First Majestic Silver Reports Second Quarter Financial Results
VANCOUVER, British Columbia, Aug. 06, 2020 (GLOBE NEWSWIRE) -- FIRST MAJESTIC SILVER CORP. (AG: NYSE; FR: TSX; FMV: Frankfurt) (the "Company" or “First Majestic
About this update from First Majestic Silver Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 06, 2020 (GLOBE NEWSWIRE) -- FIRST MAJESTIC SILVER CORP. (AG: NYSE; FR: TSX; FMV: Frankfurt) (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, 2020. The full version of the financial statements and the management discussion and analysis can be viewed on the Company's website 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. SECOND QUARTER 2020 HIGHLIGHTS (compared to Q2 2019) Revenues of $34.9 million, representing a 58% decrease due to limited operations during the quarter in response to COVID-19 and the decision to stockpile metal inventory in an effort to maximize future profits At quarter end, the Company held approximately 970,000 ounces of silver and 6,000 ounces of gold in metal inventory which were subsequently sold and will be recognized as revenue in the third quarter for $25.0 million Reduced cash costs by 2% to $6.73 per payable silver ounce All-in sustaining costs (“AISC”) of $18.57 per payable silver ounce, representing a 26% increase primarily due to higher fixed overhead costs being divided over less ounces produced due to the COVID-19 related shutdowns Mine operating earnings of ($7.8) million after incurring $9.2 million in standby costs during the quarter, compared to earnings of $4.2 million in Q2 2019 Net earnings of ($10.0) million was impacted due to the suspension of operations and the decision to stockpile metal inventory Adjusted EPS of ($0.10) after excluding non-cash and non-recurring items Cash flow per share of ($0.08) (non-GAAP) Ended the quarter with $95.2 million in cash and cash equivalents; as of August 4, 2020, the Company held $128.0 million in cash and cash equivalents “Obviously the second quarter for many industries, including the mining sector in Mexico, was negatively impacted by government mandated closures. We are glad most of these negative impacts are now behind us as our operations regain pre-COVID production rates,” stated Keith Neumeyer, President and CEO. “Our decision to withhold a significant amount of silver and gold at quarter end proved to be the right decision. These inventoried ounces noticeably impacted revenues, costs, cash...