Business
First Majestic Silver Reports Second Quarter Financial Results and Updates 2019 Production and Cost Guidance
VANCOUVER, British Columbia, Aug. 07, 2019 (GLOBE NEWSWIRE) -- FIRST MAJESTIC SILVER CORP. (AG: NYSE; FR: TSX) (the "Company" or “First Majestic”) is pleased to
About this update from First Majestic Silver Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 07, 2019 (GLOBE NEWSWIRE) -- 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, 2019. 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 2019 HIGHLIGHTS (compared to Q2 2018) Silver equivalent production up 25% to 6.4 million ounces Pure silver production up 16% to 3.2 million ounces Revenue up 5% to $83.7 million primarily due to 13% increase in silver equivalent ounces, partially offset by a 12% decrease in silver prices Mine operating earnings up 283% to $4.2 million Cash flow per share was $0.09 per share (non-GAAP) Reduction in cash costs by 10% to $6.84 per payable silver ounce Reduction in AISC by 10% to $14.76 per payable silver ounce Net earnings of ($12.0) million Adjusted EPS of ($0.02) after excluding non-cash and non-recurring items Realized average silver price of $14.80 per ounce Strong balance sheet with $94.5 million in cash and cash equivalents “In the second quarter, our strong production results were mostly offset by lower silver prices which impacted revenues, earnings and cash flows compared to the same quarter of the prior year,” stated Keith Neumeyer, President and CEO of First Majestic. “Continued strong production from our San Dimas and Santa Elena mines, which together produced approximately 80% of the Company’s total production, generated mine operating earnings of $14.2 million. At Santa Elena, we are already seeing improvements in metallurgical recoveries following the installation of its new high-intensity grinding mill in the second quarter. This project has been a success and a great example of how new technologies are changing the mining industry.” “In an effort to further improve margins and profitability, we made the difficult decision to temporarily suspend mining operations at La Parrilla towards the end of 2019,” stated Neumeyer. “Year-to-date, the La Parrilla complex of mines has produced approximately 7% of our total production but unfortunately has struggled to...