Business
IMPACT SILVER ANNOUNCES THIRD QUARTER NET EARNINGS OF $785,000 AND OPERATING CASH FLOW OF $2.4 MILLION
IMPACT SILVER ANNOUNCES THIRD QUARTER NET EARNINGS OF $785,000 AND OPERATING CASH FLOW OF $2.4 MI...
About this update from Impact Silver Corp.
[{"type":"text","content":"\nIMPACT SILVER ANNOUNCES THIRD QUARTER NET EARNINGS OF $785,000 AND OPERATING CASH FLOW OF $2.4 MILLION\n\n\n Nov. 20, 2009 (TheNewswire.ca) -- IMPACT Silver Corp. (\"IMPACT\") is pleased to announce its financial and operational results for the quarter ended September 30, 2009 from the high grade silver Royal Mines of Zacualpan District in Mexico. IMPACT had a very active quarter of operations resulting in a significant increase in net income and cash flow from operations due to higher production and increased revenue from silver sales.Revenues in the third quarter were $5.0 million, up 122% from $2.2 million in the third quarter of 2008. Revenues in the first nine months of 2009 were $9.8 million, up 47% from $6.7 million in the same period of 2008. Revenue per production tonne sold in the third quarter was $121.60, an increase of 55% over the same period of 2008, while direct costs per tonne produced only increased 5% to $62.05. A small portion of the increase in revenues was related to the third quarter sale of previously delayed shipments of lead and zinc concentrates.Three Months Ended September 30 2009 2008 % Change\nRevenue $4,983,000 $2,244,000 +122 \nMine Operating Earnings $1,882,000 $201,000 +834 \nNet Income $785,000 ($233,000) \nCash Flow from Operations[1] $2,392,000 $411,000 +483 \n[1] Cash flows from operations before changes in non-cash working capital is a non-GAAP measure, which the Company believes provides a better indicator of the Company's ability to generate cash flows from its mining operations.Quarterly silver production increased to 215,558 oz., up 27% from 169,273 oz. in the third quarter of 2008. Silver production in the first nine months of 2009 increased to a record 662,958 oz., up 57 % from 421,792 oz. in the same period of 2008.Three Months Ended September 30 2009 2008 % Change\nTotal tonnes produced 28,232 27,746 +2 \nSilver production (ounces) 215,558 169,273 +27 \nLead production (tonnes) 229 262 (13) \nZinc production (tonnes) 183 312 (41) \nEven with exploration expenditures and property acquisition costs in the third quarter totaling $1.1 million, IMPACT's financial position remained strong with $5.5 million in cash and cash equivalents and net working capital of $6.9 million.Chivo Mine; La Virgen Valley Mining CampDuring the third quarter of 2009, Chivo provided 79% (Q3 2008 - 65%) of mi...