Business
Starcore Reports Year End 2019 Results
Vancouver, British Columbia--(Newsfile Corp. - July 29, 2019) - Starcore International Mi...
About this update from Starcore International Mines Ltd.
[{"type":"text","content":"Starcore Reports Year End 2019 ResultsVancouver, British Columbia--(Newsfile Corp. - July 29, 2019) - Starcore International Mines Ltd. (TSX: SAM) (\"Starcore\" or the \"Company\") has filed the results for the year end dated April 30, 2019 for the Company and its mining operations in Queretaro, Mexico and toll processing operations in Matehuala, Mexico. The full version of the Company's Financial Statements and Management's Discussion and Analysis can be viewed on the Company's website at www.starcore.com, or SEDAR at www.sedar.com. All financial information is prepared in accordance with IFRS and all dollar amounts are expressed in thousands of Canadian dollars unless otherwise indicated.Financial Highlights for the year ending April 30, 2019 (audited):Cash on hand is $2.5 million at April 30, 2019; Gold and silver sales of $32.8 million, including $5.7 million of purchased concentrate processing revenue;Net loss of $11.8 million, or $0.24 per share, which includes a non-cash impairment charge of $4.8 million against mining assets;EBITDA(1) of $(24); The following table contains selected highlights from the Company's audited consolidated statement of operations for the year ended April 30, 2019 and April 30, 2018:    (in thousands of Canadian dollars) (audited) Year Ended April 30, 2019Year Ended April 30, 2018Revenues $ 32,795 $ 27,807Cost of Sales (32,759) (32,735)Earnings (Loss) from mining operations 36 (4,928) Administrative Expenses (4,284) (5,291)Impairment of Mining Interest, plant and equipment (4,804) (6,713)Allowance for receivables (441) -Disposal of Exploration and Evaluation Asset (82) (1,013)Income tax recovery (expense) (2,229) 5,945Net Loss $ (11,804) $ (12,000)     (i) Income (Loss) per share - basic $ (0.24) $ (0.24)     (ii) Income (Loss) per share - diluted $ (0.24) $ (0.24) Reconciliation of Net income to EBITDA(1) (in thousands of Canadian dollars) (Unaudited) Year Ended April 30, 2019Year Ended April 30, 2018Net Loss $ (11,804) $ (12,000)Allowance for receivable 441 -Disposal of Exploration and Evaluation Asset 82 1,013Impairment of Mining Interest, plant and equipment 4,804 6,713Income tax expense (recovery) 2,229 (5,945)Interest 325 83Depreciation and depletion 3,899 4,913EBITDA $ (24) $ (5,223)EBITDA MARGIN(2) (0.1%) (18.8%)(1) EBITDA (\"Earnings befo...