Business
Trevali Reports Q3-2018 Financial Results
Trevali Reports Q3-2018 Financial Results.
About this update from Trevali Mining Corp.
[{"type":"text","content":"\nCash position of $93 million and working capital of $175 millionNet Loss of $31 million or $0.04 per share for 2018-Q3Net Income of $21 million or $0.02 per share for the nine months ended September 2018Also announces intention to launch Normal Course Issuer Bid\n All financial figures are in U.S. dollars. VANCOUVER, British Columbia, Nov. 07, 2018 (GLOBE NEWSWIRE) -- Trevali Mining Corporation (“Trevali” or the “Company”) (TSX: TV; BVL: TV; OTCQX: TREVF; Frankfurt: 4TI) has released financial results for the three and nine months ended September 30, 2018 and announced its intention to launch a normal course issuer bid. Third quarter (“Q3”) net loss was $30.8 million ($0.04 per share) and EBITDA1 was a $22.4 million loss on net revenues of $30.5 million. Summary: Zinc production of 101.6 million pounds of payable zinc compared to 103.9 million pounds of payable zinc during the previous 3 months at a C1 cash cost1 of $0.72 per pound, in line with annual guidance. Net loss of $30.8 million or $0.04 per share and adjusted EBITDA1 of negative $21.1 million due to lower sales from the African business units as a result of an inventory build up, coupled with lower commodity prices impacting open sales invoicing from previous quarters. The decline in metal prices during the quarter resulted in a negative provisional pricing adjustment of $42.6 million compared to $0.8 million for the three months ended September 30, 2017. Inventory build up is expected to be reduced and reflected in fourth quarter sales. Should the sales have been made in September, Q3 earnings would have benefited by $0.01/share and EBITDA by approximately $11 million.Maintained strong working capital position of $175.4 million as of September 30, 2018 ($144.4 million at December 31, 2017) and net debt1 and total debt of $61.7 million and $154.8 million, respectively ($66.4 million and $160.6 million at December 31, 2017).Entered into an amended and restated credit agreement with a syndicate of lenders for a new $275.0 million Revolving Credit Facility, resulting in reduced interest payments and affording the Company the flexibility to repay debt without compromising total available liquidity.On October 22, 2018, the Company announced updated 2018 guidance for the Caribou Mine, with zinc production guidance reduced to 70...