Aug. 24, 2010 (TheNewswire.ca) --
IMPACT Silver Corp. ("the Company" or "IMPACT") is pleased to announce results for the second quarter ending June 30, 2010.
SECOND QUARTER 2010 HIGHLIGHTS
-Revenues for the quarter reached $2.9 million, bringing the total for the first six months to $6.6 million, up 37% for the six months ended June 30, 2009.
-Net earnings for the quarter reached $0.32 million ($0.01 per share), up 67% from the same period in 2009, or up 270% for the year to date at $0.96 million ($0.02 per share) from the same period in 2009.
-Mine operating earnings for the quarter reached $1.1 million, or $2.6 million for the first six months, up 40% from the six months ended June 30, 2009.
-Silver production for the quarter reached 186,890 oz, up 7% from the prior quarter.
-Average mill throughput in the second quarter was 363 tonnes per day (‘tpd'), up 20% from 303 tpd in the second quarter 2009 and 14% from the prior quarter.
-Cash flows from operations before changes in non-cash working capital were $0.82 million, up 24% from $0.66 million in second quarter 2009, and up 86% for the six months ended June 30, 2010 from the same period in 2009.
-Financial position remained strong at $4.0 million in cash and cash equivalents, $6.1million in working capital with no long term debt.
FINANCIAL SUMMARY ($CDN)
Three months ended June 30 Six months ended June 30 2010 2009 2010 2009 Revenues 2,947,808 3,403,606 6,649,349 4,860,394 Mine Operating Earnings 1,105,224 1,113,225 2,611,548 1,862,900 Net Earnings 320,013 190,773 957,785 258,628 Earnings per Share 0.01 0.00 0.02 0.01 Cash Flow from Operations1 822,801 662,806 2,189,172 1,178,447
1Cash 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.
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