Endeavour Silver Increases Net Earnings 35 Percent

Endeavour Silver (NYSE:EXK) released its financial results for the period ended March 31, reporting a 35 percent increase in net earnings to $1.8 million. However, the company’s EBITDA dropped 47 percent to $8.6 million.
As quoted in the press release, other highlights included:

• Cash flow from operations before working capital changes decreased 46% to $7.5 million
• Mine operating cash flow before taxes⁽¹⁾ decreased 41% to $11.5 million
• Revenue decreased 19% to $41.5 million
• Realized silver price fell 11% to $15.18 per ounce (oz) sold (2% above average spot price)
• Realized gold price was flat at $1,219 per oz sold (3% above average spot price)
• Cash costs⁽¹⁾ rose 6% to $7.63 per oz silver payable (net of gold credits)
• All-in sustaining costs⁽¹⁾ fell 17% to $11.12 per oz silver payable (net of gold credits)
• Working capital rose 70% to $29.3 million compared to $17.3 million at year end
• Cash and cash equivalents of $20.4 million
• Raised equity financing of $1.1 million in Q4, 2015, $9.1 million in Q1, 2016 and $6.3 million in Q2, 2016 for gross proceeds of $16.5 million ($16.0 million net proceeds) through an At-the-Market facility to augment working capital and fund growth projects including Terronera exploration and engineering

Operations

• Silver production decreased 17% to 1,510,065 oz
• Gold production increased 1% to 15,960 oz
• Silver equivalent production was 2.7 million oz (at a 75:1 silver: gold ratio)
• Silver oz sold down 19% to 1,511,319 oz
• Gold oz sold down 3% to 15,255 oz
• Bullion inventory at quarter-end included 88,609 oz silver and 188 oz gold
• Concentrate inventory at quarter-end included 67,690 oz silver and 1,316 oz gold

Click here for the full press release.