First Majestic Silver Announces Record 2014 Production

First Majestic Silver Corp. (TSX:FR,NYSE:AG) announced its consolidated financial results for Q4 as well as 2014 as a whole, noting that its Q4 production of silver equivalent ounces increased 24 percent from the year-ago period, hitting 4.2 million ounces.

Other Q4 highlights include:

• Silver production of 3.1 million ounces, representing a 12% increase compared to Q4 2013.
• All-in Sustaining costs of $14.43 per payable silver ounce, representing a significant 27% reduction compared to the prior quarter.
• Revenues after smelting and refining costs amounted to $72.5 million, representing a 23% increase compared to Q4 2013.
• Adjusted net earnings (non-GAAP) normalized for non-cash items was $4.2 million or $0.04 per share.
• Cash flow from operations of $21.1 million or $0.18 per share (non-GAAP).
• Non-cash impairment charge of $102.0 million related to certain non-current assets at specific mines resulting in a net loss of $64.6 million in Q4 2014.

2014 highlights include:

• Silver equivalent production of 15.3 million ounces, representing a 19% increase compared to 2013.
• Silver production of 11.7 million ounces, representing a 10% increase compared to 2013.
• All-in Sustaining costs of $17.71 per payable silver ounce and expected to trend substantially lower for 2015.
• Revenues were $245.5 million representing a 2% decrease compared to 2013 despite a 19% decline in average realized silver price.
• Adjusted net earnings were $7.9 million or $0.07 per share for the year.
• Cash flow from operations of $74.4 million or $0.63 per share.
• General and Administrative costs of $19.4 million, representing a 22% decrease compared to 2013.
• Ended the year with cash and cash equivalents of $40.3 million, down from $54.8 million in 2013.

Keith Neumeyer, president and CEO of First Majestic, commented:

In 2014, First Majestic delivered another year of record production totaling 15.3 million silver equivalent ounces representing a 19% increase from 2013. Our Q4 financial results demonstrate that our cost savings plan launched in 2013 is having a positive impact on operating cash flows as well as significantly reducing our all-in sustaining costs. The mines have shown tremendous operational improvements over the past year. In particular, Del Toro has become a shining star in our portfolio following the successful reconfiguration of the mill in the second and third quarter and the connection to the National power grid in late September 2014. San Martin is breaking production records following its recent expansion as mining grades and plant recoveries have exceeded expectations. For 2015, our focus will be to continue to attack costs at every level of the business by leaving no stone unturned and deliver to our shareholders another solid year of operational improvements.

Click here to read the full First Majestic Silver Corp. (TSX:FR,NYSE:AG) press release.