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Hecla Mining Co. (NYSE:HL) announced its results for the second quarter of 2014, commenting that it incurred a net loss applicable to common shareholders of $14.5 million, or $0.04 per share.

Hecla Mining Co. (NYSE:HL) announced its results for the second quarter of 2014, commenting that it incurred a net loss applicable to common shareholders of $14.5 million, or $0.04 per share. It also recorded a loss after adjustments applicable to common shareholders of $0.8 million.

The company’s silver production for the period came to 2.5 million ounces at a cash cost of $5.34 per silver ounce, after by-product credits.

Q2 highlights include:

  • Sales of $117.5 million – a 38% increase over the second quarter of 2013.
  • Adjusted EBITDA of $39.8 million – an 18% increase over the prior year quarter.
  • Operating cash flow of $26.6 million – an increase of $27.7 million over the prior year quarter.
  • Total silver production of 2.5 million ounces, a 12% increase over 2013′s comparable quarter, at a cash cost, after by-product credits, per silver ounce, of $5.34.
  • Gold production of 43,554 ounces, a 96% increase over 2013′s comparable quarter, of which 28,623 ounces were produced at Casa Berardi at a cash cost, after by-product credits, per gold ounce of $952.
  • Continued improvement at Lucky Friday with silver production increasing 17% over the first quarter, 2014 and 278% over the prior year period.
  • Outstanding drill results at San Sebastian, Casa Berardi, and Greens Creek.
  • Cash and cash equivalents of $222 million at June 30, 2014.
  • Lowered annual guidance for cash cost, after by-product credits, per silver ounce to $5.00.
  • Declaration of $0.0025 cash dividend on common stock under the Company’s dividend policy.

Phillips S. Baker Jr., Hecla’s president and CEO, commented:

In the second quarter our stronger revenue and cash flow from operations were driven by production growth, particularly gold, and higher realized metal prices, especially zinc. Lucky Friday continues to perform, delivering its highest silver production in 10 quarters. At Greens Creek, the consistent production profile and very low cash cost, after by-product credits, is the cornerstone for our cash generation. Casa Berardi operations are becoming more consistent, and we have begun implementing improvements which are expected to improve the mine’s economics by $140 million over its life. The strong performance of our three mines, in an environment of rising metals prices, has enabled us to end the quarter with $222 million of cash. With the stronger zinc and lead prices, we now expect annual silver cash cost, after by-product credits to be about $5 per ounce, among the lowest in the industry.

Click here to read the full Hecla Mining Co. (NYSE:HL) press release.

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