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First Majestic Silver (NYSE:AG) (TSX:FR) (the “Company” or “First Majestic”) is pleased to announce the unaudited interim consolidated financial results of the Company for the first quarter ended March 31, 2017. The full version of the financial statements and the management discussion and analysis can be viewed on the Company’s web site at www.firstmajestic.com or on SEDAR …
First Majestic Silver (NYSE:AG) (TSX:FR) (the “Company” or “First Majestic”) is pleased to announce the unaudited interim consolidated financial results of the Company for the first quarter ended March 31, 2017. The full version of the financial statements and the management discussion and analysis can be viewed on the Company’s web site at www.firstmajestic.com or on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. All amounts are in U.S. dollars unless stated otherwise.
Q1 2017 Highlights:
(compared to Q4 2016)
- Silver equivalent production decreased 3 percent to 4.3 million ounces
- Silver production decreased 4 percent to 2.7 million ounces
- All-in sustaining costs (“AISC”) decreased 5 percent to $12.21 per payable silver ounce
- Revenues increased 4 percent to $69.1 million
- Realized average silver price increased 3 percent to $17.55 per ounce
- Mine operating earnings increased 1 percent to $10.0 million
- Net earnings increased 50 percent to $2.7 million (Basic EPS of $0.02)
- Adjusted earnings, excluding non-cash and non-recurring items, totaled $3.7 million (Adjusted EPS of $0.02)
- Operating cash flows before working capital and taxes increased 14% to $26.6 million or $0.16 per share (non-GAAP)
- Cash costs increased 3 percent to $6.68 per payable silver ounce (net of by-product credits)
- Cash and cash equivalents totaled $127.6 million at the end of the quarter
Keith Neumeyer, President and CEO of First Majestic commented:
“Lower all-in sustaining costs and higher realized silver prices drove strong earnings and cash flows during the first quarter. We achieved our cost targets during the quarter due in part to higher by-product production at San Martin and the weaker Mexican Peso which helped to offset the unexpected increase in energy costs at the beginning of 2017. Over the remainder of the year, we anticipate gradual production improvements as exploration and development activities accelerate and additional mining levels are brought into production.”