First Majestic Silver Corp. (AG)

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First Majestic Reports First Quarter Financial Results

Today : Thursday 10 May 2018

https://ih.advfn.com/p.php?pid=nmona&article=77389908

FIRST MAJESTIC SILVER CORP. (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, 2018. 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.
FIRST QUARTER 2018 HIGHLIGHTS

Silver equivalent production amounted to 3.9 million ounces
Revenues for the quarter was $58.6 million
Mine operating earnings of ($0.4) million
Cash flow per share was $0.09 per share (non-GAAP)
Cash costs were $7.83 per payable silver ounce (net of by-product credits)
All-in sustaining costs (“AISC”) were $16.01 per payable silver ounce
Net loss of $5.6 million (Basic loss per share of $0.03)
Realized average silver price of $16.76 per ounce, relatively consistent with the prior quarter
During the quarter, the Company repurchased and cancelled 230,000 common shares in the open market for a total consideration of $1.3 million through its normal course issuer bid
Healthy balance sheet with $249.2 million in cash and cash equivalents following the $156.5 million five-year, 1.875% interest rate convertible debenture offering in January 2018
“In the first quarter, lower production rates resulted in a slight decrease in revenues and cash flows compared to the prior quarter,” stated Keith Neumeyer, President and CEO of First Majestic. “This temporary decrease in production, which was primarily due to lower head grades, naturally resulted in higher cash costs per ounce. Nevertheless, we managed to beat our overall cost guidance during the quarter due to strong gold production at the Santa Elena, San Martin and La Guitarra operations. Looking ahead, we plan to provide an updated production, costs and capital expenditure guidance in July to reflect the integration of the San Dimas operation. We remain focused on developing our key growth projects, most importantly our roaster project, which is expected to significantly increase silver production at La Encantada in the second half of 2018.”