Thursday, November 07, 2019 7:43:55 AM
Thu November 7, 2019 3:30 AM|Business Wire|About: HL
Strong operating results and free cash flow generation; Lucky Friday reaches tentative agreement
For The Period Ended: September 30, 2019
For Release: November 7, 2019
COEUR D'ALENE, Idaho--(BUSINESS WIRE)-- Hecla Mining Company (HL) (NYSE:HL) today announced third quarter financial and operating results including sales of $161.5 million, net loss applicable to shareholders of $19.7 million, or $0.04 per share, cash provided by operating activities of $54.9 million and silver cost of sales and other direct production costs and depreciation, depletion and amortization ("cost of sales") of $57.3 million.
HIGHLIGHTS
Silver production of 3.3 million ounces and gold production of 77,311 ounces.
Adjusted net loss applicable to common shareholders of $11.8 million, or $0.02 per share.1
Adjusted EBITDA of $69.8 million.2
Approximately 40% lower cash cost per silver ounce and all in sustaining cost ("AISC") per silver ounce, in each case net of by-product credits compared to the third quarter of 2018. 3,4
Free cash flow of $28.8 million generated.6
Cash and cash equivalents of $33.0 million, with a draw on the revolving line of credit of $50 million, at September 30, 2019.
A tentative labor agreement at Lucky Friday between the Company and the union negotiating committees which is subject to member ratification.
Lucky Friday Mine received the Sentinels of Safety award from the National Mining Association (NMA) for its stellar safety record in 2018 as well as the Pollution Prevention Champion award from the State of Idaho.
Reaffirmed annual estimates for production, cost and expenditure estimates.
"The third quarter performance, including our increased adjusted EBITDA results, demonstrates significant progress toward our twin financial goals of having no net revolver indebtedness at year end and refinancing our senior notes," said Phillips S. Baker, Jr., President and CEO. "Our net revolver debt decreased by about $26 million, all from free cash flow, and our adjusted EBITDA of $70 million is about 50% more than the first and second quarter combined. We expect the fourth quarter adjusted EBITDA to be similar to the third quarter."
Mr. Baker continued, "At the Lucky Friday, a tentative labor agreement has been reached with the union's negotiating committee and is subject to member ratification. We expect the mine ramp-up to full production to take about a year's time, which would be good for the workforce, shareholders and the community. Also, congratulations to the Lucky Friday for winning the Sentinels of Safety, the highest safety award for mining in the US, as well as Idaho's Pollution Prevention Champion Award."
https://seekingalpha.com/pr/17690434-hecla-reports-third-quarter-2019-results
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