ORV.TO: Orvana amazing 2nd quarter numbers for a 100M mkt cap miner.
Orvana Achieves Strong Mine Performance In Fiscal Second Quarter
TORONTO, ONTARIO--(Marketwired - May 13, 2013) - Orvana Minerals Corp. (TSX:ORV) (the "Company" or "Orvana") announced today financial and operating results for the second quarter ended March 31, 2013 ("Q2 2013"). The Company reported increased gold and copper production based on strong performance from the EVBC Mine in Spain.
The Company reported net income for Q2 2013 of $6.5 million and adjusted net income of $0.9 million excluding the unrealized gain from the revaluation of the Company's outstanding financial instruments and the tax effect thereof.
The unaudited consolidated interim financial statements for Q2 2013 ("Q3 Financials") and management's discussion & analysis related thereto ("Q2 2013 MD&A") are available on SEDAR and at www.orvana.com.
Dollar amounts (other than per ounce/pound and per share amounts) are in thousands of U.S. dollars unless stated otherwise, and fine troy ounces of gold and silver are referred to as "ounces" or "oz".
Q2 2013 Operating and Financial Highlights
Production of 18,144 ounces of gold, 3.9 million pounds of copper and 191,374 ounces of silver compared to 12,755 ounces of gold, 3.0 million pounds of copper and 115,282 ounces of silver in the second quarter of fiscal 2012. (1)
Sales of 19,248 ounces of gold, 3.9 million pounds of copper and 213,879 ounces of silver compared to 11,331 ounces of gold, 3.3 million pounds of copper and 86,636 ounces of silver in the second quarter of fiscal 2012. (1)
Consolidated revenue of $44,301 compared to $31,245 in the second quarter of fiscal 2012, an increase of 42%.
Net income of $6,483 compared to a net loss of $7,959 in the second quarter of fiscal 2012.
Adjusted net income of $922 compared to adjusted net income of $2,794 in the second quarter of fiscal 2012. (2)
Cash flows provided by operating activities of $14,014 compared to cash flows used in operating activities of $5,568 in the second quarter of fiscal 2012 and cash flows provided by operating activities before changes in non-cash working capital of $10,627 compared to cash flows provided by operating activities before changes in non-cash working capital of $7,900 in the second quarter of fiscal 2012. (2)
Capital expenditures of $8,753 and $12,982 for the three and six months ended March 31, 2013.
Debt net of cash, cash equivalents and restricted cash for debt repayment of $50,951 and payment of long-term principal and interest of $8,779 in the six months ended March 31, 2013.
For a description of the EVBC Mine and the UMZ Mine, please see "Overall Performance - EVBC Mine" and "Overall Performance - UMZ Mine".
Adjusted net income (loss) and cash flows from operating activities before changes in non-cash working capital are non-IFRS performance measures with no standard definition under IFRS. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors use this information to evaluate the Company's performance including the Company's ability to generate cash flows from its mining operations. Accordingly, it is intended to provide additional information and should not be considered in isolation or as substitutes for measures of performance prepared in accordance with IFRS. For further information and a detailed reconciliation, please see the "Other Information - Non-IFRS Measures" section of the Q2 2013 MD&A.
"The second quarter of 2013 highlights our focus on stabilizing and optimizing operations. We had record production numbers at our EVBC Mine and we will continue to implement changes to further improve our performance," said Michael Winship, Interim President and CEO. "We continue to pay down our debt, strengthening our balance sheet. With the volatility in the metals markets, we are also concentrating on driving down unit costs."
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