Habe mich entschlossen nach den guten Zahlen gestern, hier ein Thread
zu eröffnen mit den richtigen Namen (U.S. SILVER + GOLD).
Der Kurs kam in den vergangen Wochen ein wenig unter Druck und ich sehe
hier auf den Niveau eine gute Einstiegschance.
Hier erstmal die Quartalszahlen.
U.S. Silver & Gold Reports Adjusted net income of $3.7 million or $0.06 per share
Third Quarter Highlights
(All figures in U.S. dollars unless otherwise noted)
Adjusting for one-time charges which resulted from the business combination of U.S. Silver Corporation and RX Gold & Silver Inc., net income for the quarter was $3.7 million or $0.06 per share. With the inclusion of these one-time charges, the Company reported a third quarter net loss of $1.8 million or $0.03 per share, compared with net income of $5.2 million or $0.08 per share for the third quarter of 2011. Revenue increased from $14.7 million in the second quarter of 2012 to $34.4 million in the third quarter of 2012.
Galena Complex silver production was 544,104 ounces for the quarter and 1.62 million ounces for the first nine months of 2012. Drumlummon production since August 13, 2012 was 2,223 ounces of gold and 23,451 ounces of silver. Adjusted Drumlummon production for the entire quarter was 4,421 ounces of gold and 64,176 ounces of silver and, for the first nine months of 2012 was approximately 16,600 ounces of gold and 280,000 ounces of silver.
Year-to-date combined production was 1.9 million ounces of silver and 16,600 ounces of gold. The Company remains on target to achieve its guidance of 2.6-2.8 million ounces of silver and 20,000 - 25,000 ounces of gold. The fourth quarter is expected to be the highest silver production quarter.
The new Management team of the recently created U.S. Silver & Gold is focused on increasing the mining grade while improving production in order to reduce operating costs. Early in 2013 productivity at the Galena Complex will increase by changing from a five-day work week to a 24/7 shift schedule. In addition, the Drumlummon Mine will institute labour cost reductions and maximize processing efficiencies by moving the milling of gold and silver ore from a leased mill to the Galena Complex.
A new team, separate from operations, has been created to focus on the development of the Lead Zone. As announced in the Company's October 11, 2012 press release, the newly-interpreted geometry of this world class silver / lead mineralized zone suggests that alternative, lower-cost mining methods may be utilized in this part of the Galena Complex.
Management has eliminated approximately 90 percent of the corporate cost duplication and expects to achieve $3 million per annum in corporate cost savings through the business combination.
"The third quarter of 2012 progressed as expected, with a profit achieved before one-time charges including severance and other merger-related costs," stated Darren Blasutti, President and Chief Executive Officer of U.S. Silver & Gold. "After assessing the existing mining plans, the new Management team has shifted the Company's focus from achieving arbitrary ounce production targets to increasing the profitability of ounces mined. We are also undertaking productivity improvements and cost reductions to allow for greater earnings and cash flow per share going forward."
Adjusting for one-time charges including transaction costs related to the Company's business combination, net income for the quarter was $3.7 million, or $0.06 per share. With the inclusion of these charges, the Company had a third quarter net loss of $1.8 million or $0.03 per share, compared with net income of $5.2 million or $0.08 per share for the third quarter of 2011. (Note: Due to much higher realized silver prices, 2011 was a year of record revenue.)
Adjusting for one-time charges as outlined above, net income for the first nine months of 2012 would have been $5.3 million, or $0.08 per share. With the inclusion of these charges, the Company had a net loss for the first nine months of 2012 of $1.2 million, or $0.02 per share. This compares with net income of $15.9 million or $0.25 per share during the first nine months of 2011 and net income of $1.5 million for the same period in 2010.
U.S. Silver & Gold affirms its 2012 anticipated production of 2.6 - 2.8 million ounces of silver and 20,000 - 25,000 ounces of gold. This outlook is based on a number of assumptions that the Company believes are reasonable at the time of this earnings release.