U.S. Silver Corp. Reports Year End 2011 Results - Pre tax Earnings at $21.3 million
30.03.2012 | Business Wire
U.S. Silver Corporation (TSX: USA, OTCQX: USSIF, Frankfurt: QE2) ('US Silver' or 'the Company') is pleased to announce summary unaudited financial results in U.S. dollars for the year ended December 31, 2011.'We are pleased to report solid performance in 2011 with increases in production, revenue, earnings and cash flow over the previous year. Revenue was up by 50% to $93 million and cash flow was up 230% to $29 million, attributable largely to continuing strong silver prices,' said Mr. Gordon Pridham, Executive Chairman of U.S. Silver. 'This has allowed us to make significant investments in the mine including a doubling of our exploration spending to $3.8 million. Production and revenue vary from quarter to quarter due to timing and grade variability.'
Key Financial and Operating Highlights
- Revenue totalled $93.4 million, up 50% from $62.4 million in 2010
- Pre-tax net income was $21.3 million, up over 340% from $4.8 million in 2010
- Cash Flow from Operating Activities was $29.4 million, up over 230% from $8.8 million in 2010
- Cash on hand was $27.0 million, up from $5.4 million in 2010
- Silver production totalled 2,318,194 ounces up from 2,275,817 ounces in 2010
For the years ended December 31 (US$ millions) 2011 2010
Revenue $ 93.4 $ 62.4
Cost of Mining 58.6 46.2
General and administrative 5.5 3.6
Exploration 3.8 1.7
$ 25.5 $ 10.9
Loss on derivatives 4.3 4.8
Other (0.1) 1.3
Net income before tax $ 21.3 $ 4.8
Cash flow from operating activities $ 29.4 $ 8.8
Production
Silver (ounces) 2,318,194 2,275,817
Lead (pounds) 6,280,028 5,613,689
Copper (pounds) 1,103,507 1,000,319
Cash Costs ($/oz after by-product credits) $ 17.75 $ 13.50
U.S. Silver will file its audited financial statements for the year ended December 31, 2011 and related management’s discussion and analysis (MD&A) and Annual Information Form (AIF) with securities regulatory authorities within applicable timelines. The Company’s financial statements, MD&A, AIF and related documents are available from SEDAR and the Company’s website at www.us-silver.com.
ABOUT U.S. SILVER CORPORATION
U.S. Silver, through its wholly owned subsidiaries, owns and/or operates the Galena, Coeur, Caladay and Dayrock silver-lead-copper mines in Shoshone County, Idaho, with the Galena mine being the second most prolific silver mine in US history. Total silver production from U.S. Silver's mining complex has exceeded 217 million ounces of silver production since 1953. U.S. Silver controls a land package now totaling approximately 14,000 acres in the heart of the Coeur d'Alene Mining District. U.S. Silver is focused on expanding the production from existing operations as well as exploring and developing its extensive SilverValley holdings in the Coeur d'Alene Mining District.
Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX accepts responsibility for the adequacy or accuracy of this release.
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in filings by the Company with the Canadian securities regulators, which filings are available at www.sedar.com.
Contact
U.S. Silver Corporation
Heather Foster, IR Manager
208-556-1535 ext. 2
www.us-silver.com