Loading ...Hecla Reports First Quarter 2017 Results
For Period Ended: March 31, 2017
COEUR D’ALENE, Idaho–(BUSINESS WIRE)–May 8, 2017–Hecla Mining Company (NYSE:HL) (Hecla or the Company) today announced first quarter financial and operating results.
FIRST QUARTER 2017 HIGHLIGHTS
Net income applicable to common stockholders of $26.7 million, or $0.07 per basic share.
Adjusted net income applicable to common stockholders of $16.7 million, or $0.04 per basic share. 1
Sales of $142.5 million.
Cash provided by operating activities of $38.3 million.
Adjusted EBITDA of $53.9 million and net debt/adjusted EBITDA (last 12 months) of 1.1x. 2,3
Free cash flow of $16.6 million. 4
Cost of sales and other direct production costs and depreciation, depletion and amortization (“cost of sales”) of $107.6 million.
Silver cash cost, after by-product credits, of $0.84 per ounce, the lowest in over five years. 5
All in sustaining cost (AISC), after by-product credits, of $7.60 per silver ounce. 6
Cash and cash equivalents and short-term investments of $213.3 million.
“We have started 2017 with strong sales, net income and free cash flow, and our silver margins remain among the top in the industry, driving an increase in cash balances and strengthening our balance sheet,” said Phillips S. Baker, Jr., President and CEO. “While the increase of cost of sales over last year reflected the higher throughput from the Casa Berardi open pit operations, our cash cost, after by-product credits, declined 73% to $0.84 per silver ounce and our AISC, after by-product credits, declined 24% to $7.60 per silver ounce. For the remainder of 2017, our focus is on growing reserves and resources, investing in new technologies that will increase productivity, mine life and margins, and advancing the underground at San Sebastian as well as optimizing the open pits at Casa Berardi. In addition, we are focused on working to end the strike at Lucky Friday. In the meantime, we are suspending our Lucky Friday and Company-wide estimates for silver production and cost, until it is resolved.”
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