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Silvercorp net income $30.2 million, $0.18 per share, up 284% for first three quarters of fiscal 2017
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PR Newswire
VANCOUVER, Feb. 2, 2017
Trading Symbol: TSX: SVM
VANCOUVER, Feb. 2, 2017 /PRNewswire/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) reported its financial and operating results for the third quarter and nine months ended December 31, 2016. All amounts are expressed in US Dollars.
HIGHLIGHTS FOR THE THREE QUARTERS ENDED DECEMBER 31, 2016
- Net income attributable to equity shareholders of $30.2 million, or $0.18 per share, up 284% compared with net income attributable to equity shareholders of $7.9 million or $0.05 per share in the prior year period;
- Silver, lead and zinc metals sold up 28%, 32%, and 22%, respectively, from the prior year period, to approximately 5.2 million ounces silver, 56.1 million pounds lead, and 16.8 million pounds zinc;
- Silver production for the three quarters has already surpassed the Fiscal 2017 annual production guidance by approximately 2%;
- Sales of $129.4 million, up 46% compared to $88.5 million in the prior year period;
- A 15%, 16%, and 15% increase in the head grades of silver, lead, and zinc compared to the prior year period;
- A 13%,13%, and 23% increase in the net realized selling prices of silver, lead, and zinc compared to the prior year period;
- Gross margin improved to 54% from 34% in the prior year period;
- Cash flows from operations of $75.6 million, or $0.44 per share, an increase of $48.1 million compared to $27.5 million, or $0.16 per share in the prior year period;
- Cash production cost per tonne[1] of decreased by 14% to $59.26 from $69.12 in the prior year period;
- Cash cost per ounce of silver1, net of by-product credits, of negative $2.88, compared to $1.26 in the prior year period;
- All-in sustaining cost per ounce of silver1, net of by-product credits, of $3.96, compared to $10.27 in the prior year period; and
- Ended the period with $97.4 million in cash and short term investments, an increase of $35.4 million or 60% compared to $62.0 million as at March 31, 2016.
HIGHLIGHTS FOR THE THIRD QUARTER FISCAL 2017 ("Q3 FISCAL 2017")
- Net income attributable to equity shareholders of $13.1 million, or $0.08 per share, up 294% compared with net income attributable to equity shareholders of $3.3 million or $0.02 per share in the prior year quarter;
- Silver, lead and zinc metals sold up 22%, 29%, and 21%, respectively, from the prior year quarter, to approximately 1.7 million ounces silver, 19.5 million pounds lead, and 5.7 million pounds zinc;
- Sales of $47.8 million, up 64% compared to $29.1 million from the prior year quarter;
- A 5%, 9%, and 15% increase in the head grades of silver, lead, and zinc compared to the prior year quarter;
- A 15%, 52%, and 83% increase in the net realized selling prices of silver, lead, and zinc compared to the prior year quarter;
- Gross margin improved to 58% from 33% in the prior year quarter;
- Cash flows from operations of $28.3 million, an increase of $18.7 million compared to $9.6 million in the prior year quarter;
- Cash production cost per tonne of $60.51, down 8% compared with $65.59 in the prior year quarter;
- Cash cost per ounce of silver, net of by-product credits, of negative $5.48, compared to $0.90 in the prior year quarter; and
- All-in sustaining cost per ounce of silver, net of by-product credits, of $1.87, compared to $7.72 in the prior year quarter.
FINANCIALS
Net income attributable to the shareholders of the Company in Q3 Fiscal 2017 was $13.1 million, or $0.08 per share, up 294% compared to $3.3 million, or $0.02 per share in Q3 Fiscal 2016.
In the current quarter, the Company's financial results were mainly impacted by the following: i) improved head grades yielded higher silver, lead, zinc sales, up 5%, 9% and 15%, respectively; ii) a 8% decrease in total production costs per tonne of ore processed; and iii) the increase of metals prices, as the realized selling price for silver, lead, and zinc increased by 15%, 52% and 83%, respectively, compared to the same prior year quarter.
Sales in Q3 Fiscal 2017 were $47.8 million, up 64% compared to $29.1 million in Q3 Fiscal 2016. Silver and gold sales represented $23.4 million and $0.7 million, respectively, while base metals represented $23.7 million of total sales in this quarter compared to silver, gold and base metals of $16.8 million, $0.4 million, and $11.9 million, respectively, in Q3 Fiscal 2016.
Cost of sales in Q3 Fiscal 2017 was $20.1 million compared to $19.5 million in Q3 Fiscal 2016. The cost of sales included $14.9 million (Q3 Fiscal 2016 - $13.5 million) cash costs and $5.2 million (Q3 Fiscal 2016 - $6.0 million) depreciation, amortization and depletion charges. The increase of cash cost of sales was mainly due to the increase of metals sold offset by an 8% decrease in cash production costs per tonne of ore processed. The total per tonne ore production cost was $82.19 in Q3 Fiscal 2017, a decrease of 5%, from $86.47 in Q3 Fiscal 2016.
Gross profit margin in Q3 Fiscal 2017 was 58% compared to 33% in Q3 Fiscal 2016. The improvement of gross profit margin was mainly due to: i) a 5%, 9%, and 15% increase in the head grades of silver, lead, and zinc; ii) a 5% decrease in per tonne ore production costs; and iii) the increase of metal prices. Ying Mining District's gross profit margin was 61% compared to a 40% gross profit margin in the same prior year quarter, while GC Mine's profit margin was 42% compared to a 3% gross profit margin in Q3 Fiscal 2016.
Cash flows provided by operating activities in Q3 Fiscal 2017 were $28.3 million or $0.17 per share compared to $9.6 million or $0.06 per share in Q3 Fiscal 2016. Before changes in non-cash operating working capital, cash flows provided by operating activities were $26.4 million, an increase of $13.9 million or 111%, compared to $12.5 million in Q3 Fiscal 2016 as a result of the improvement of operating earnings.
For the nine months ended December 31, 2016, net income attributable to the shareholders of the Company was $30.2 million, or $0.18 per share, up 284% compared to $7.9 million, or $0.05 per share in the same prior year period; sales were $129.4 million, up 46% from $88.5 million in the same prior year period; and cash flows provided by operating activities were $75.6 million or $0.44 per share compared to $27.5 million or $0.16 per share in the same prior year period. Before changes in non-cash operating working capital, cash flows provided by operating activities for the nine months ended December 31, 2016 were $66.9 million, an increase of $35.9 million or 116%, compared to $31.0 million in the same prior year period.
The Company ended the period with $97.4 million in cash and short term investments, an increase of $35.4 million or 60% compared to $62.0 million as at March 31, 2016.
OPERATIONS AND DEVELOPMENT
In Q3 Fiscal 2017, the Company sold approximately 1.7 million ounces of silver, 19.5 million pounds of lead, and 5.7 million pounds of zinc, up 22%, 29% and 21%, respectively, compared to 1.4 million ounces of silver, 15.1 million pounds of lead, and 4.7 million pounds of zinc in Q3 Fiscal 2016. The increase of metals sold, on a consolidated basis, was mainly due to: i) a 5%, 9%, and 15% increase in the head grades of silver, lead and zinc, resulting largely from the ongoing dilution control measures and operation management improvements; and ii) a 18% increase of ore milled. In addition, as at the end of Q3 Fiscal 2017, the Ying Mining District held 4,656 tonnes of silver-lead concentrate inventories, and the estimated metals contained in silver-lead concentrate were approximately 0.5 million ounces of silver and 5.3 million pounds of lead.
For the nine months ended December 31, 2016, on a consolidated basis, the Company sold approximately 5.2 million ounces of silver, 56.1 million pounds of lead, and 16.8 million pounds of zinc, up 28%, 32% and 22% compared to the same prior year period.
1. Ying Mining District, Henan Province, China
| | | | | | | | | ||
| Operational results - Ying Mining District | | | | | | | | ||
| | Q3 2017 | Q2 2017 | Q1 2017 | Q4 2016 | Q3 2016 | | Nine Months ended December 31, | ||
| | December 31, 2016 | September 30, 2016 | June 30, 2016 | March 31, 2016 | December 31, 2015 | | 2016 | 2015 | |
| Ore Mined (tonne) | 171,303 | 179,194 | 173,508 | 99,415 | 152,230 | | 524,005 | 490,351 | |
| Ore Milled (tonne) | 182,259 | 180,154 | 167,747 | 99,203 | 151,035 | | 530,160 | 488,248 | |
| Head Grades | | | | | | | | | |
| | Silver (gram/tonne) | 303 | 302 | 308 | 310 | 287 | | 305 | 260 |
| | Lead (%) | 4.8 | 4.9 | 4.4 | 4.0 | 4.1 | | 4.7 | 3.8 |
| | Zinc (%) | 0.8 | 1.1 | 1.1 | 0.9 | 0.8 | | 1.0 | 0.8 |
| Recoveries | | | | | | | | | |
| | Silver (%) | 95.1 | 95.5 | 95.7 | 95.0 | 95.4 | | 95.4 | 95.0 |
| | Lead (%) | 96.7 | 96.3 | 96.4 | 96.3 | 96.6 | | 96.4 | 95.4 |
| | Zinc (%) | 47.5 | 42.9 | 48.4 | 57.6 | 50.2 | | 46.0 | 53.3 |
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