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Avino Reports Q1 2020 Financial Results
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PR Newswire
VANCOUVER, May 6, 2020
ASM: TSX/NYSE American
VANCOUVER, May 6, 2020 /PRNewswire/ - Avino Silver & Gold Mines Ltd. (ASM: TSX/NYSE American; FSE: GV6, "Avino" or "the Company") released today its consolidated financial results for the Company's first quarter ended March 31, 2020. The Financial Statements and Management Discussion and Analysis (MD&A) can be viewed on the Company's web site at www.avino.com, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
David Wolfin, President and CEO commented, "Avino had a strong first quarter that included a 10% increase in silver equivalent payable ounces sold, a 6% increase in revenues and a significant increase in mine operating income compared to Q1 2019. We were also able to transition to full production from the Avino mine, in keeping with our scheduled mine plan. We have, as previously announced, placed the mine on care and maintenance, and are following the Mexican Government's order to temporarily suspend operations. We look forward to bringing the Avino mine back into production when it is safe to do so. Above all, the health and wellness of our employees, stakeholders, and shareholders globally is our top priority, and we are working on back-to-work plans that we will be able to implement as soon as we are given the all-clear by both the Mexican and Canadian Governments."
Financial Highlights and Overview
FIRST QUARTER 2020 FINANCIAL HIGHLIGHTS
- Revenues from mining operations of $7.1 million, up 6% from Q1 2019
- Mine operating income of $0.8 million, up significantly from $0.1 million for the same period in 2019
- Net loss from continuing operations of $0.2 million, or $Nil per share
- Earnings before interest, taxes, depreciation and amortization ("EBITDA")2 and Adjusted EBITDA2 of $0.4 million
- Consolidated cash costs2 of $9.83 per silver equivalent payable ounce1
- Consolidated all-in sustaining cash cost ("AISC")2 of $14.88 per silver payable equivalent ounce1
- Working capital of $10.8 million, with $6.7 million consisting of cash, at the end of Q1 2020
- Reduced term facility and equipment debt by $1.2 million during Q1 2020
| 1. In Q1, 2020, AgEq was calculated using metals prices of $16.94 oz Ag, $1,584 oz Au and $2.56 lb Cu. In Q1, 2019, AgEq was calculated using metals prices of $15.57 oz Ag, $1,304 oz Au and $2.82 lb Cu. Calculated figures may not add up due to rounding. |
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| 2. "Silver equivalent payable ounces sold" for the purposes of cash costs and all-in sustaining costs consists of the sum of payable silver ounces, gold ounces and copper tonnes sold, multiplied by the ratio of the average spot gold and copper prices to the average spot silver price for the corresponding period. |
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| 3. The Company reports non-IFRS measures which include cash cost per silver equivalent payable ounce, all-in sustaining cash cost per payable ounce, EBITDA, adjusted EBITDA, and cash flow per share. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning and the calculation methods may differ from methods used by other companies with similar reported measures. See Non-IFRS Measures section for further information and detailed reconciliations. |
| HIGHLIGHTS | First Quarter 2020 | First Quarter 2019 |
Change | ||
| Financial | |||||
| Revenues | $ | 7,116 | $ | 6,711 | 6% |
| Mine operating income | $ | 843 | $ | 56 | 1405% |
| Net loss from continuing operations | $ | (232) | $ | (539) | 57% |
| Cash | $ | 6,698 | $ | 2,526 | 165% |
| Working capital | $ | 10,751 | $ | 10,507 | 2% |
| Earnings before interest, taxes and amortization ("EBITDA")1 | $ | 372 | $ | 63 | 490% |
| Adjusted EBITDA1 | $ | 391 | $ | 15 | 2507% |
| Per Share Amounts | |||||
| Loss per share ("EPS") – basic | $ | (0.00) | $ | (0.01) | 100% |
| Cash flow per share (YTD)1 – basic | $ | 0.00 | $ | 0.00 | -% |
| |
| 1. The Company reports non-IFRS measures which include cash cost per silver equivalent payable ounce, all-in sustaining cash cost per payable ounce, EBITDA, adjusted EBITDA, and cash flow per share. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning and the calculation methods may differ from methods used by other companies with similar reported measures. See Non-IFRS Measures section for further information and detailed reconciliations. |
Costs and Capital Expenditures:
Capital expenditures for Q1 2020, were $0.5 million compared to $2.5 million for the corresponding period in 2019, with the decrease is due mostly to the timing of expenditures and a cautious approach regarding the current COVID-19 pandemic. We expect that this amount will increase later into 2020, as certain capital expenditures have been pushed into the latter half of the year.
Operational Highlights and Overview
| HIGHLIGHTS (Expressed in US$) | First Quarter 2020 | First Quarter 2019 |
Change | ||
| Operating | |||||
| Tonnes Milled | 164,096 | 197,687 | -16% | ||
| Silver Ounces Produced | 266,718 | 268,399 | -1% | ||
| Gold Ounces Produced | 1,531 | 1,813 | -16% | ||
| Copper Pounds Produced Werbung Mehr Nachrichten zur Avino Silver & Gold Mines Aktie kostenlos abonnieren
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