Silvermet Releases 2011 Q3 Results
29 Novembre 2011 - 1:30PM
Marketwired Canada
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT
AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES.
Silvermet Inc. ("Silvermet" or the "Company") (TSX VENTURE:SYI) is pleased to
announce the release of its financial and operating results for Q3, 2011.
Highlights
-- Revenues in YTD-Q3 2011 increased by 15% to $12.8 million (at 100%)
(Silvermet's share - $6.3 million) from $11.2 million in YTD-Q3 2010.
-- The Company was cash flow positive and profitable.
-- Operations continued to benefit from reduced smelter treatment charges
in Q3 2011.
-- Production in Q3 2011 reflected the stabilization of operations at 3,669
DMT (Dry Metric Tonnes zinc concentrate containing 68.5% zinc on
average) compared to Q3 2010 production of 3,615 DMT.
-- Sales volume in YTD-Q3 2011 increased by 5% to 9,871 DMT from 9,421 DMT
in YTD- Q3 2010)
-- Revenues in Q3 2011 decreased by 15% to $4.0 million (at 100%)
(Silvermet's share - $2.0 million) from $4.8 million in Q3 2010
reflecting effect of timing of shipments and a declining zinc price
trend in Q3 2011 compared to increasing prices in Q3 2010.
The following table summarizes comparative quarterly results and reconciles net
earnings, a GAAP measure, to EBITDA. The 2010 figures reflect operational
results at 100% and 2011 figures reflect operational results at a proportionally
consolidated level of 49%.
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Three months ended September 30,
2011 2011 2010
100% proportional 100%
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Gross sales revenues $ 4,042,257 $ 1,980,706 $ 4,753,062
Direct operating costs 2,112,600 1,041,890 1,882,488
Treatment &
transportation 1,051,912 506,886 1,282,809
Corporate costs 114,636 114,636 341,616
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EBITDA(1) $ 763,109 $ 317,294 $ 1,246,149
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Interest and financing 27,932 146,029
Amortization - Turkey 70,486 115,258
Amortization - Canada 1,275 4,916
Investment & other gain (4,949) (201,731)
Foreign exchange loss
(gain) (61,153) 205,405
Stock option expense 19,710 267,253
Income tax 149,564 -
Non-controlling interest in net income of
consolidated affiliates - 524,736
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Net income (loss) available to common
shareholders $ 114,429 $ 184,283
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Nine months ended September 30,
2011 2011 2010
100% proportional 100%
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Gross sales revenues $ 12,839,562 $ 6,291,385 $ 11,207,766
Direct operating costs 6,199,183 2,959,079 6,372,187
Treatment &
transportation 3,388,928 1,560,065 3,528,950
Corporate costs 405,719 405,719 681,366
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EBITDA(1) $ 2,845,732 $ 1,366,522 $ 625,263
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Interest and financing 232,610 314,998
Amortization - Turkey 206,355 335,795
Amortization - Canada 3,256 8,674
Investment & other gain (137,906) (206,748)
Foreign exchange loss
(gain) (44,408) 154,913
Stock option expense 71,749 293,813
Income tax 307,041 -
Non-controlling interest
in net income of
consolidated affiliates - 128,562
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Net income (loss)
available to common
shareholders $ 727,825 $ (404,744)
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(1) EBITDA is a non-GAAP measure, does not have a standardized meaning
prescribed by GAAP and may not be comparable to similar terms and measures
presented by other issuers. EBITDA comprises net income (loss) before income
taxes, interest and financing expense (including accretion of liabilities),
amortization expense, gain on dilution, non-controlling interest and stock
option expense. The Company believes it is appropriate to exclude stock
option expense, gain on dilution and non-controlling interest from EBITDA as
a measure of operating performance that excludes non-recurring items.
About Silvermet:
Silvermet's principal business activity is the recycling of electric arc furnace
dust ("EAFD") obtained from steel companies through a Waelz kiln to recover zinc
concentrates that are then sold to zinc smelters throughout the world. The
Company owns 49% of a joint venture, Befesa Silvermet Turkey S.L. ("BST"), which
operates a Waelz kiln facility located in Iskenderun, Turkey.
Caution concerning forward-looking statements: The information in this release
may contain forward-looking information under applicable securities laws. This
forward-looking information is subject to known and unknown risks, uncertainties
and other factors that may cause actual results to differ materially from those
implied by the forward-looking information. Factors that may cause actual
results to vary include, but are not limited to, inaccurate assumptions
concerning the exploration for and development of mineral deposits, political
instability, currency fluctuations, unanticipated operational or technical
difficulties, changes in laws or regulations, the risks of obtaining necessary
licenses and permits, changes in general economic conditions or conditions in
the financial markets and the inability to raised additional financing. Readers
are cautioned not to place undue reliance on this forward-looking information.
The Company does not assume the obligation to revise or update this
forward-looking information after the date of this release or to revise such
information to reflect the occurrence of future unanticipated events except as
may be required under applicable securities laws. The TSX Venture Exchange does
not accept responsibility for the adequacy or accuracy of this release.
Silvermet Inc. (TSXV:SYI)
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