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Silvercorp FY20 EPS $0.40

FISCAL YEAR 2020 HIGHLIGHTS   Silver, lead and zinc production surpassed annual guidance by 3%, 3% and 17% respectively;   Ore mined down 2% to 885,830 tonnes compared to the prior

Benzinga · 05/21/2020 21:00

FISCAL YEAR 2020 HIGHLIGHTS  

  • Silver, lead and zinc production surpassed annual guidance by 3%, 3% and 17% respectively;
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  • Ore mined down 2% to 885,830 tonnes compared to the prior year;
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  • Sold approximately 6.3 million ounces of silver, 3,300 ounces of gold, 65.3 million pounds of lead, and 25.4 million pounds of zinc, representing a decrease of 2% and 6% in silver and gold sold and an increase of 1% and 12% in lead and zinc sold compared to the prior year;
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  • Revenue of $158.8 million, down 7%, compared to $170.5 million in the prior year;
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  • Net income attributable to equity shareholders of $34.3 million or $0.20 per share compared to $39.7 million or $0.23 per share in the prior year. Excluding the impairment reversal of $9.2 million recorded in Fiscal 2019, the net income to equity shareholders in Fiscal 2020 was up 6% compared to the adjusted net income attributable to equity shareholders1 of $32.2 million, or $0.19 per share, in the prior year. In Fiscal 2020, the Company’s consolidated financial results were impacted mainly by operations in China being suspended for an extra month in Q4 Fiscal 2020 due to COVID-19;
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  • Cash cost per ounce of silver1, net of by-product credits, of negative $1.91 compared to negative $4.29 in the prior year;
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  • All-in sustaining cost per ounce of silver1, net of by-product credits, of $6.86, compared to $3.52 in the prior year;
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  • Cash flow from operations of $77.2 million, up 10% compared to $70.4 million in the prior year;
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  • Paid $4.3 million of dividends to the Company’s shareholders, compared to $4.2 million in the prior year;
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  • Invested $7.0 million in New Pacific Metals Corp. (“NUAG”) to maintain the Company’s ownership interest at 28.8%; and
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  • Strong balance sheet with $142.5 million in cash and cash equivalents and short-term investments, an increase of $27.2 million or 24% compared to $115.3 million as at March 31, 2019.