First Majestic Announces Record Cash Flow & Earnings for 2011
First Majestic is pleased to announce the audited consolidated financial results for the Company’s fourth quarter and year ending December 31, 2011. The full version of the financial statements and the management discussion and analysis can be viewed on the Company’s web site at www.firstmajestic.com, on SEDAR at www.sedar.com and EDGAR at www.sec.gov.
2011 HIGHLIGHTS
- Cash Flow of $1.55 per share (non-GAAP) representing a 147% increase from 2010
- Earnings per Share (basic) amounted to $1.00 representing a 167% increase over 2010
- Adjusted Earnings per Share (non-GAAP) of $0.24 for the quarter and $1.04 for the year
- Total Cash Cost increased by 9% to $8.24 per ounce (equivalent to $368 per ounce of gold based on average annual gold to silver ratio)
- Net Revenue after smelting and refining of $245.5 million, resulting in a 108% increase from 2010
- Mine Operating Earnings of $163.3 million showing an increase of 174% from 2010
- Net Earnings After Taxes amounted to $103.6 million, a 195% increase from 2010
- Silver only production increased by 11% to 7.22 million ounces compared to 6.53 million ounces in 2010
- 2012 guidance ranging from 8.8 to 9.3 million ounces of silver equivalent production
- Fully un-hedged to silver prices and no debt
- Invested US$10 million into Sprott Physical Silver Trust , “US:PSLV”, after year end
