SMF did not miss their numbers.As late as the 3rd qtr report their statement below:
Management remains confident that the Company will attain the upper bracket of its 2009 production guidance of between 220,000 and 240,000 ounces of gold.
They produced 242,000. They knew 4th qtr would be slightly lower.
The press release today indicates yearly sales. Compare to sales at end of 3rd quarter. Do the math at $1111 gold and you will find they sold more gold than they produced.
Difference being ending inventory and gold in circuit end of 3rd qtr. They still sold significantly more than they produced. They should have at least a $20 million profit and about $35 million in cash flow for the qtr.
Nothing wrong with these numbers.
How much cash do they have in the bank now? A lot more than most of their peers.
Wes