NYSEAM:RVM - Post by User
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DFraton Aug 11, 2011 8:33am
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Post# 18929907
evett Reports Record Earnings for Q2 2011
evett Reports Record Earnings for Q2 2011https://www.marketwire.com/press-release/revett-reports-record-earnings-for-q2-2011-tsx-rvm-1548596.htm
SPOKANE VALLEY, WASHINGTON--(Marketwire - Aug. 11, 2011) - Revett Minerals Inc. (TSX:RVM)(NYSE Amex:RVM)today announced record quarterly revenues of $18.8 million, a 102%increase compared to the same period last year. The Company alsoincreased its cash and cash equivalents on hand at the end of the secondquarter to $14.7 million from $8.8 million at the beginning of theyear. All currency in this release is in United States dollars unlessotherwise indicated.
For the three months ended June 30, 2011 the Company had netincome of $7.9 million or
.23 per share. These record results are dueto higher metal prices, significantly improved metal grades, and highermetallurgical and operating efficiencies.
Highlights:
- Silver production totaled 342,822 ounces and copper production totaled 3,028,252 pounds, representing increases of 65% for silver and 60% for copper over the same period last year.
- Net cash(1) provided from operations before capital expenditures for the second quarter of 2011 was US$7.7 million, for a total of $11.1 million for the first half of 2011.
- Cash cost for the second quarter of 2011 improved significantly on a net of by-product basis at $3.38 per ounce of silver and
.73 per pound of copper, compared with $13.08 per ounce of silver and $2.63 per pound of copper for the same period last year. - The Company's working capital increased to $19.8 million as of June 30, 2011, an 86% increase since December 31, 2010.