VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 15, 2013) - Endeavour Silver Corp. (TSX:EDR)(NYSE:EXK) announces that the Second Quarter 2013 revenues reported on July 10, 2013 were understated by 12% due to the marking to market of certain concentrate sales that had already received final pricing during the quarter.
The revised revenues for Q2, 2013 are $71.3 million, a new quarterly record for the Company, up 76% from Q2, 2012. The realized metal prices were also understated and have been revised upwards to $21.38 per ounce (oz) silver and $1,297 per oz gold sold (see revised table of Q2, 2013 operating results below).
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Q2 2013
Three Months Ended June 30 Highlights Six Months Ended June 30
% %
2013 2012 Change 2013 2012 Change
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Production
71.3 40.5 76% Revenues ($ millions) 141.1 89.5 58%
1,787,571 1,075,000 66% Silver oz sold 3,302,648 2,175,000 52%
25,477 5,650 351% Gold oz sold 41,201 13,146 213%
21.38(2) 29.21 (35%) Realized silver price 25.05(2) 31.18 (24%)
per oz
1,297(2) 1,599 (28%) Realized gold price 1,417(2) 1,648 (19%)
per oz
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1. Silver equivalent ounces calculated using 60:1 ratio
2. Revenue from the sale of concentrates is subject to adjustments upon
final settlement. Concentrate sales are subject to mark to market
accounting treatments resulting in quarterly closing prices used for a
significant portion of metal sales. Furthermore, reported revenue and
realized prices include adjustments to prior quarter sales on final
settlement.
The Company plans to release its Second Quarter, 2013 financial results after the market closes on Tuesday August 6, 2013. A telephone conference call to discuss the Q2, 2013 financial results will be held at 10am PDT (1pm EDT) on Wednesday, August 7, 2013. To participate in the conference call, please dial the following:
-- 800-319-4610 Canada and USA (toll-free)
-- 604-638-5340 Vancouver
-- 604-638-5340 Outside of Canada & USA
-- No pass-code needed to participate in the conference call