Finance Q1 2014 Banro Announces Q1 2014 Financial Results
TORONTO, ONTARIO--(Marketwired - May 13, 2014) - Banro Corporation ("Banro" or the "Company") (NYSE MKT:BAA)(TSX:BAA) today announced its financial and operating results for the first quarter of 2014.
FINANCIAL HIGHLIGHTS
- Revenue of $30.4 million ($33.2 million in Q1 2013) and a net loss of $0.7 million or $0.00 per share (net income of $6.3 million or $0.03 per share in Q1 2013)
- Cash and cash equivalents of $17.4 million at March 31, 2014 ($4.5 million at December 31, 2013)
OPERATIONAL HIGHLIGHTS
- Production of 20,137 ounces of gold in Q1 2014 (compared to 19,602 ounces in Q1 2013)
- Sales of 24,427 ounces of gold at an average price of $1,246 (20,456 ounces of gold were sold in Q1 2013 at an average gold price of $1,621 per ounce in Q1 2013)
"Banro is now at a positive turning point," commented Dr. John Clarke, President & CEO. "The upgrade program at Twangiza is complete and construction at Namoya is complete. The Namoya plant is now undergoing testing and hot commissioning."
All dollar amounts in this press release are expressed in thousands of dollars and, unless otherwise specified, in United States dollars.
The table below provides a summary of financial and operating results for the three months ended March 31, 2014 compared to the corresponding period in 2013 as well as the fourth quarter of 2013:
