YIKES!! most of mined ore is palladium and bleeding red inkMassive YOY drop from profit to loss. This is mainly a palladium play...and car production is expected to slow given recent jobs and economy snapshots....expect metal prices to deteriorate causing more red ink. Lucky they have some cash to hang on.
SS RELEASE FROM GLOBENEWSWIRE (A NASDAQ OMX COMPANY)
Stillwater Mining Company Reports First Quarter 2016 Results
Friday, May 06, 2016
Stillwater Mining Company Reports First Quarter 2016 Results
08:00 EDT Friday, May 06, 2016
LITTLETON, Colo., May 06, 2016 (GLOBE NEWSWIRE) -- Stillwater Mining Company (NYSE:SWC) today reported financial results for the quarter ended March 31, 2016.
First Quarter 2016 Highlights:
- All-in sustaining costs (AISC)* of $613 per mined ounce of palladium and platinum, down 19.7% from $763 per mined ounce for the first quarter of 2015
- Cash and cash equivalents plus highly liquid investments of $452.4 million at quarter end
- Mined palladium and platinum production of 137,300 ounces, an increase of 3.0% from the 133,300 ounces mined during the first quarter of 2015
- Processed 154,200 ounces of recycled palladium, platinum and rhodium, an increase of 41.9% over 108,700 ounces recycled during the first quarter of 2015
- Consolidated net loss attributable to common stockholders of $9.9 million or $0.08 per diluted share, reflecting the decrease in average sales price per mined ounce (palladium and platinum) to $612, a 29.7% decrease from $871 realized for the first quarter of 2015
Commenting on the first quarter results, Mick McMullen, the Company’s President and Chief Executive Officer stated, "From an operational perspective, the first quarter of 2016 was a very good start to the year. AISC* for the quarter of $613 per mined ounce was a great result that was slightly better than the lower end of our current annual guidance range of $615 to $665 per mined ounce. Further, this performance was consistent with our result for the fourth quarter of 2015 and demonstrates that we have achieved a new operating cost structure. Our mined production was a strong result and is showing the benefits of our productivity drive over the past two years.
"While the progress made to reduce costs has been notable, we believe that there are additional opportunities to further improve productivity and our team is working diligently to make added sustainable improvements. In addition, recycling volumes were ahead of plan for the first quarter of 2016 and we continue to pursue expansion of this business given our processing capacity.
"The Blitz project is a high priority for the Company and we have spent considerable time working on plans to accelerate this development. This effort is starting to deliver results, with advance rates increasing by 45% in the first quarter of 2016 compared to the 2015 average. Drilling of the J-M Reef from the underground development is being prioritized and results continue to be consistent with or slightly more favorable than typical off-shaft mineralization.
“As we have continued to make operational and cost improvements, the PGM price environment was challenging during the first two months of the quarter. Our average sales price for mined palladium and platinum totaled $531 and $919 per ounce respectively for the quarter, resulting in an average basket price of $612 per mined ounce. Fortunately, prices for both palladium and platinum increased throughout the quarter and have continued to increase subsequent to quarter end. We continue to believe the market fundamentals for palladium, our primary product, remain robust. Regardless of the near term fluctuations in PGM prices, our approach remains the same. We will continue our disciplined approach to capital deployment and focus on improving operational efficiencies. I believe this approach and our unique assets have positioned Stillwater in an industry-leading position for the benefit of our shareholders.” concluded Mr. McMullen.