Market Fisher's  Instablog

August 13, 2009
Silvercorp Metals, focused in China with a market cap of 618.878 million, an average volume of 671,400 and a dividend of $0.02 


- Reported Q1 earnings (ended June 30, 2009)  after the market closed today of $0.05 per share, $0.03 better than the consensus of $00.2; revenues fell 26.9% year/year to $22.6 mln vs the $15.7 mln consensus.

- Net earnings of $7.5 million or $0.05 per share, compared to $1.2 million or $0.01 per share last quarter and $11.6 million or $0.08 per share in the same quarter last year;

- Produced a record 1.2 million ounces of silver and 16.0 million pounds of lead, representing 6% and 11% increases, compared to 1.1 million ounces of silver and 14.4 million pounds of lead produced, respectively, in the same quarter last year;

- The total production cost was negative $4.29 per ounce of silver and the cash cost was negative $5.09 per ounce of silver, making Silvercorp an industry leading low-cost producer;

- Generated $10.4 million cash from operating activities or $0.06 per share;

- Total cash, cash equivalents and short term investments increased by $10.3 million to $75.7 million;

- Silver head grade at the Ying Mine was 488 g/t, up 23% compared to the same quarter last year; and

-Silvercorp's management will hold a conference call on Friday, August 14, 2009, at 7:00 a.m. PT/10:00 a.m. ET to discuss the first quarter results with analysts. Shareholders, media and interested investors are invited to listen to the live conference call over the internet by going to silvercorp.ca

Disclosure: long, SVM