The Colorado Springs-headquartered gold producer reported net income of $7.38 million or 13 cents per diluted share for the three months that ended March 31, compared to last year's equivalent first quarter figures of $13.5 million and 24 cents per share.
Net income, adjusted to include currency translations gains, came to $7.42 million for the quarter compared to $15 million for the year-ago figure.
The company, which has operations in the southern state of Oaxaca, Mexico, reported net sales of metals concentrate at $42.3 million, compared to the year ago figure of $36.6 million.
Production results for the quarter came in at 22,330 ounces of precious metal gold equivalent, with 24,972 ounces sold, compared to the record production of 30,528 ounces recorded for the first quarter of 2012.
Realized average prices for gold sold during the first quarter was $1,648 per ounce gold and $31 per ounce of silver, compared to $1,740 per ounce gold and $34 per ounce silver during the first quarter of 2012.
Also during the quarter, the company both reduced its accumulated deficit to zero and distributed a total of $9.5 million in dividends, or 18 cents per share for the quarter, compared to $7.9 million distributed or 15 cents a share a year ago.
Cash flow from mine site operations came in at $25.9 million for the latest period.
The company's outlook for the year, reaffirmed in the statement announcing the figures, calls for production of between 80,000 and 100,000 ounces gold equivalent and the target of being in the lowest quartile of total cash costs, ranging from $300 to $500 per ounce. For the latest period, total cash costs per precious metal gold equivalent ounce were $515.
The results come weeks after the gold and silver producer announced record production for the year 2012, reporting production of 90,432 ounces precious metal gold equivalent for the year - representing a 300 per cent increase -- and sales of 72,399 ounces for record annual revenue of $131.8 million.
"First quarter 2013 was on track with our annual production targets," said president, Jason Reid. "At this point, we are maintaining our 2013 production goal, targeting a range of 80,000 to 100,000 precious metal gold equivalent ounces."
"The first quarter of 2013 marked a milestone for the company as our accumulated deficit was reduced to zero. We achieved this milestone while distributing over $81 million to our shareholders. Both speak to our efficiency of capital deployed on behalf of our shareholders."
The US-based company has been in commercial production since July 1, 2010, in which time it has returned over $81 million to shareholders in monthly dividends and offers shareholders the option to convert their cash dividends into physical gold and silver and take delivery.
Stock in the company closed at $10.32 per share on the NYSE Amex Exchange on Wednesday, up 43 cents from the previous close of $9.89 the day before the release of the figures.
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