Net earnings for the three months ended June 30 came in at $2.86 million for the miner, for earnings of 3 cents per diluted common share, compared to $9.53 million, for earnings of 11 cents per diluted common share.
Revenues of $13.0 million were reported, marking a decrease of 18 per cent from the year ago figure of $15.98 million.
Cash flow from operations, a crucial metric for miners, dropped to $5.58 million corresponding to 5 cents per share, a decrease of 22 per cent year on year, due primarily to lower metal prices.
Sales of silver marked a quarterly record, with 181,398 ounces recorded, up on the year ago figure of 124,739 ounces sold, an increase of 45 per cent. The average realized price, $22 per ounce, was 24 per cent lower than the year ago figure of $29 per ounce.
Sales of gold in the quarter were down with 5,900 ounces from the year ago figure of 2,733 ounces. The average realized price slipped to $1,365 per ounce, down from the year ago figure of $1,650.
Total gold sales for the quarter were 15 per cent down on a year ago, coming in at 7,375 ounces compared to 8,679 in the same quarter of 2012.
Costs were up, but well below management guidance, with the cash operating cost per silver equivalent ounce sold coming to $7.80. All-in sustaining cash costs per silver equivalent ounce sold came in at $13.26.
"As with most of the industry, second quarter financial results for SilverCrest were less robust when compared to previous quarters," said Chairman and CEO J. Scott Drever in a company statement released with the figures.
"However we were able to sell a record amount of silver, and in spite of persistent metal price declines and volatility, we were able to generate both positive cash flow and net earnings. Our operating team continues to focus on controlling operating costs which resulted in an average cash operating cost of $7.80 per silver equivalent ounce for the quarter, which was substantially better than our corporate guidance of $8.50 per silver equivalent ounce. Our operating team continues to optimize production to ensure we meet our market production guidance of 675,000 ounces of silver and 33,000 ounces of gold for 2013."
Jennings Capital reiterated their buy recommendation and 12-month target price of $3.25 per share in response to the second quarter resutls.
Shares in the company were trading up on the TSX Ventures Exchange the day of the release of figures, adding a penny to prior close to reach $1.84 per share at 11.11am EST.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.