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TheStreet Open House

Fortuna Silver Mines' CEO Discusses Q2 2012 Results - Earnings Call Transcript

Fortuna Silver Mines Inc. (FSM)

Q2 2012 Earnings Call

August 9, 2012 12:00 PM ET

Executives



Carlos Baca – IR

Jorge Ganoza – President and CEO

Luis Ganoza – CFO



Analysts



Trevor Turnbull – Scotia Capital

Heiko Ihle – Euro Pacific Capital

George Shea – Cicada Investments

Nick Campbell – Canaccord Genuity

Marco LoCascio – Equinox Partners

Presentation



Operator



Greetings and welcome to the Fortuna Silver Mines second quarter 2012 earnings call. At this time, all participants are in listen-only mode. A brief question-and-answer session will follow the formal presentation. (Operator Instructions). As a reminder this conference is being recorded. It is now my pleasure to introduce your host Carlos Baca, Investor Relations Manager. Thank you Mr. Baca, you may begin.



Carlos Baca



Good morning ladies and gentlemen, I would like to welcome you all Fortuna Silver Mines and to our second quarter financial and operation results call. We apologize for the late dissemination of our press release yesterday. Today we are hosting the call from Lima in Vancouver. Thank you again everyone for joining us. I would now like to turn the call over the President and CEO of the company, Mr. Jorge Ganoza.

Jorge Ganoza

Good morning. I am joined on the call today by Luis Ganoza, our CFO. We initiate a conference and with assistance of Luis, I will be giving a summary and analysis of our operations and financial results for the quarter. Once concluded, we will address your questions.

During the second quarter, Fortuna achieved net income of 3.85 million or $0.03 per share. Net income is down 38% in the comparable period. This is accounting for a one-time write-off of 3.86 million of exploration capital related to termination of the Mario Property option agreement. Adjusted net income was 6.9 million, up 37% compared to 5 million for Q2, 2011. Cash generated by operating activities changes in working capital totaled 15.7 million. It is up 76% over the prior year period.

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