This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Hecla Reports 2012 Fourth Quarter And Year-End Results

Hecla Mining Company ( NYSE:HL) today announced 2012 revenue of $321.1 million and gross profit of $143.5 million with net income applicable to common shareholders of $14.4 million, or $0.05 per basic share, and earnings after adjustments applicable to common shareholders of $34.2 million, or $0.12 per basic share, for the year. 1 Full year silver production in 2012 was 6.4 million ounces at a total cash cost of $2.70 per ounce, net of by-products. 2

FULL YEAR 2012 HIGHLIGHTS

  • Produced 6.4 million ounces of silver.
  • Total cash cost of $2.70 per ounce, net of by-products. 2
  • Operating cash flow of $69.0 million.
  • Cash and cash equivalents of $191.0 million at December 31, 2012.
  • Year-end silver reserve levels highest in Company history, increasing for the 7th consecutive year, with silver reserves up 2% to 150 million ounces. In addition, mineralized material increased by 7% to 22.4 million tons averaging 5.7 ounces of silver per ton and other resources increased by 37% to 23.4 million tons averaging 7.4 ounces of silver per ton.
  • Gold mineralized material increased fourfold to 1.7 million tons averaging 0.07 ounces of gold per ton and other resources increased 75% to 13.5 million tons averaging 0.05 ounces of gold per ton.
  • Exploration programs in 2012 succeeded in identifying new and highly prospective targets in addition to increasing resources at each of Hecla's pre-development and exploration projects.

FOURTH QUARTER 2012 HIGHLIGHTS

  • Net income applicable to common shareholders of $0.6 million, or $0.00 per basic share, and earnings after adjustments applicable to common shareholders of $10.2 million, or $0.04 per basic share. 1
  • Silver production of 2.1 million ounces at a total cash cost of $3.45 per ounce, net of by-products. 2
  • Completed cleaning and upgrading of Lucky Friday Silver Shaft. Production has resumed in Q1 2013.
  • Declared quarterly common stock dividend of $0.0125 per share of common stock, which includes a regular quarterly common stock dividend of $0.0025 per share and a special dividend of $0.01 per share.

(1) Earnings after adjustments applicable to common shareholders represents a non-U.S. Generally Accepted Accounting Principles (GAAP) measurement. A reconciliation of net income applicable to common shareholders (GAAP) to earnings after adjustments can be found at the end of the release.

(2) Total cash cost per ounce of silver represents a non-GAAP measurement. A reconciliation of total cash cost to cost of sales and other direct production costs and depreciation, depletion and amortization (GAAP) can be found at the end of this release.

2013 GUIDANCE

  • Expected full year 2013 silver production of approximately 8 to 9 million ounces.
  • Consolidated company-wide cash costs (based on current metal prices) are expected to be approximately $5.00 per ounce of silver, net of by-products, consisting of approximately $3.25 per ounce at the Greens Creek mine and $11.00 per ounce at the Lucky Friday mine.
  • Lucky Friday's costs are expected to be higher in the first half of the year as it proceeds through a restart phase. Per ounce cash costs are expected to be approximately $17.00 in the first half of the year, and are expected to decline to approximately $9.50 per ounce during the second half.
  • Expected Company-wide capital expenditures of $152.0 million.
  • Expected $51.5 million for 2013 exploration and pre-development expenses.

"This past year, with the Lucky Friday down, Greens Creek generated strong silver production and cash flow to allow record capital investments that are expected to generate not only higher silver production in 2013, but expected organic growth well into the future. For the full year, the Company produced 6.4 million ounces of silver at a cash cost of $2.70 per ounce, still among the lowest costs and highest margins of the major primary silver producers," said Phillips S. Baker, Jr., President and Chief Executive Officer. "In 2013, we are expecting silver production levels to increase more than 25% to approximately 8 to 9 million ounces."

1 of 11

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs