VANCOUVER, British Columbia, May 8, 2013 /PRNewswire/ --
-- Operating Cash Flow of $20.1 million, Net Earnings of $6.9 million or $0.02 per share (All amounts in US$ unless otherwise specified)
Capstone Mining Corp. ("Capstone") (TSX: CS) today announced its financial results for the three months ended March 31, 2013. Net earnings for the quarter were $6.9 million and operating cash flow before changes in working capital (1) was $20.1 million. Capstone ended the quarter with cash on hand of $485.4 million, a $200 million credit facility and no long-term debt. Copper production for the quarter at Capstone's two operating mines, Cozamin and Minto, totalled 18.6 million pounds in concentrates (17.9 million pounds of payable copper) at a C1 cash cost (1) of $1.72 per payable pound of copper produced.
Capstone will hold a conference call and webcast on Wednesday, May 8, 2013 at 11:30 am Eastern time ( 8:30 am Pacific time) to discuss these results; call-in details are provided at the end of this release. This release should be read in conjunction with Capstone's unaudited condensed interim consolidated financial statements and management's discussion and analysis ("MD&A") for the three months ended March 31, 2013, which are available on Capstone's website at: http://capstonemining.com/s/Financial_Statements.asp and on SEDAR. An updated corporate presentation, including results to March 31, 2013, will also be available at http://capstonemining.com/s/Presentation.asp.
Overview Q1 2013 Q1 2012 Revenue ($ millions) 57.7 70.4 Copper in concentrates produced (million lbs) 18.6 18.6 Payable copper produced (million lbs) 17.9 17.9 C1 cash cost per payable pound of copper produced(1) ($) 1.72 1.45 Copper sold (million lbs) 15.1 16.2 Recognized copper price per pound ($) 3.51 4.02 Net earnings ($ millions) 6.9 15.7 Net earnings per common share ($) 0.02 0.04 Adjusted net earnings(1) ($ millions) 6.1 22.3 Adjusted net earnings(1) per common share ($) 0.02 0.06 Operating cash flow before changes in working capital(1) ($ millions) 20.1 28.7 Operating cash flow before changes in working capital per common share(1) ($) 0.05 0.08 Cash and cash equivalents ($ millions) 485.4 501.7(1) These are alternative performance measures; please see "Alternative Performance Measures" at the end of this release.