Vancouver, B.C. – Starcore International Mines Ltd. (the “Company”) has filed the results for the adjusted year end dated April 30, 2017 for the Company and its mining operations. The full version of the Company’s Financial Statements and Management’s Discussion and Analysis can be viewed on the Company’s website at www.starcore.com, or SEDAR at www.sedar.com. All financial information is prepared in accordance with IFRS and all dollar amounts are expressed in thousands of Canadian dollars unless otherwise indicated.
Financial Highlights for the year ending April 30, 2017 (audited):
- Cash and short-term investments on hand is $9.6 million at April 30, 2017;
- Cash per issued and outstanding share of $0.195;
- Gold and silver sales of $27.2 million;
- Net income of $7.2 million, or $0.15 per share;
- EBITDA(1) of $3,487;
The following table contains selected highlights from the Company’s audited consolidated statement of operations for the year ended April 30, 2017 and nine months ended April 30, 2016:
Reconcilation of Net income to EBITDA1
| (in thousands of Canadian dollars)(audited) | Year Ended April 30 2017 | Nine months ended April 30, 2016 |
| Revenues Cost of Sales | $27,228 (26,402) | $20,326 (18,807) |
| Earnings from mining operations | 826 | 1,519 |
| Administrative Expenses Gain on Sale of San Pedrito Income tax recovery (expense) | (3,593) 7,128 2,861 | (3,963) – 2,639 |
| Net income (i) Income per share – basic (ii) Income per share – diluted | $7,222 $0.15 $0.15 | $195 $0.00 $0.00 |
| (in thousands of Canadian dollars)(Unaudited) | Year Ended April 30 2017 | Nine months ended April 30, 2016 |
| Net Income Sale of San Pedrito Income tax recovery Interest Depreciation and depletion | $7,222 (7,128) (2,861) 626 5,628 | $195 – (2,639) 387 4,784 |
| EBITDA | $3,487 | $2,727 |
| EBITDA MARGIN2 | 12.8% | 13.4% |
(1) EBITDA (“Earnings before Interest, Taxes, Depreciation and Amortization”) is a non-GAAP financial performance measure with no standard definition under IFRS. It is therefore possible that this measure could not be comparable with a similar measure of another Corporation. The Corporation uses this non-GAAP measure which can also be helpful to investors as it provides a result which can be compared with the Corporation’s market share price.
(2) EBITDA MARGIN is a measurement of a company’s operating profitability calculated as EBITDA divided by total revenue. EBITDA MARGIN is a non-GAAP financial performance measure with no standard definition under IFRS. It is therefore possible that this measure could not be comparable with a similar measure of another Corporation. The Corporation uses this non-GAAP measure which can also be helpful to investors as it provides a result which can be compared with the Corporation’s market share price.
Production Highlights for the year ended April 30, 2017:
- Equivalent gold production of 15,159 ounces;
- Mine operating cash cost of US$969/EqOz;
- All-in sustaining costs of US$1,112/EqOz;
The following table is a summary of mine production statistics for the San Martin mine three and twelve months ended April 30, 2017 and for the previous twelve months ended April 30, 2016:
| Unit of measure | Actual results for 3 months ended April 30, 2017 | Actual results for 12 months ended April 30, 2017 | Actual results for 12 months ended April 30, 2016 | |||
| Production of Gold in Dore Production of Silver in Dore | thousand ounces thousand ounces | 3.2 14.2 |
_______________________________________________ Gary Arca, Chief Financial Officer and Director FOR FURTHER INFORMATION PLEASE CONTACT:
The Toronto Stock Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this press release. Original Article: https://www.starcore.com/news/news-releases/starcore-reports-year-end-2017-results
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