Revett Reports Q1 2013 Financial Results
SPOKANE VALLEY, WASHINGTON -- (Marketwired) -- 05/09/13 -- Revett Minerals Inc. (TSX: RVM)(NYSE MKT: RVM)(NYSE Amex: RVM) announces its consolidated operating and financial results for the first quarter 2013. The financial results are based on US GAAP unless otherwise indicated and all currencies are in United States dollars unless otherwise indicated.
First Quarter 2013 Summary:
-- Cash and short term investments as at March 31, 2013 were $21.0 million
compared to $28.7 million as at December 31, 2012.
-- Due to the suspension of mining operations at the Troy Mine, the Company
was unable to generate revenues from operations during the first quarter
of 2013, resulting in a net loss of $4.1 million or $0.12 per share
(basic).
-- The Company's working capital as at March 31, 2013 was $22.5 million as
compared to $28.7 million at December 31, 2012.
Consolidated Financial Results
Expenses associated with ongoing redevelopment at the Troy Mine during the first quarter of 2013 was approximately $4.4 million, which reflects wages and costs associated with preventative maintenance, mining and milling equipment repairs and other underground development activities conducted to resume mining and production operations. Our exploration and development costs during the first quarter of 2013 were $317,000. General and administrative costs for the first quarter of 2013 were $1,017,000.
Selected Financial Highlights:
----------------------------------------------------------------------------
First Quarter
----------------------------------------------------------------------------
2013 2012
----------------------------------------------------------------------------
Net Cash from Operations (1) ($ 4.7m) $ 7.5m
----------------------------------------------------------------------------
Revenue $ 0.2m $ 19.2m
----------------------------------------------------------------------------
Adjusted EBITDA(2) ($ 6.0m) $ 5.3m
----------------------------------------------------------------------------
Net Income ($ 4.1m) $ 3.7m
----------------------------------------------------------------------------
EPS (basic) ($ 0.12) $ 0.11
----------------------------------------------------------------------------
EPS (fully diluted) ($ 0.12) $ 0.10
----------------------------------------------------------------------------
Cash & short term investments $ 21.0m $ 28.7m
----------------------------------------------------------------------------
1. Net cash from operations is before capital expenditures and exploration
and is a non GAAP measure. The Company believes that net cash from
operations is a benchmark for performance and is well understood and
widely reported in the mining industry.
2. Adjusted EBITDA is a non GAAP measure in which standard EBITDA (earnings
before interest, taxes, depreciation and amortization) is adjusted for
stock based compensation, foreign exchange gains or losses, and non-
recurring items
Troy Mine Operating Summary
In December 2012 we suspended underground mining operations at the Troy Mine due to unstable ground conditions and subsequent rock fall along the main haulage route. During the first quarter of 2013 geophone monitoring devices were installed and a development drift into the lower haulage route was completed. Crews continue to advance along the Lower Quartzite haulage route with the expectation of regaining access to the A and C Bed mining areas during the second quarter of 2013. Preventative maintenance, cross training and mill repairs continued in preparation for resumption of mining and milling operations.
Quarterly Financial Results Conference Call
Revett has scheduled a conference call to discuss its first quarter 2013 financial results on Monday, May 13, 2013, at 11:30 am (EDT).
To participate in the call, North American callers can call 1-888-231-8191 and International callers can call (647) 427-7450.
Please dial in to the call approximately five to ten minutes prior to the scheduled start time of the call.
The conference call and all questions and answers will be recorded and made available until May 20, 2013. To listen to the recording, call toll free (855) 859-2056 or (416) 849-0833 and enter the access code 69376765.
About Revett
Revett Minerals, through its subsidiaries, owns and operates the producing Troy Mine in Lincoln County, Montana and development-stage Rock Creek Project located in Sanders County, Montana, USA. The proven reserves at the Troy Mine and significant resources at the Rock Creek project form the basis of Revett's plan to become a premier mid-tier base and precious metals producer. Revett plans on expanding production through exploration in and around its current properties, as well as through targeted business combinations of advanced stage projects.
John Shanahan, President and Chief Executive Officer
For more information, please visit our website at www.revettminerals.com.
Except for the statements of historical fact contained herein, the information presented in this news release may contain "forward-looking statements" within the meaning of applicable Canadian securities legislation and The Private Securities Litigation Reform Act of 1995. Generally, these forward looking statements can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "is not expected", "budget", "schedule", "estimates", "forecasts", "intends", "anticipates", "or does not anticipate" or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements contained in this news release include but are not limited to those relating to our expectation of regaining access to the A and C Bed mining areas during the second quarter of 2013. Actual results will depend upon the results of continuing assessments, future development, the views of MSHA and decisions made by management having regard to the nature of geotechnical conditions and the safety of the Company's employees. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business and economic uncertainties, risks and contingencies and those factors discussed in the section entitled "Risk Factors" in the Form 10-K filed on SEDAR at www.sedar.com and with the SEC on EDGAR. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Revett Minerals does not undertake to update any forward-looking statements except as required by applicable securities laws.
Contacts:
Revett Minerals Inc.
Ken Eickerman
Chief Financial Officer
(509) 921-2294
Revett Minerals Inc.
Monique Hayes
Corporate Secretary/Director Investor Relations
(509) 921-2294
www.revettminerals.com
