Avino Silver & Gold Mines Ltd. (TSXV:ASM,NYSEMKT:ASM,FWB:GV6) reported earnings for its first quarter of commercial production and released its audited consolidated financial statements for the 2012 fiscal year.
Q4 2012 Financial and Operational Highlights *
- Revenues reported for the quarter $2,255,376
- Mine operating income $820,807
- General and administrative expenses $889,152
- Earnings before income taxes $443,981
- Earnings for the period $176,660
- Earnings per share – basic and diluted $0.01
- Processed ore for Q4 2012 was 19,539 tonnes
- Silver ounces sold for Q4 2012 was107,850
- Gold ounces sold for Q4 2012 was 413
- Cash cost per equivalent silver ounce was $14.22
- Ore stockpile and concentrate inventory value at December 31, 2012 was $2,016,832
* On October 1, 2012 the Company commenced commercial production at its San Gonzolo Mine. The December 31, 2012 consolidated financial statements reflect the revenues and related cost of sales for production produced and sold for October and November 2012 only. December 2012 production is included in the balance of inventory at December 31, 2012 in accordance with the Company’s revenue recognition policy. Prior to achieving commercial production, the Company received proceeds of $3,490,581 from the sale of bulk concentrate produced from the historic Avino mine stockpiles.