Hecla Reports Record Sales of $501 Million for 2014
2014 silver and gold production of 11.1 million ounces and 186,997 ounces, 24% and 56% increases over 2013
COEUR D'ALENE, Idaho--(BUSINESS WIRE)--Feb. 18, 2015-- Hecla Mining Company (NYSE:HL) today announced 2014 sales of $500.8 million and gross profit of $85.2 million, with net income applicable to common stockholders of $17.3 million, or $0.05 per basic share, and an adjusted net income applicable to common stockholders of $5.6 million, or $0.02 per basic share.1
FULL YEAR 2014 HIGHLIGHTS - comparison to 2013
Record sales of $500.8 million, a 31% increase.2
Silver equivalent production of 34.5 million ounces, the highest in the company’s history.3
A 24% increase in silver production with a 30% decrease in per ounce cash costs, after by-product credits.
A 56% increase in gold production with 128,244 ounces produced at Casa Berardi at an average cash cost, after by-product credits, per gold ounce of $826, a 13% reduction.4
Adjusted EBITDA of $174.4 million, a 29% increase.5
Operating cash flow of $83.1 million, which includes the final $55.4 million payment to satisfy the Coeur d’Alene Basin litigation settlement, a 212% increase, and the third highest level in the company’s history.
Highest year-end proven and probable silver reserve levels in the company’s history for the 9th consecutive year.
Cash and cash equivalents of $209.7 million at December 31, 2014.
“In 2014 Hecla produced the equivalent of 34 million ounces of silver and over $500 million in revenues, both company records,” said Phillips S. Baker Jr., Hecla’s President and CEO. “With the increased production and lower per ounce costs for both gold and silver, Hecla was able to end the year with roughly the same amount of cash we started with, while continuing to invest in capital projects designed to extend mine life and increase production. While spending less on exploration than in 2013, we still maintained reserves, despite using lower price assumptions, after record production, and continued to grow our resource base.”
“In 2015 we expect to once again have our capital and exploration expenditures fully funded by adjusted EBITDA even as we continue the capital expenditures designed to drive returns, growth and mine life,” Mr. Baker added.
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