Right here. The bullets are...
- Silver equivalent production of 4.2 million ounces, representing a 24% increase compared Q4 2013.
- Silver production of 3.1 million ounces, representing a 12% increase compared to Q4 2013.
- All-in Sustaining costs of $14.43 per payable silver ounce, representing a significant 27% reduction compared to the prior quarter.
- Revenues after smelting and refining costs amounted to $72.5 million, representing a 23% increase compared to Q4 2013.
- Adjusted net earnings (non-GAAP) normalized for non-cash items was $4.2 million or $0.04 per share.
- Cash flow from operations of $21.1 million or $0.18 per share (non-GAAP).
- Non-cash impairment charge of $102.0 million related to certain non-current assets at specific mines resulting in a net loss of $64.6 million in Q4 2014.
$102m impairment...frankly it could have been worse.
- Working cap is tighter than I expected. They say they're addressing this, which is good because they darned well need to.
- The more I look at the $102m write down, the less it worries me. Overall book value is now more reasonable compared to operations.
- For the Q4 quarter's operations, revenues at $72.5m were slightly lighter than expected, cash flow was fine, but mine operating earnings was thinner than expected. The deprec/deplet/amort line item came in higher than my model (which means my model was stupid, not that FR was bad). Overall I'm ok with the Q4 operations because cash costs are obviously dropping (at last) and cash flow was strong enough.
- Costs guidance for 2015 is good, with AISC forecast between $13.96 and $15.48 per ounce. Then again, FR.to couldn't keep to its costs guidance in 2014. They said it'd be $15.87 to $16.69, it turned out to be $17.71.