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I say things on Twitter

8/13/13

And if you're wondering why First Majestic (FR.to) (AG) earnings missed so much...

...it's mainly (though not wholly) due to a corporate decision by the company to withhold the sale of around 700,000 ounces of silver, rather than sell them cheap. Fair enough, but this is what it does to your comparable quarterly financials:


FR.to states that its corporate decision lopped off around $14.8m from revenues, which would have put that green bar there on the right at around $63m. And if you're wondering why there's no red bar on show for 2q13, that's because at a net net profit of $160,000, it doesn't show up on the scale. NR here.