FIRST MAJESTIC SILVER CORP. (AG: NYSE; FR: TSX) (the "Company" or "First Majestic") is pleased to announce the unaudited interim consolidated financial results of the Company for the third quarter ended September 30, 2014. The full version of the financial statements and the management discussion and analysis can be viewed on the Company's web site atwww.firstmajestic.com or on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. All amounts are in U.S. dollars unless stated otherwise.
Keith Neumeyer, CEO and President of First Majestic, stated: "the Company's primary focus remains to be cost cutting. Unfortunately, due to the lower production in the third quarter, severance payouts and temporary lower throughput at two of our mines, our costs were modestly higher in the quarter. This trend is anticipated to reverse in the fourth quarter which will benefit from a reduced workforce and lower energy and chemical costs. Due to the fact that the silver price is dropping more quickly than costs, diligence is required to remain focused on bringing all cost structures down to 2006 levels. I'm confident that the changes currently underway in our business will allow us to produce profitable ounces in this lower metal price environment."
THIRD QUARTER 2014 FINANCIAL HIGHLIGHTS
- Generated revenues of $40.8 million, a 39% decrease compared to the previous quarter primarily due to a temporary suspension of silver sales totalling 934,000 ounces.
- Net earnings after taxes amounted to a loss of $10.5 million or earnings per share of ($0.09).
- Adjusted earnings per share (a non-GAAP measure) of ($0.04), after excluding non-cash and non-recurring items.
- Cash flow per share (a non-GAAP measure) of $0.08, representing a 53% decrease from the prior quarter.
- Mine operating loss amounted to $1.8 million primarily due to a 39% decrease in revenue and 36% decrease in cost of sales primarily attributed to the suspended silver sales.
- Total cash cost, net of by-product credits, was $10.41 per ounce, up 8% from the prior quarter primarily due to a 13% decrease in silver production during the quarter.
- All-in sustaining cost ("AISC") was $19.89 per payable silver ounce, up 9% from the prior quarter.
- Average realized silver price per ounce was $19.10, a decrease of 3% compared to the prior quarter.
- Cash and cash equivalents of $34.7 million held at the end of the quarter plus the silver held in inventory.
- Subsequent to quarter end, the Company sold all 934,000 ounces of silver that it held over from the third quarter for an average price of $17.29 per ounce increasing the cash balance by $16.1 million.
THIRD QUARTER 2014 HIGHLIGHTS
| HIGHLIGHTS | Q3 2014 | Q2 2014 | Q/Q Change | Q1 2014 | Q4 2013 | Q3 2013 |
| Operating | ||||||
| Ore Processed / Tonnes Milled | 621,196 | 671,024 | (7%) | 637,663 | 701,617 | 641,345 |
| Silver Ounces Produced | 2,680,439 | 3,098,218 | (13%) | 2,895,497 | 2,746,598 | 2,689,237 |
| Silver Equivalent Ounces Produced | 3,523,536 | 3,855,223 | (9%) | 3,631,672 | 3,421,161 | 3,370,457 |
| Cash Costs per Ounce(1) | $10.41 | $9.63 | 8% | $9.88 | $9.66 | $8.84 |
| All-in Sustaining Cost per Ounce (1) | $19.89 | $18.18 | 9% | $18.71 | n/a | n/a |
| Total Production Cost per Tonne (1) | $54.34 | $51.81 | 5% | $53.20 | $42.69 | $43.49 |
| Average Realized Silver Price per Ounce ($/eq. oz.) (1) | $19.10 | $19.59 | (2%) | $20.90 | $20.61 | $21.58 |
| Financial | ||||||
| Revenues ($ millions) | $40.8 | $66.9 | (39%) | $65.3 | $59.0 | $76.9 |
| Mine Operating Earnings ($ millions) (2) | ($1.8) | $9.5 | (119%) | $16.6 | $14.3 | $29.2 |
| Net Earnings ($ millions) (3) | ($10.5) | $7.6 | (238%) | $6.0 | ($81.2) | $16.3 |
| Operating Cash Flows before Movements in Working Capital and Income Taxes ($ millions) (2) | $9.0 | $19.0 | (53%) | $25.4 | $20.4 | $37.2 |
| Cash and Cash Equivalents ($ millions) | $34.7 | $66.7 | (48%) | $41.5 | $54.8 | $67.5 |
| Working Capital ($ millions) (1) | $11.4 | $46.1 | (75%) | $18.7 | $32.8 | $69.6 |
| Shareholders | ||||||
| Earnings per Share ("EPS") – Basic | ($0.09) | $0.06 | (249%) | $0.05 | ($0.69) | $0.14 |
| Adjusted EPS(1) | ($0.04) | $0.02 | (300%) | $0.06 | $0.05 | $0.22 |
| Cash Flow per Share(1) | $0.08 | $0.16 | (50%) | $0.22 | $0.17 | $0.32 |
| Weighted Average Shares Outstanding for the Periods | 117,511,442 | 117,490,053 | 0% | 117,227,432 | 117,030,825 | 116,903,753 |
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