Wednesday, November 19, 2008
Hecla Reports Third Quarter Results, Increases Silver Production by 88%
COEUR D'ALENE, Idaho, Nov 04, 2008 (BUSINESS WIRE) -- HL | Quote | Chart | News | PowerRating -- Hecla Mining Company (NYSE:HL) today reported a net loss of $3.8million for the third quarter of 2008 compared to net income of $13 million for the same period of 2007. Hecla reported a loss applicable to common shareholders of $7.2 million, or 5c per share, for the third quarter of 2008, compared to income applicable to common shareholders of $12.3 million, or 10c per share, for the third quarter of 2007. Third quarter 2008 results were impacted by higher cash costs per ounce due to increased smelter costs and diesel fuel prices, provisional price adjustments due to decreased metals prices, and increased interest expense resulting from Hecla's acquisition earlier this year of the remaining 70.27% of the Greens Creek joint venture in Alaska. Hecla has $161 million in debt remaining after completing the $750 million purchase of Greens Creek. The company remains on track to meet the estimate of approximately 9 million ounces of silver production in 2008, at an average total cash cost in the range of $3.50 per ounce.