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« Hecla Mining Company: Is the free fall over? | Main | Silver Wheaton: Good third quarter results »

Silver Standard Resources Incorporated: Nice 3rd Quarter Profit

SSRI Chart 05nov08

Silver Standard Resources Incorporated has reported earnings of $0.18 per share for this quarter compared to a loss of $0.21 per share for the same period last year, which should please share holders as this silver producer has suffered at the hands of the de-leveraging process.

As we can see from the chart SSRI is showing some signs of improvement however we will need to see silver put in a sustained rally in order to support this upward move. The technical indicators are heading north which is encouraging and the MACD's recent golden crossover should be positive for the stock.

The Financial Highlights are as follows:

(All figures are in Canadian dollars unless otherwise noted)

- Silver Standard recorded earnings of $11.2 million or $0.18 per share for the three months ended September 30, 2008 compared to a loss of $13.4 million or $0.21 per share for the same period in the prior year.

- For the three months ended September 30, 2008, property expenditures totalled $65.6 million including $47.0 million for construction and mining equipment (project to date of US$148 million) and $4.0 million for exploration at the Pirquitas property in Argentina; $5.8 million for exploration at Pitarrilla in Mexico; $4.7 million for exploration at the Snowfield property in Canada; $2.1 million for exploration at the San Luis property in Peru; and $1.5 million for exploration at the Diablillos property in Argentina.
- Working capital at September 30 was $130.2 million compared to $117.3 million at December 31, 2007. Cash and cash equivalents were $145.0 million compared to $80.6 million at year-end. In the first quarter, the company completed a convertible debt financing and the sale of silver bullion, and in the third quarter the sale of the Shafter project in Texas.
- In July the company closed the sale of the Shafter property to Aurcana Corporation. Under the terms of the sale agreement, Aurcana paid $23 million in cash, 15 million Aurcana common shares and a $10 million convertible debenture. The transaction resulted in an approximate gain of $31.5 million, for an after-tax gain of $18.2 million.

To read the report in full please click this link.

If you have the time you can also watch Robert Quartermain, president and CEO, Silver Standard being interviewed on BNN TV, where the mood would appear to be one of caution with steady progress being forecast, just click here.

Silver Standard Resources Incorporated can be found on the NASDAQ under the symbol of SSRI and has a market capitalisation of $652.63 million with 62.69 million shares outstanding, with an average volume of 1.3 million shares traded.

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