Great Panther Silver Limited (GPL) Misses Q2 EPS by 2c, Slight Beat on Revenues

Great Panther Silver Limited (NYSE: GPL) reported Q2 EPS of ($0.02), $0.02 worse than the analyst estimate of $0.00. Revenue for the quarter came in at $17.08 million versus the consensus estimate of $16.99 million.

"While our revenues increased 9% compared to the second quarter of last year, our financial results reflected a full quarter of Coricancha related project and care and maintenance expenditures which we are fully expensing until a formal decision to restart is made," stated Jim Bannantine, President and CEO. "We recently announced a positive Preliminary Economic Assessment ("PEA") for Coricancha and have launched a Bulk Sample Program ("BSP"), which we expect to complete in early 2019 and use as the basis for a restart decision. The BSP will improve the confidence in our project assumptions and, as it incorporates a good portion of the development and rehabilitation outlined in the PEA, will put us ahead of the curve in terms of the timeline for a potential restart."

Mr. Bannantine added, "Our Q2 2018 financial results were also impacted by higher costs at the Guananjuato Mine Complex as we experienced narrower vein widths than our model anticipated. Despite this, we are maintaining our cost guidance for the year, as we expect the trend in Q2 to reverse in the remainder of the year based on our recent drill results and development to date to access these drilled targets. We continue to maintain a strong balance sheet with approximately $60 million of cash and short-term investments and no debt, which is more than sufficient to fund the development of Coricancha. Further, we expect our Mexican operations will continue to provide cash flow to fund the Company's ongoing requirements."

For earnings history and earnings-related data on Great Panther Silver Limited (GPL) click here.

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